Emera is like a Duke Energy for North America and the Caribbean, delivering electricity and natural gas services across multiple regions.

Emera is a multi-national utility provider, similar to a Southern Company or Dominion Energy, powering diverse communities with electricity and natural gas.

Emera (EMA) offers the following major products and services:

• Electricity Generation, Transmission, and Distribution: The company generates power from various sources and delivers electricity to customers across multiple regions.
• Natural Gas Transmission, Distribution, and Sale: Emera is involved in the purchase, transmission, distribution, and direct sale of natural gas to its customers.
• Natural Gas Pipeline Transportation: It operates a pipeline for the transportation of re-gasified liquefied natural gas to consumers.
• Energy Marketing, Trading, and Asset Management: Emera provides services related to energy market activities and the management of energy assets.

Emera (EMA) primarily sells electricity and natural gas services directly to a large number of end-users. Therefore, it serves primarily individuals and businesses rather than major corporate customers. The company's customer base can be categorized as:

1. Residential Customers: Individual households that use electricity and natural gas for domestic purposes.
2. Commercial Customers: Businesses, offices, retail establishments, and other non-industrial enterprises.
3. Industrial Customers: Large manufacturing plants, factories, and other industrial operations that require significant amounts of electricity and natural gas.

null

Here is the management team for Emera (symbol: EMA):

Scott Balfour, President & Chief Executive Officer

Scott Balfour became President & CEO of Emera in 2018, having previously served as Chief Financial Officer (2012-2016) and Chief Operating Officer (2016-2018). He played a lead role in Emera's $10.4 billion USD acquisition of TECO Energy in 2016. Before joining Emera, Mr. Balfour spent nearly two decades in Canada's finance and construction sectors, serving as President and Chief Financial Officer of Aecon Group Inc., a publicly traded construction and infrastructure development company, where he led its growth from $60 million to $2.8 billion. He was also President of Ensimian Capital Corporation.

Jared Green, Chief Financial Officer

Jared Green was appointed Chief Financial Officer of Emera, effective December 15, 2025. He is responsible for Finance, Investor Relations, Treasury, and Commercial Investments. Prior to Emera, Mr. Green served as President and CEO of TriSummit Utilities (formerly AltaGas Canada), a regulated natural gas utility and renewable power business, from 2018 to 2025. He also held various senior leadership roles at AltaGas Ltd., including President of Canadian Utilities, President of ENSTAR Natural Gas Company, and Vice President and Corporate Controller. Additionally, Mr. Green was a co-owner of SpeedTheory, a specialty retail store, from 2007 to 2019.

Karen Hutt, Executive Vice President, Corporate Development

Karen Hutt leads Emera's corporate development, focusing on new growth opportunities, strategic partnerships, and mergers and acquisitions. She joined Emera in 2001 and has held progressively senior roles, including Chief Strategy & Growth Officer and President & CEO of Nova Scotia Power Inc. As Emera's Vice President, Mergers and Acquisitions, she was part of the team that executed the transformational TECO Energy transaction. Her previous roles also include Executive Vice President, Commercial, and President, Northeast Wind at Emera Energy.

Mike Barrett, Executive Vice President & General Counsel

Mike Barrett joined Emera as General Counsel in 2017 and was appointed Executive Vice President, Legal & General Counsel in July 2022. In this role, he oversees Legal, Corporate Compliance, Audit Services, Regulatory Affairs, and the Office of the Corporate Secretary. Before joining Emera, Mr. Barrett had a successful career in private legal practice, including serving as a Senior Partner and head of the power and climate change practice groups at Bennett Jones LLP in Toronto.

Mike Roberts, Chief Human Resources Officer

Mike Roberts was appointed Chief Human Resources Officer at Emera in 2014. He is responsible for the company's human capital strategy, including talent management, leadership development, inclusion and diversity, and total rewards, and also oversees the Office of the Chief Digital Officer. Prior to Emera, he served as Vice President, Corporate Development for Irving Shipbuilding. Earlier in his career, Mr. Roberts held senior positions with Bell Aliant, including Vice President, Human Resources and Vice President, Regulatory and Government Affairs, and also served as President of Optimum Talent Atlantic.

The key risks to Emera's business are primarily its financial leverage, regulatory landscape, and environmental exposures.

1. Financial Leverage and Refinancing Risk

Emera faces an aggressive financial risk profile characterized by a persistently weak consolidated financial performance and an above-average debt load. The company's FFO (Funds from Operations) to debt has been noted to be below the downgrade threshold in recent years, indicating potential difficulties in servicing its debt obligations. Concerns exist regarding the company's ability to successfully execute its deleveraging plan, which includes asset sales, and the challenge of refinancing significant debt maturities, particularly in 2026, in an environment of elevated interest rates. This could lead to increased financing costs and impact the company's capital investment plans.

2. Regulatory and Political Risk

As a utility operating in highly regulated environments across the U.S., Canada, and the Caribbean, Emera is significantly exposed to regulatory and political decisions. This includes risks related to regulatory lag in recovering rising fuel costs, the need for timely rate case approvals to recover prudently incurred operating and capital costs, and potential political interference in regulatory processes, as seen in Nova Scotia. Changes in environmental legislation or other regulatory frameworks could also impact operations and financial performance. The success of capital expenditure plans and asset sales is often contingent on favorable regulatory approvals.

3. Environmental and Climate-Related Risks

Emera's diverse generation portfolio, which includes coal-fired and natural gas power plants, exposes it to energy transition risks and the potential for more stringent environmental regulations in both the U.S. and Canada. The company is also vulnerable to physical risks associated with climate change, such as severe storms, hurricanes, and wildfires, particularly in its operating regions like Florida and the Caribbean. These events can lead to significant storm-related costs, infrastructure damage, operational disruptions, and increased capital spending for grid modernization and resilience.

Emera Incorporated (symbol: EMA) operates across several energy markets. The addressable markets for its main products and services, by region, are detailed below.

• Electricity Generation, Transmission, and Distribution
• Florida (West Central Florida): The total retail electricity sales for Florida in 2024 were 255,095,458 megawatt-hours (MWh). Florida ranks as the second-largest producer of electricity in the United States.
• Nova Scotia, Canada: The total electricity supply in Nova Scotia was 10,792,131 MWh in 2022. Nova Scotia Power, an Emera subsidiary, generates most of the province's electricity.
• Barbados: Electricity consumption in Barbados was 1,010,000 MWh as of 2016.
• Grand Bahama Island, The Bahamas: The Grand Bahama Power Company (GBPC), which is Emera's subsidiary, is the sole electricity provider on Grand Bahama Island. The Bahamas' total annual electricity consumption is approximately two billion kilowatt-hours (2,000,000 MWh). Given that GBPC manages around 20,000 accounts out of approximately 135,000 active electricity accounts in The Bahamas, the estimated addressable market for Grand Bahama Island is approximately 296,000 MWh per year.
• Dominica: Electricity consumption in Dominica was 111,400 MWh as of 2016.
• Natural Gas Purchase, Transmission, Distribution, and Sale
• Florida: Customers in Florida consume approximately 1,679 billion cubic feet (Bcf) of natural gas each year (based on 4.6 Bcf/d consumption by 2024-2025). Florida is the nation's fourth-largest consumer of natural gas.
• New Mexico: The market size of the natural gas distribution industry in New Mexico is projected to be $519.4 million in 2026.
• Re-gasified Liquefied Natural Gas (LNG) Transport
• Northeastern United States: The annual natural gas consumption for the Northeastern U.S. states of New England, New Jersey, New York, and Pennsylvania was approximately 4,325 Bcf in 2021. This region is characterized by high demand and limited pipeline capacity.

Emera (symbol: EMA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Significant Capital Investment Program: Emera plans to invest a record CAD 4 billion in 2026 as part of its CAD 20 billion, five-year capital plan through 2030. This substantial investment is projected to result in a 7-8% annual growth in the rate base, which is a primary driver for regulated utility revenue. Approximately 80% of this capital is directed towards its operations in Florida.
2. Growth in Florida Electric and Gas Utilities: Emera's Florida-based operations, including Tampa Electric and Peoples Gas, are a significant revenue driver, contributing approximately 70-72% of adjusted net income. This growth is supported by strong economic conditions and population migration in Florida, leading to increased demand for energy and customer growth.
3. Grid Modernization, Resiliency, and Clean Energy Investments: A substantial portion of the capital plan is allocated to enhancing grid reliability and modernization, including transmission, distribution, and gas infrastructure expansion, storm hardening, vegetation management, and the integration of clean energy sources such as solar generation and battery storage. These investments support rate base expansion and enable the company to meet evolving customer needs.
4. Favorable Regulatory Outcomes: Emera has secured favorable regulatory outcomes in Florida, including rate base adjustments for Tampa Electric and positive results for Peoples Gas, which provide regulatory clarity and support the recovery of investments through rates. Additionally, a consensus agreement in Nova Scotia aims to limit average rate increases while supporting investment, allowing Nova Scotia Power the opportunity to earn its allowed return on equity.
5. Consistent Performance from Emera Energy Services: Emera Energy Services experienced favorable market conditions in 2025, contributing positively to earnings. The company anticipates that the performance of this segment in 2026 will be consistent with the strong results seen in 2025.

Here is a summary of Emera's capital allocation decisions over the last 3-5 years:

Share Repurchases

There is no information available regarding significant share repurchases made or authorized by Emera Inc. during the last 3-5 years.

Share Issuance

• Emera renewed an at-the-market equity program, authorizing the issuance of up to C$600,000,000 of common shares from treasury. This program is effective until January 5, 2029.
• The company's CFO has indicated a willingness to issue equity to fund accretive capital projects.

Inbound Investments

There is no information available regarding large inbound investments made in Emera Inc. by third-parties during the last 3-5 years.

Outbound Investments

• Emera completed the sale of its equity interest in the Labrador Island Link (LIL) in the second quarter of 2024.
• The company has a pending sale of New Mexico Gas, which is anticipated to close in the first half of 2026.

Capital Expenditures

• Emera executed its largest ever annual capital plan of $3.6 billion in 2025, contributing to an 8% year-over-year rate base growth.
• The company has unveiled a $20 billion five-year capital plan for 2026-2030, with approximately 80% of these investments directed towards its Florida operations.
• For 2026, Emera plans a record capital investment of $4 billion. These expenditures are primarily focused on enhancing system reliability, modernizing the grid, integrating renewable energy sources (such as 150 megawatts of solar generation installed at Tampa Electric in 2025), and expanding gas infrastructure.