EMERA INC

Commodity

Commodity

swaps and

FX

swaps and

FX

For the year ended December 31

Unrealized (loss) gain in regulatory assets

$

(36)

$

$

(27)

$

Unrealized gain (loss) in regulatory liabilities

(12)

Realized gain in regulatory assets

(7)

(8)

Realized loss in regulatory liabilities

Realized loss (gain) in inventory

(1)

(8)

(8)

Realized loss (gain) in regulated fuel for generation and

purchased power

(2)

(4)

(6)

Total

change in derivative instruments

$

$

(23)

$

$

(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, 2025, the Company had the following

notional volumes designated for regulatory

deferral that are expected to settle as outlined below:

millions

2027-2028

Commodity swaps and forwards purchases:

Natural gas (MMBtu)

Power (MWh)

FX forwards:

FX contracts (millions of USD)

$

$

Weighted average rate

1.3569

1.3534

% of USD requirements

64%

16%