EMERA INC
For the period ended Dec 31, 2025. Filed Feb 23, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Feb 23, 2026
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Contents
EX-99.2 · Operating Unit Performance
Operating Unit Performance
Increased earnings at TEC year-over-year due to higher revenue from
new base rates, customer growth, favourable weather, and the impact of
a weaker CAD. These were partially offset by higher operating,
maintenance and general expenses ("OM&G"), depreciation, interest
expense, and income tax expense
(1)
Increased earnings at EES due to favourable weather conditions that led
to higher natural gas prices and increased volatility that created
profitable opportunities
Decreased earnings at NMGC quarter-over-quarter due to higher
OM&G. Increased earnings year-over-year due to higher revenue from
new base rates, partially offset by higher OM&G and depreciation
expense
(12)
Decreased income from equity investments due to the sale of LIL in Q2
(28)
Decreased earnings at NSPI quarter-over-quarter primarily due to lower
income tax recovery due to the utilization of tax loss carryforwards
recognized as a deferred income tax regulatory liability in 2024. For both
quarter-over-quarter and year-over-year, decreased earnings due to
higher OM&G and higher depreciation expense, partially offset by higher
revenue due to favourable weather
(49)
(19)
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