EMERA INC

Operating Unit Performance

Increased earnings at NSPI due to increased income tax recovery,

partially offset by higher operating, maintenance and general expenses

(“OM&G”) due primarily to a lower storm cost deferral

Increased earnings quarter-over-quarter at Other Electric Utilities

primarily due to the timing of recovery of fuel costs and lower OM&G.

Year-over-year increased primarily due to higher sales volumes, partially

offset by higher OM&G

Increased earnings quarter-over-quarter at NMGC due to higher

revenue from new base rates, partially offset by higher income tax

expense. Decreased earnings year-over-year due to lower asset

optimization revenue, partially offset by higher revenue from new base

rates

(4)

Increased earnings at PGS due to higher revenue from new base rates

and customer growth, partially offset by increased interest expense,

depreciation, OM&G, and income tax expense

Increased earnings at TEC due to higher revenues from customer

growth and new base rates, and the impact of a weaker CAD, partially

offset by higher OM&G, and depreciation. Year-over-year increased

earnings also due to lower income tax expense and lower interest

expense, partially offset by unfavourable weather

Decreased earnings year-over-year at EES due to favourable hedging

opportunities in Q1 2023 and less favourable market conditions in 2024

(3)

(16)

Decreased earnings at Bear Swamp primarily due to the recognition of

investment tax credits in 2023

(13)

(20)

Decreased income from equity investments due to the sale of LIL equity

interest

(16)

(32)