EMERA INC

Commitments

As at December 31, 2025, contractual commitments (excluding

pensions and other post-retirement

obligations, long-term debt and asset retirement obligations) for

each of the next five years and in

aggregate thereafter consisted of the following:

Total

Purchased power

(1)

$

$

$

$

$

$

5,941

$

8,097

Transportation

(2) (3)

2,954

5,583

Fuel, gas supply and storage

(4)

1,325

Capital projects

Other

$

2,299

$

1,386

$

1,133

$

1,083

$

$

9,248

$

16,051

As detailed below, contractual obligations at December 31, 2025 includes

those related to NMGC. On completion of

the sale of

NMGC, all remaining future contractual obligations will

be transferred to the buyer. For further details on the pending

transaction, refer

(1) Annual requirement to purchase electricity production

from IPPs or other utilities over varying contract lengths.

(2) Includes $

million related to NMGC (2026: $

million, 2027: $

million, 2028: $

million, 2029: $

million, 2030: $

million,

thereafter: $

(3) Purchasing commitments for transportation of

fuel and transportation capacity on various pipelines.

Includes a commitment of

$

million related to a gas transportation contract between

PGS and SeaCoast through 2040.

(4) Includes $

million related to NMGC (2026: $

million, 2027: $

million, 2028: $

NSPI has a contractual obligation to pay NSPML for use of the

Maritime Link over approximately

38 years

from its January 15, 2018 in-service date. On December

23, 2025, NSPML received an interim order from

the NSEB to collect up to $

million from NSPI for the recovery of costs associated with

the Maritime

Link in 2026, subject to a monthly holdback of up to $

million. The timing and amounts payable to

NSPML for the remainder of the

-year commitment period are subject to NSEB approval.

Emera has committed to obtain certain transmission rights

in New Brunswick during summer periods

(April through October, inclusive)

for NLH’s use, if requested, effective

August 15, 2021 and continuing for

years. As transmission rights are contracted, the obligations

are included within “Other” in the above

table.

B.