Here are 1-2 brief analogies for Emera (EMA):

• Like a diversified utility holding company such as **Duke Energy** or **Southern Company**, providing essential electricity and natural gas services across North America.
• Similar to an energy infrastructure giant like **Enbridge** or **Kinder Morgan**, but primarily focused on electricity and local natural gas distribution networks.

Emera (EMA) provides the following major services:

• Electricity Generation: Producing electricity from various sources including thermal, hydro, wind, and solar power plants.
• Electricity Transmission: Transporting high-voltage electricity over long distances from generation facilities to local distribution networks.
• Electricity Distribution: Delivering lower-voltage electricity directly to residential, commercial, and industrial customers.
• Natural Gas Transmission: Transporting natural gas through high-pressure pipelines across regions.
• Natural Gas Distribution: Delivering natural gas through local pipeline networks to homes and businesses.

Emera (symbol: EMA) is a North American energy and services company that operates electric generation, transmission, and distribution assets, as well as natural gas transmission and distribution assets, primarily serving end-users.

Given its nature as a diversified utility, Emera does not have a few "major customer companies" that account for a significant portion of its revenue in the traditional business-to-business sense. Instead, it sells electricity and natural gas directly to a broad base of customers within its various service territories. Therefore, its customer base is best described by categories:

• Residential Customers: Households and individuals who consume electricity and/or natural gas for personal use in their homes.
• Commercial Customers: Small to medium-sized businesses, offices, retail stores, restaurants, and other enterprises that use energy for their operations.
• Industrial Customers: Large manufacturing facilities, heavy industries, and other high-demand enterprises that require substantial amounts of electricity and/or natural gas for their production processes.

Scott Balfour President & Chief Executive Officer

Scott Balfour became President and CEO of Emera in 2018, having joined the company as Chief Financial Officer in 2012 and later serving as Chief Operating Officer in 2016. He played a leading role in the $10.4 billion USD acquisition of TECO Energy in 2016. Prior to Emera, he spent nearly two decades in Canada's finance and construction sectors. He served as CFO and then President of the Aecon Group, leading its growth from a $60 million to a $2.8 billion company. He has also been a Director of Martinrea International Inc. and a former Chair of the Ontario Energy Association. Scott Balfour began his career in commercial and corporate banking.

Jared Green Chief Financial Officer

Jared Green is appointed as Emera's new Chief Financial Officer, effective on or about December 15, 2025. He will assume responsibility for Finance, Investor Relations, Treasury, and Commercial Investments. Green most recently served as President and CEO of TriSummit Utilities, which was previously AltaGas Canada. He also held senior leadership positions at AltaGas Ltd, including President of Canadian Utilities and President of ENSTAR Natural Gas Company.

Judy Steele President & Chief Operating Officer, Emera Energy

Judy Steele is the President and Chief Operating Officer of Emera Energy, responsible for its commercial operations, growth, risk management, and team leadership. She is also a member of Emera Inc.'s Corporate Leadership Team. Prior to her current role, she served as Chief Financial Officer of Emera Inc. from May 2011 to April 2012, and as Vice President, Finance, Emera Energy. Before joining Emera in 1999, Judy worked in the accounting, auditing, and consulting practices of Ernst & Young. She is a Chartered Accountant and was awarded the designation Fellow Chartered Accountant.

Michael R. Barrett Executive Vice President & General Counsel

Michael R. Barrett serves as the Executive Vice President and General Counsel of Emera Inc. He holds a Bachelor of Commerce (B.Com.), a Bachelor of Laws (L.L.B.), and a Master of Business Administration (M.B.A.).

Key Business Risks for Emera (EMA)

1. High Debt Load and Refinancing Risk: Emera faces significant financial risk due to its elevated debt levels, characterized by a high debt-to-equity ratio and low interest coverage. The company has substantial capital spending requirements for infrastructure modernization and clean energy initiatives, and it faces considerable refinancing risk for sizable debt obligations maturing in 2026. This situation could lead to liquidity challenges and strain its balance sheet.
2. Regulatory and Political Risk: As a regulated utility, Emera's operations and financial performance are heavily influenced by regulatory changes, the need for continuous infrastructure investment, and the ability to secure timely rate adjustments in regulated markets. Government decisions, including changes to environmental legislation, also pose ongoing risks.
3. Climate and Weather Risk: Emera is exposed to risks associated with global climate change, including an increased frequency and severity of weather events such as hurricanes and wildfires. This necessitates continuous investment in grid hardening and adaptation measures, particularly given its significant operational presence in Florida, which can impact capital plans and costs.

Increased adoption of distributed energy resources (DERs), particularly rooftop solar and battery storage, by customers.

Emera (EMA) is expected to drive future revenue growth over the next two to three years through several key initiatives:

1. Significant Capital Investments and Rate Base Growth, particularly in Florida: Emera has unveiled a substantial $20 billion capital and funding plan extending through 2030, with a primary focus on its Florida operations. Approximately 80% of this investment is allocated to the region for strengthening and storm-hardening systems, grid modernization, gas infrastructure, and technology updates. This strategy is projected to drive a 7-8% rate base growth through 2030, with Florida utilities specifically anticipated to achieve 8-9% rate base growth.
2. Customer Growth in Key Markets: Robust population and economic expansion, especially in Florida, are leading to increased demand for electricity and natural gas, which directly contributes to Emera's rate base growth. Additionally, Nova Scotia has experienced notable population growth, resulting in customer expansion for Nova Scotia Power.
3. Favorable Regulatory Outcomes and New Rates: Successful navigation of the regulatory landscape and the approval of new rates are crucial for Emera's revenue growth. Recent achievements include the completion of the Peoples Gas rate case, providing regulatory clarity through 2028, and approved new base rates at Tampa Electric. These regulatory successes directly support the company's investment plans and contribute to increased revenue.

Share Issuance

• Emera completed a US$750 million offering of fixed-to-fixed reset rate junior subordinated notes in October 2025, intended for general corporate purposes and to improve credit metrics.
• The company's capital investment plan for 2024-2026 is partially funded through common equity sourced from its Dividend Reinvestment Plan and at-the-market equity program.

Outbound Investments

• Emera completed the sale of its equity interest in the Labrador Island Link (LIL) in the second quarter of 2024.
• The company recognized charges in Q2 and Q3 2024 related to the pending sale of New Mexico Gas Company (NMGC).

Capital Expenditures

• Emera has unveiled a $20 billion capital plan through 2030, with a more immediate plan of approximately $8.8 billion for the 2024-2026 period.
• For 2025, Emera is on track to deploy over $3.4 billion in capital, having already invested more than $2.6 billion year-to-date as of Q3 2025.
• More than 90% of the capital plan is directed towards enhancing reliability and grid modernization projects, integrating renewable assets, and investing in technological innovations such as cybersecurity and artificial intelligence, with approximately 80% of these investments focused on Florida operations.