EMERA INC

Commodity

Physical

Commodity

swaps and

FX

natural gas

swaps and

FX

purchases

For the year ended December 31

Unrealized gain (loss) in regulatory assets

$

(27)

$

$

$

(109)

$

(3)

Unrealized gain (loss) in regulatory liabilities

(3)

(73)

Realized gain in regulatory assets

(8)

(5)

Realized loss in regulatory liabilities

Realized (gain) loss in inventory

(1)

(8)

(10)

Realized (gain) loss in regulated fuel for generation

(2)

(6)

(49)

(9)

(4)

Other

(14)

Total

change in derivative instruments

$

$

$

(52)

$

(204)

$

(17)

(1) Realized (gains) losses will be recognized in

fuel for generation and purchased power when

the hedged item is consumed.

(2) Realized (gains) losses on derivative instruments

settled and consumed in the period and hedging relationships

that have been

terminated or the hedged transaction is no longer

probable.

As at December 31, 2024, the Company had the following

notional volumes designated for regulatory

deferral that are expected to settle as outlined below:

2026-2027

Physical natural gas purchases:

Natural gas (MMBtu)

Commodity swaps and forwards purchases:

Natural gas (MMBtu)

Power (MWh)

Coal (metric tonnes)

FX forwards:

FX contracts (millions of USD)

$

$

Weighted average rate

1.3361

1.3296

% of USD requirements

50%

17%