Slide 1: Third Quarter 2024
Third Quarter 2024 Friday, November 8, 2024 The meeting will begin at 6:00 PM AT / 5:00 PM ET
Slide 2: Forward Looking Information, Non-GAAP Measures & Other
Forward Looking Information, Non-GAAP Measures & Other FORWARD-LOOKING INFORMATION Readers are cautioned not to place undue reliance on FLI, as This document contains “forward-looking information” (“FLI”) regulatory and political risk; operating and maintenance risks; actual results could differ mat
Slide 3: Business Update
Business Update Scott Balfour PRESIDENT & CEO 2
Slide 4: Investments in Storm Protection Delivered Clear Value for Customers
Investments in Storm Protection Delivered Clear Value for Customers $200M USD annual investment in grid hardening and undergrounding investments enabled efficient restoration Hurricane Helene 1 in 100 year Effectively restored in Hurricane Milton 2 days Effectively restored in one week Incurred $45M
Slide 5: 18 Years of Consecutive Dividend Growth
18 Years of Consecutive Dividend Growth Confident in our portfolio of premium assets to deliver reliable earnings, cash flow and dividend growth $2.79 $2.88 • 8% increase in adjusted earnings per share1 $2.48 $2.58 $2.68 (“adjusted EPS”) in Q3 2024 compared to Q3 2023 $2.28 $2.38 $2.13 $2.00 • Conti
Slide 6: Robust Growth in Florida Drives Growth in Customers and Demand
Robust Growth in Florida Drives FLORIDA IS #1 STATE for TOTAL NET MIGRATION(2) Growth in Customers and Demand 1. Florida 2. Texas 372,870 315,301 3. North Carolina 126,712 4. South Carolina 91,853 5. Georgia 88,325 1,490 1,521 1,541 1,409 1,445 1,460 Population growth translates to Florida Ranked 3r
Slide 7: Regulatory Progress
Regulatory Progress Tampa Electric • Filed in April 2024 for new rates effective January 1, 2025 o Request included increased revenue requirements of $297M USD in 2025, $100M USD in 2026 and $72M USD in 2027; o 11.50% ROE midpoint – up from the current 10.20%; and o Maintain the current 54% equity t
Slide 8: Financial Highlights
Financial Highlights Greg Blunden CHIEF FINANCIAL OFFICER 7
Slide 9: Quarterly Highlights
Quarterly Highlights Q3 2024 Adjusted EPS1 YTD 2024 Adjusted EPS1 Q3 2024 Operating Cash Flow2 $1,813 $1,732 $310 $184 $2.33 $2.10 $0.75 $0.81 Q3 2023 Q3 2024 YTD 2023 YTD 2024 Q3 2024 Reported EPS YTD 2024 Reported EPS $1,503 $1,548 $0.37 $2.53 $1.18 YTD 2023 YTD 2024 $0.01 3 2023 Fuel & Storm Cost
Slide 10: Proven Track Record Managing Regulatory Deferrals
Proven Track Record Managing Regulatory Deferrals Net Storm & Fuel Cost Regulatory Asset Balances ($millions CAD) Collected ~$650M USD of $1,105 fuel and storm under- $305 recoveries at Tampa Electric over 21 months (beginning April 1, 2023) $535 $800 Securitized over $600M CAD $415 fuel costs a
Slide 11: Q3 2024 Adjusted EPS Waterfall
Q3 2024 Adjusted EPS1 Waterfall Q3 2024 Adjusted EPS1 $0.05 $0.02 $0.07 $0.07 $0.05 $0.07 $0.03 $0.94 $0.89 $0.82 $0.84 $0.81 $0.81 $0.75 Q3 2023 Adjusted Florida Corporate 2,3 Gas Utilities Foreign Canadian & WA Share Emera Q3 2024 Adjusted Earnings Per Share1 Electric & Infra. Exchange Other Elect
Slide 12: YTD 2024 Adjusted EPS Waterfall
YTD 2024 Adjusted EPS1 Waterfall YTD 2024 Adjusted EPS1 $0.03 $0.02 $0.12 $0.09 $0.10 $0.08 $0.07 2.42 $2.45 $2.33 $2.33 $2.35 $2.25 $2.17 $2.10 $2.10 YTD Q3 2023 Adjusted Gas Utilities Foreign Florida WA Share Canadian & Other Emera Corporate4,5 YTD Q3 2024 Adjusted Earnings Per Share 1 & Infra Exc
Slide 13: Upcoming Investor Events
Upcoming Investor Events EEI Financial Conference • November 10h-12th, 2024 2024 Emera Investor Day • December 4th, 2024 UBS Winter Global Energy & Utilities Conference • January 13th-15th, 2024 CIBC Western Institutional Investor Conference • January 22nd-24th, 2024 12
Slide 14: Appendix
Appendix 13
Slide 15: Capital Forecast by Affiliate
Capital Forecast by Affiliate 2024F 2025F 2026F 2024–2026 Total US OPERATIONS Tampa Electric $ 1,275 $ 1,535 $ 1,235 $ 4,045 Peoples Gas 310 385 310 1,005 Seacoast 5 10 - 15 New Mexico Gas 150 125 115 390 Emera Caribbean 80 80 80 240 US OPERATIONS CAPITAL FORECAST (USD millions) $ 1,820 $ 2,135 $ 1,
Slide 16: 2024-2026 Additional Potential Investments
2024-2026 Additional Potential Investments 2024F 2025F 2026F 2024–2026 Total US OPERATIONS Tampa Electric: Carbon Capture & Sequestration $ - $ - $ 275 $ 275 Tampa Electric: Incremental Renewables - 95 140 235 Peoples Gas: Other - 35 35 70 Emera Caribbean: Battery and Other 125 65 75 265 US OPERATIO
Slide 17: Rate Base Forecast by Affiliate
Rate Base Forecast by Affiliate1,7 2022A 22’–26’ 22’–26’ CAGR 2022A 2 2023A 2024F 2025F 2026F Adjusted FX CAGR Adjusted FX US OPERATIONS Tampa Electric3,4 $ 9,230 $ 9,230 $ 10,195 $ 11,040 $ 11,900 $ 12,750 8.4% Peoples Gas3 1,880 1,880 2,185 2,490 2,720 2,990 12.3% Seacoast Gas5,6 195 195 180 180 1
Slide 18: Foreign Exchange and Interest Rate Exposure
Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure As of September 30, 2024 Approximate % of USD Earnings Hedged Rate 2024 62% 1.34 2025 58% 1.36 2026 13% 1.35 Interest Rate Exposure1 As of September 30, 2024 Notional amount (in millions of CAD) Percentage of total debt Total Debt
Slide 19: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Marketing & Trading $ 39 53 (25) (4) 19 45 (24) (7) Maritimes Canada (3) (1) 3 - (1) - (1) - Bear Swamp 5 4 2 7 7 1 2 2 TOTAL ADJUSTED NET INCOME1 $ 41 56 (20) 3 25 46 (23) (5) Million
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended September 30 Nine months September 30 2024 2023 2024 2023 Florida Electric $ 252 228 524 512 Canadian Electric 26 38 155 179 Gas Utilities & Infrastructure 38 23 180 155 Other Electric Utilities 10 17 27 31 Other, excluding corporate costs (8) (3) 4 22 Adju