Business
Emera's Earnings Increase to $34.1 million in Q2
Emera's Earnings Increase to $34.1 million in Q2.
About this update from Emera Incorporated
[{"type":"text","content":"\n\n\n\nHALIFAX, July 27 /CNW/ - (EMA-TSX): Emera Inc.'s consolidated net\nearnings increased to $34.1 million in Q2 2007, compared to $29.2 million for\nthe same period in 2006. Earnings per share were $0.30 in Q2, 2007 compared to\n$0.26 in the prior year.\n\n\n"Emera continued to make progress in the second quarter" said Chris\nHuskilson, President and Chief Executive Officer of Emera Inc. "NSPI is on\ntrack to earn within its allowed range, the National Energy Board (NEB) has\napproved the Brunswick Pipeline, construction of our international\ntransmission line in Maine is nearing completion and our Bear Swamp facility\nhas made a tangible contribution to earnings. These positive developments\nprompted our board to increase Emera's annual dividend to $0.91 in the\nquarter."\n\n\nNova Scotia Power Inc., (NSPI) Emera's largest subsidiary, earned\n$23.9 million in Q2, 2007 compared to $24.3 million in Q2, 2006. Earlier this\nmonth, the Nova Scotia Utility and Review Board approved NSPI's proposal to\nmaintain current rates through 2008. "We are pleased to be able to sustain\nrates at current levels," said Mr. Huskilson, "We know that price stability is\nimportant for our customers. The utility has been able to take advantage of a\nhigher Canadian dollar and opportunities to realize favorable 2008 fuel\nprices." The utility continues to work productively with stakeholders on\nimplementing a fuel adjustment mechanism. A regulatory hearing on this\nsubject, originally scheduled for June, is now expected to be held in the\nfall.\n\n\nBangor Hydro-Electric (BHE) earned $4.8 million in Q2, 2007 compared to\n$2.7 million in Q2, 2006 primarily due to the capitalization of overhead\nexpenses and allowance for funds used during construction to the Northeast\nReliability Interconnect (NRI) transmission project. In addition, BHE began\nrecovering costs associated with the NRI investment in rates in June.\n\n\nBrunswick Pipeline received its Certificate of Public Convenience and\nNecessity - an important milestone in the regulatory process. An application\nfor leave to appeal and judicial review has been filed by an intervener.\nBrunswick Pipeline is opposing this application. The project continues to\nprogress on track and is expected to be in service as planned by the end of\n2008.\n\n\nEmera's othe...