Table of Contents
Table of Contents 2
List of Tables 7
Company Snapshot 9
Key Information 9
Company Overview 9
SWOT Snapshot 9
Operational Metrics 10
Emera Inc, Operational Metrics, By Capacity 10
Emera Inc, Operational Metrics, By Generation 10
Emera Inc, Operational Metrics, By Transmission 10
Emera Inc, Operational Metrics, By Distribution 10
Emera Inc, Operational Metrics, By Customers 11
Emera Inc, Operational Metrics, By Segmental Information 11
Emera Inc, Operational Metrics, By Sales 11
Emera Inc, Wind Farms 12
Emera Inc, Wind Farms, Canada 12
Emera Inc, Solar PV Parks 22
Emera Inc, Solar PV Parks, United States 22
Emera Inc, Hydro Power Plants 23
Emera Inc, Hydro Power Plants, Canada 23
Emera Inc, Biopower Plants 25
Emera Inc, Biopower Plants, Canada 25
Emera Inc, Thermal Power Plants 26
Emera Inc, Thermal Power Plants, United States 26
Business Description 29
Business Overview 29
Major Products and Services 30
History 31
SWOT Analysis 34
Overview 34
Emera Inc Strengths 34
Strategic Investments 34
Operational Performance 34
Emera Inc Weaknesses 34
Working Capital Deficit 34
Emera Inc Opportunities 35
Prospects for Growth in Demand for Electricity: Canada 35
Renewable Energy Market 35
Emera Inc Threats 35
Labour Risk 35
Legal and Political Framework 35
Seasonal Variations and Climate Conditions 35
Financial Ratios – Capital Market Ratios 36
Financial Ratios – Annual Ratios 36
Financial Ratios – Interim Ratios 38
Key Employees 39
Key Employee Biographies 41
Company Statement 43
Locations And Subsidiaries 47
Head Office 47
Other Locations & Subsidiaries 47
Financial Deals Landscape 48
Emera Inc, Deals Summary 48
Emera Inc, Power, Deal Details 50
Asset Transactions 50
Emera to Invest USD80 Million in Expansion of Tiverton Power Gas Fired Power Plant in Rhode Island, US 50
Nova Scotia Power to Invest USD24.6 Million in Sable Wind Farm in Nova Scotia, Canada 51
Emera Completes Acquisition Of Bridgeport Energy Gas Fired Power Plant In Connecticut, US From Capital Power 52
Emera Completes Acquisition Of Tiverton Power Gas Fired Power Plant In Rhode Island, US From Capital Power 53
Emera Completes Acquisition of Rumford Gas Fired Power Plant in the US from Capital Power 54
Emera Energy Acquires Brooklyn Biomass Power Plant in Canada from ReNova Scotia Bioenergy for USD25.3 Million 55
Nova Scotia, Oxford Frozen And Minas Basin Pulp To Invest US$195 Million In South Canoe Wind Farm In Canada 56
Grand Bahama Power Invests US$80 Million In West Sunrise Plant In Bahamas 57
Partnerships 58
OpenHydro Forms Joint Venture with Emera 58
Emera Maine To Form Partnership with Central Maine Power 59
First Wind Holdings Enters Into Joint Venture Agreement With Algonquin Power And Emera 60
Equity Offering 62
Emera Completes Underwriters’ Over Allotment Option for Public Offering of Shares for USD255 Million 62
Algonquin Power & Utilities Raises USD64.2 Million in Private Placement of Subscription Receipts 64
TECO Energy Prices Public Offering of Shares for USD280.6 Million 66
Emera Raises USD184 Million in Public Offering of Preferred Shares 68
Emera Completes Public Offering Of Shares For US$234.7 Million 70
Emera Completes Public Offering Of Preferred Shares For US$120.3 Million 72
Emera Completes Public Offering Of Shares For US$203 Million 74
Algonquin Power & Utilities Completes Private Placement Of Subscription Receipts For US$60 Million 76
Algonquin Power & Utilities Completes Private Placement Of Subscription Receipts For US$45 Million 77
Emera Completes Public Offering Of Series C Preferred Shares For US$244 Million 78
Algonquin Power Utilities Completes Private Placement Of Subscription Receipts For US$38.9 Million 80
Emera Completes Bought Deal Public Offering Of US$203.6 Million 82
Debt Offering 84
Emera Raises USD1.2 Billion in Public Offering of Series-A Notes Due 2076 84
Emera Raises USD1.25 Billion in Private Placement of 4.75% Notes Due 2046 86
Emera Raises USD393.4 Million in Private Placement of 2.9% Series 2016-1 Notes Due 2023 88
Emera Raises USD500 Million in Private Placement of 2.15% Notes Due 2019 90
Emera Raises USD750 Million in Private Placement of 2.7% Notes Due 2021 92
Emera Raises USD750 Million in Private Placement of 3.55% Notes Due 2026 94
Emera Announces Exercise of Underwriters’ Option to Purchase Additional Debentures 96
Nova Scotia Power Completes Public Offering Of 4.5% Notes Due 2043 For US$288.3 Million 98
Nova Scotia Power Completes Public Offering Of 4.15% Medium Term Notes Due 2042 For US$252 Million 99
Emera Raises USD244.3 Million in Public Offering of 2.96% Notes Due 2016 100
Acquisition 101
Emera Utilities to Acquire Remaining 39.26% Stake in ICD Utilities 101
Emera Completes Acquisition of Teco Energy for USD6.5 Billion 102
Emera to Acquire Remaining 4.4% Stake in Emera Caribbean 105
First Wind Completes Acquisition of 49% Interest in Northeast Wind Partners from Emera for USD223.3 Million 106
TECO Energy To Acquire New Mexico Gas Intermediate From Continental Energy Systems For US$950 Million 107
Light & Power Completes Acquisition Of 52% Interest In Dominica Electricity Services From WRB Enterprises 109
Algonquin Power & Utilities Acquires Remaining 49.9% Joint Venture Interest In California Pacific Electric From Emera For USD40.9 Million 111
Emera Completes Acquisition Of Additional 41.43% Stake In Light and Power Holdings For US$94 Million 113
Recent Developments 114
Emera Inc – Recent Developments 114
Nov 04, 2014: OpenHydro and Emera launch Cape Sharp Tidal to deliver tidal energy projects in the Bay of Fundy 114
Jan 07, 2010: Emera Plans To Construct New $2 Billion Transmission Line In New England 114
Feb 17, 2009: Schneider Power And Emera Sign LOI To Partner On BREC 114
Aug 10, 2017: Emera Reports Q2 2017 Earnings 115
May 11, 2017: Emera Reports Q1 2017 Earnings 117
Feb 10, 2017: Emera Reports 2016 Earnings and Significant Strategic Progress 118
Nov 07, 2016: Emera Reports Q3 2016 Earnings 120
Aug 08, 2016: Emera Reports Q2 2016 Earnings 122
May 09, 2016: Emera Reports Q1 2016 Earnings 123
Feb 12, 2016: Emera Reports 2015 Earnings 125
Nov 13, 2015: Emera Reports Earnings for Q3 2015 126
Aug 11, 2015: Emera Reports Solid Earnings for Q2 2015 128
May 11, 2015: Emera Reports Earnings for Q1 2015 130
Feb 06, 2015: Emera Reports Strong 2014 Earnings 131
Feb 06, 2015: Emera Approves Increase in Common Dividend 133
Jan 09, 2015: Emera Approves Quarterly Dividend 133
Nov 07, 2014: Emera Reports Q3 2014 Earnings 134
Oct 31, 2014: Emera Q3 Conference Call Time Change 135
Oct 03, 2014: Emera Q3 Earnings Release and Conference Call 2014 135
Sep 26, 2014: Emera Approves a 6.9% Increase in Common Dividend and Establishes Dividend Growth Target 136
Aug 11, 2014: Emera Reports Solid Earnings for Q2 2014 136
Jul 04, 2014: Emera Approves Quarterly Dividend 137
May 06, 2014: Emera Reports results for the first quarter of 2014 137
Apr 04, 2014: Emera Approves Quarterly Dividend 139
Feb 10, 2014: Emera Reports 2013 Earnings 139
Jan 10, 2014: Emera Approves Quarterly Dividend 140
Nov 08, 2013: Emera Reports Q3 2013 Earnings 141
Oct 18, 2013: Emera Q3 Earnings Release and Conference Call 142
Oct 16, 2013: Emera Approves Increase in Common Dividend and Declares Quarterly Dividends 142
Aug 12, 2013: Emera Reports Q2 2013 Earnings 142
May 07, 2013: Emera Reports Revenue Of CAD638.1m In Q1 2013 143
Feb 08, 2013: Emera Reports Revenue Of CAD2.1 Billion In 2012 143
Nov 09, 2012: Emera Reports Q3 2012 Results 144
Aug 10, 2012: Emera Reports Revenue Of CAD501.3m In Q2 2012 145
May 11, 2012: Emera Reports Revenue Of CAD568m In Q1 2012 145
Feb 10, 2012: Emera Reports Revenue Of CAD2.1 Billion In 2011 146
Nov 04, 2011: Emera Reports Revenue Of CAD496.1m In Q3 2011 147
Aug 05, 2011: Emera Reports Total Operating Revenues Of CAD500.8m In Q2 2011 147
May 03, 2011: Emera Reports Total Operating Revenues Of CAD554.6m In Q1 2011 148
Feb 11, 2011: Emera Reports Total Revenues Of CAD1.5 Billion In 2010 148
Nov 05, 2010: Emera Reports Revenue Of CAD373.5 Million In Q3 2010 149
Aug 06, 2010: Emera Reports Revenue Of CAD341.5 Million In Q2 2010 149
May 04, 2010: Emera Reports Revenues Of CAD430.1 Million In Q1 2010 149
Feb 12, 2010: Emera Reports Net Earnings Of CAD175.7 Million In 2009 149
Aug 07, 2009: Emera Reports Q2 2009 Earnings of $38.1m 150
May 05, 2009: Emera Reports Consolidated Net Earnings Of CAD62.8 Million In Q1 2009 150
Feb 13, 2009: Emera Reports 2008 Results 151
Nov 07, 2008: Emera Reports 3Q 2008 Results 151
Oct 20, 2008: Emera Declares Annual Dividend 152
Aug 01, 2008: Emera Reports 2Q 2008 Results 152
Jul 08, 2008: Emera Declares Quarterly Dividend 153
Apr 29, 2008: Emera Reports Q1 2008 Results 153
Apr 04, 2008: Emera Declares Quarterly Dividend 153
Feb 15, 2008: Emera Reports Q4 2007 Results 153
Jan 17, 2008: Emera Declares Quarterly Dividend 154
Nov 02, 2007: Emera Declares Q3 2007 Results 154
Oct 05, 2007: Emera Declares Quarterly Dividend 154
Jul 27, 2007: Emera Declares Q2 2007 Results 155
Jul 06, 2007: Emera Declares Quarterly Dividend 155
Apr 27, 2007: Emera Declares Q1 2007 Results 155
Apr 05, 2007: Emera Declares Quarterly Dividend 156
Jan 05, 2007: Emera Declares Quarterly Dividend 156
Aug 01, 2017: Canadian province Nova Scotia’s grid can’t absorb any more wind power 156
Jul 27, 2017: Emera Bids Atlantic Link Subsea Cable into Massachusetts Clean Energy RFP 156
Jun 06, 2017: Emera to submit bid by July 2017 for transmitting 900MW from Atlantic Canada to Massachusetts by 2022 157
May 16, 2017: Emera’s first submarine cable successfully installed for the Maritime Link 157
Apr 27, 2017: Emera Set to Install North America’s Longest Submarine Electricity Cables 158
Apr 07, 2017: US state Maine senator submits bill to move University of Maine’s offshore wind project 2 miles farther from present location 158
Mar 29, 2017: Emera Board Announces CEO Succession 158
Feb 01, 2017: Canada’s Halifax Supreme Court will decide on FORCE Cape Sharp Tidal turbine project 159
Jan 11, 2017: Emera Initiates Energy Solicitation for Atlantic Link Transmission Project 159
Nov 18, 2016: Emera Appoints Scott Balfour to Chief Operating Officer 160
Jul 19, 2016: Emera and Nova Scotia Power Announce Leadership Appointments 160
Jun 24, 2016: Emera Announces Board Appointment of John Ramil 161
Apr 11, 2016: Emera and TECO Energy file settlement agreement in New Mexico 161
Jan 15, 2016: Emera Announces Executive Team Changes 162
Oct 19, 2015: Energy Department Authorizes Emera CNG Application To Export Compressed Natural Gas 162
Mar 03, 2015: Emera Realigns Executive Team 162
Jan 19, 2015: Emera Q4 Earnings Release and Conference Call 163
Oct 10, 2014: Maine Regulator Confirms Ability to Invest in Transmission and Generation 163
Aug 13, 2014: Emera Announces New Board Appointments 163
Aug 13, 2014: Emera Inc. Announces New Board Appointments 164
May 08, 2014: Emera Announces Election of Directors 164
Apr 23, 2014: Emera Demonstrates Benefit of Federal Loan Guarantee for Nova Scotia Electricity Customers 164
Apr 11, 2014: Nova Scotia Power and Emera to Fund Energy Saving Retrofits at No Cost to Customers 165
Mar 06, 2014: Federal Loan Guarantee Finalized for Emera’s Maritime Link Project 165
Nov 29, 2013: NS UARB Gives Final Approval to Emera’s Maritime Link Project 165
Nov 08, 2013: Emera Announces Changes to Board of Directors 166
Nov 08, 2013: Emera Inc. Announces Changes to Board of Directors - November 8, 2013 167
Jan 08, 2013: Emera Appoints Rob Bennett As Executive Vice President And COO 167
Dec 20, 2012: Nova Scotia Helps Emera Meet Federal Loan Guarantee Conditions For Lower Churchill Project 168
Dec 17, 2012: Emera Approves Sanction Of Maritime Link Power Transmission Project In Canada 168
Dec 17, 2012: Government Of Newfoundland And Labrador Announces Sanction Of Muskrat Falls Development 169
Nov 06, 2012: NSP To Invest $59.1m For Hydropower Transmission Up-gradation In Labrador, Canada 169
Oct 02, 2012: Emera Appoints Judy Steele As President And CEO Of Emera Energy 170
Feb 28, 2012: Emera Appoints Scott Balfour As CFO 170
Dec 02, 2011: ENL Registers Maritime Link Transmission Project For Environmental Assessment 170
Nov 28, 2011: Nova Scotia Announces MoU With Newfoundland And Labrador For Lower Churchill Hydroelectric Project 170
Sep 13, 2011: Emera Announces Leadership Appointments At BL&P And Light & Power Holdings 171
May 02, 2011: Emera Announces Changes To Nova Scotia Power Board Of Directors 172
Apr 19, 2011: Emera Appoints Judy Steele As Interim CFO 172
Jan 24, 2011: Emera Appoints Nancy Tower As Executive Vice President Of Business Development 172
Sep 24, 2010: Emera Appoints Richard Sergel And Sylvia Chrominska To Board Of Directors 173
Sep 25, 2009: Emera Appoints George Caines As Board Member 173
Feb 13, 2009: Emera Appoints New Board Member 173
Dec 01, 2008: Emera Announces Board Changes Of NSPI 174
Nov 21, 2008: Emera Announces Board Changes 174
Nov 07, 2008: Emera Appoints Board Director 175
Oct 03, 2008: Emera Appoints New Board Member 175
Jun 18, 2008: Emera Appoints President And CEO 176
Apr 25, 2008: Emera Appoints COO For Its Subsidiary 176
Oct 12, 2007: Emera Appoints COO For Its Subsidiary 176
Mar 06, 2007: Emera Appoints New Board Member 177
May 25, 2015: Cape Sharp Tidal Partners Award First Contracts to Nova Scotian Companies 177
Jul 31, 2012: Emera And Nalcor Energy Finalize Agreements For Development Of Muskrat Falls Transmission Link 177
Appendix 179
Report Scope 179
GlobalData Coverage 179
Benchmarking 179
GlobalData’s Methodology 179
Secondary Research 179
Primary Research 180
Contact Us 180
Disclaimer 180
Emera Inc, Key Facts 9
Emera Inc, Operational Metrics, Capacity 10
Emera Inc, Operational Metrics, Generation 10
Emera Inc, Operational Metrics, Transmission 10
Emera Inc, Operational Metrics, Distribution 10
Emera Inc, Operational Metrics, Customers 11
Emera Inc, Operational Metrics, Segmental Information 11
Emera Inc, Operational Metrics, Sales 11
Emera Inc, Wind Farms, Canada 12
Emera Inc, Solar PV Parks, United States 22
Emera Inc, Hydro Power Plants, Canada 23
Emera Inc, Biopower Plants, Canada 25
Emera Inc, Thermal Power Plants, United States 26
Major Products and Services 30
Emera Inc, SWOT Analysis 34
Emera Inc, Ratios based on current share price 36
Emera Inc, Annual Ratios 36
Emera Inc, Interim Ratios 38
Emera Inc, Key Employees 39
Emera Inc, Subsidiaries 47
Emera Inc, Deals Summary 48
Emera to Invest USD80 Million in Expansion of Tiverton Power Gas Fired Power Plant in Rhode Island, US 50
Nova Scotia Power to Invest USD24.6 Million in Sable Wind Farm in Nova Scotia, Canada 51
Emera Completes Acquisition Of Bridgeport Energy Gas Fired Power Plant In Connecticut, US From Capital Power 52
Emera Completes Acquisition Of Tiverton Power Gas Fired Power Plant In Rhode Island, US From Capital Power 53
Emera Completes Acquisition of Rumford Gas Fired Power Plant in the US from Capital Power 54
Emera Energy Acquires Brooklyn Biomass Power Plant in Canada from ReNova Scotia Bioenergy for USD25.3 Million 55
Nova Scotia, Oxford Frozen And Minas Basin Pulp To Invest US$195 Million In South Canoe Wind Farm In Canada 56
Grand Bahama Power Invests US$80 Million In West Sunrise Plant In Bahamas 57
OpenHydro Forms Joint Venture with Emera 58
Emera Maine To Form Partnership with Central Maine Power 59
First Wind Holdings Enters Into Joint Venture Agreement With Algonquin Power And Emera 60
Emera Completes Underwriters’ Over Allotment Option for Public Offering of Shares for USD255 Million 62
Algonquin Power & Utilities Raises USD64.2 Million in Private Placement of Subscription Receipts 64
TECO Energy Prices Public Offering of Shares for USD280.6 Million 66
Emera Raises USD184 Million in Public Offering of Preferred Shares 68
Emera Completes Public Offering Of Shares For US$234.7 Million 70
Emera Completes Public Offering Of Preferred Shares For US$120.3 Million 72
Emera Completes Public Offering Of Shares For US$203 Million 74
Algonquin Power & Utilities Completes Private Placement Of Subscription Receipts For US$60 Million 76
Algonquin Power & Utilities Completes Private Placement Of Subscription Receipts For US$45 Million 77
Emera Completes Public Offering Of Series C Preferred Shares For US$244 Million 78
Algonquin Power Utilities Completes Private Placement Of Subscription Receipts For US$38.9 Million 80
Emera Completes Bought Deal Public Offering Of US$203.6 Million 82
Emera Raises USD1.2 Billion in Public Offering of Series-A Notes Due 2076 84
Emera Raises USD1.25 Billion in Private Placement of 4.75% Notes Due 2046 86
Emera Raises USD393.4 Million in Private Placement of 2.9% Series 2016-1 Notes Due 2023 88
Emera Raises USD500 Million in Private Placement of 2.15% Notes Due 2019 90
Emera Raises USD750 Million in Private Placement of 2.7% Notes Due 2021 92
Emera Raises USD750 Million in Private Placement of 3.55% Notes Due 2026 94
Emera Announces Exercise of Underwriters’ Option to Purchase Additional Debentures 96
Nova Scotia Power Completes Public Offering Of 4.5% Notes Due 2043 For US$288.3 Million 98
Nova Scotia Power Completes Public Offering Of 4.15% Medium Term Notes Due 2042 For US$252 Million 99
Emera Raises USD244.3 Million in Public Offering of 2.96% Notes Due 2016 100
Emera Utilities to Acquire Remaining 39.26% Stake in ICD Utilities 101
Emera Completes Acquisition of Teco Energy for USD6.5 Billion 102
Emera to Acquire Remaining 4.4% Stake in Emera Caribbean 105
First Wind Completes Acquisition of 49% Interest in Northeast Wind Partners from Emera for USD223.3 Million 106
TECO Energy To Acquire New Mexico Gas Intermediate From Continental Energy Systems For US$950 Million 107
Light & Power Completes Acquisition Of 52% Interest In Dominica Electricity Services From WRB Enterprises 109
Algonquin Power & Utilities Acquires Remaining 49.9% Joint Venture Interest In California Pacific Electric From Emera For USD40.9 Million 111
Emera Completes Acquisition Of Additional 41.43% Stake In Light and Power Holdings For US$94 Million 113
