Emera Inc. subsidiary Nova Scotia Power reaches General Tariff Implementation Settlement Agreement, including fuel and non-fuel tariffs for 2023 and 2024

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This news release constitutes a “designated news release” for the purposes of Emera’s August 5, 2021 short form main shelf prospectus supplement to the August 12, 2021 prospectus.

HALIFAX, Nova Scotia — Emera Inc. (TSX: EMA) and its wholly-owned subsidiary Nova Scotia Power (NS Power) announced today that NS Power has submitted a proposed settlement agreement for the 2022-2024 General Rate Application (GRA). Nova Scotia Utilities and Review Board (UARB). Both fuel and non-fuel pricing agreement with NS Power key customer representatives including Nova Scotia Consumer Advocate, Small Business Advocate, large customers represented by Industry Group, municipal utilities, Dalhousie University as well as environmental and low defends profitable clients.

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If approved by the UARB, the regulation would implement statewide Legislative Bill 212 non-fuel rates for 2023 and 2024. The agreement provides for recovery of fuel costs during the settlement period and will also establish a Demand Side Management (DSM). rider Together, these amounts would result in a rate increase of 6.9% annually for 2023 and 2024. Further, more or less recovery of fuel costs will be addressed through the Fuel Adjustment Mechanism (FAM) process established by UARB.

“Achieving this settlement is a remarkable demonstration of the commitment of stakeholders and customer representatives to work together to achieve constructive solutions for customers,” said Peter Gregg, president and CEO of NS Power. “Working within the constraints of Bill 212, this settlement addresses all of the important provisions of the GRA and provides important price predictability for customers in a time of high inflation and broad economic challenges.”

Other elements of NS Power’s GRA in the settlement include a storm rider agreement for 2023-2025 that provides clarity around cost recovery for future major storms and extreme weather events. It also establishes a capital thickness of 40 percent for rate-setting purposes and will result in $137 million in projected additional non-fuel revenues over the settlement period, compared to $240 million provided under the GRA. A complete copy of the proposed agreement can be found on the UARB website or at www.nspower.ca.

“This is a positive step forward,” said Scott Balfour, president and CEO of Emera Inc. “Achieving successful and balanced regulatory outcomes within strong regulatory agreements is critical to our ability to deliver primarily to our clients, but also to all other stakeholders. also.”

Today’s settlement is the latest in a series of regulatory settlements across Emera’s portfolio that demonstrate the strength of Emera’s teams and strategy, as well as Emera’s ability to collaborate with stakeholders to achieve outcomes in the best interests of clients. In the past 24 months, New Mexico Gas, Tampa Electric and Peoples Gas have also closed significant rate cases through settlement agreements with customer representatives.

Forward Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera and NS Power to make assumptions and is subject to inherent risks and uncertainties. These statements reflect the current beliefs of Emera’s management and NS Power’s management and are based on information currently available to Emera’s management and NS Power’s management. There is a risk that forecasts, projections, results and projections that constitute forward-looking information may not prove to be correct, that Emera’s and NS Power’s assumptions may not be correct, and that actual results may differ materially from such forward-looking information. Additional details about these assumptions, risks and uncertainties are included in Emera’s and NS Power’s securities regulatory filings, including under the heading “Enterprise Risk and Risk Management” in Emera’s and in NS Power’s annual Management’s Discussion and Analysis and Included under the heading “Main Discussion and Analysis”. Financial Risks and Uncertainties” in the notes to the annual and interim financial statements of Emera and NS Power available on SEDAR at www.sedar.com.

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About Emera Inc

Emera Inc. is a geographically diversified energy and services company headquartered in Halifax, Nova Scotia, with approximately $40 billion in assets and 2021 revenue of more than $5.7 billion. The company mainly invests in regulated power generation, electricity and gas transmission and distribution with a strategic focus on the transformation from high-carbon to low-carbon energy sources. Emera has investments in Canada, the United States and three Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and are EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR respectively .H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on the Bahamas International Stock Exchange under the symbol EMAB. Additional information is available at www.emera.com or www.sedar.com.

About Nova Scotia Power

Nova Scotia Power Inc. is a wholly owned subsidiary of Emera Inc. (TSX-EMA), a diversified energy and services company. Nova Scotia Power provides 95% of the electricity generation, transmission and distribution to approximately 540,000 residential, commercial and industrial customers across Nova Scotia. The company focuses on new technologies to improve customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has more than 2,000 employees and $4.5 billion in operating assets. Learn more at www.nspower.ca.

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Dina Seely
Emera Inc.

Jackie Foster
Nova Scotia Power
(902) 225-4735