Slide 1: Third Quarter 2023
Third Quarter 2023 Friday, November 10, 2023 The meeting will begin at, 9:30 AM AT / 8:30 AM ET
Slide 2: Forward Looking Information, Non-GAAP Measures & Other
Forward Looking Information, Non-GAAP Measures & Other FORWARD-LOOKING INFORMATION Factors that could cause results or events to differ from current Emera undertakes no obligation to revise or update any This document contains “forward-looking information” expectations include without limitation: re
Slide 3: Business Update
Business Update Scott Balfour PRESIDENT & CEO 2
Slide 4: Financial Highlights
Financial Highlights Q3 2023 Adjusted EPS1 YTD 2023 Adjusted EPS1 $2.27 $2.33 $0.76 $0.75 Q3 2022 Q3 2023 YTD 2022 YTD 2023 Highlights • Generated over $1.8B in operating cash flow3 year-to-date 2023 Q3 2023 Reported EPS YTD 2023 Reported EPS representing a 125% increase over 2022 • Quarterly adjust
Slide 5: 2024-2026 Capital Plan Update
2024-2026 Capital Plan Update1 $8.9B $2.3B 2024-2026 7% In additional Baseline Capital Plan Baseline Capital Forecasted Rate potential Additional Potential Investment $3,960 $3,970 Forecast Base CAGR investments $775 $3,265 $1,305 $215 Additional Potential Investments 2024F 2025F 2026F 2024-2026 Tot
Slide 6: Capital Deployment Supports Growth and Advances our Strategy
$8.9B Capital Deployment Supports Growth 2024 – 2026 Capital Plan and Advances our Strategy CLEANER & MORE RELIABLE CAPITAL PROJECTS (2024-2026)1,2 9% Tampa Electric – Storm Hardening $ 795 Tampa Electric – Solar Investments 690 16% Tampa Electric – Grid Modernization, AMI and LED 550 Nova Scotia Po
Slide 7: Regulatory Update
Regulatory Update Rate Case Updates: Peoples Gas • On November 9, 2023, the FPSC voted to approve the FPSC staff recommendation which supported a $107 million USD increase in annual base rates, as well as $11 million USD from the cast iron and bare steel replacement rider. This reflects an 10.15 per
Slide 8: Capital Program Drives Future Rate Base Growth
Capital Program Drives Future Rate Base Growth Forecasted Rate Base1 $33.2 Additional Potential Investments $30.9 $1.4 Rate BasePlan Baseline $28.8 $0.5 ~7% $27.0 $0.1 $24.7 Forecasted Rate Base CAGR $30.3 $31.8 $28.7 With potential for additional investment to increase growth to ~8% 2022A 2023F 202
Slide 9: Financial Highlights
Financial Highlights Greg Blunden CHIEF FINANCIAL OFFICER 8
Slide 10: Quarterly Highlights
Quarterly Highlights Q3 2023 Adjusted EPS1 YTD 2023 Adjusted EPS1 Q3 2023 Operating Cash Flow2 $1,813 $310 $2.33 $0.76 $0.75 $2.27 $1,413 YTD 2022 YTD 2023 $607 Q3 2022 Q3 2023 Q3 2023 Adjusted Net Income1 YTD 2023 Adjusted Net Income1 $1,503 6% Increase in operating cash flow2 excluding impacts of
Slide 11: Q3 2023 Adjusted EPS Waterfall
Q3 2023 Adjusted EPS1 Waterfall $0.03 $0.01 $0.07 $0.09 $0.04 $0.02 $0.01 $0.76 $0.75 Q3 2022 Adjusted Florida Foreign Other Emera Energy Gas Utilities WA Share Canadian Q3 2023 Adjusted Earnings Per Share1 Electric Exchange Electric & Corporate2, 3 & Infra. Dilution Electric Earnings Per Share1 Not
Slide 12: YTD 2023 Adjusted EPS Waterfall
YTD 2023 Adjusted EPS1 Waterfall $0.04 $0.12 $0.04 $0.07 $0.07 $0.11 $0.01 $2.49 $2.45 $2.41 $2.38 $2.34 2.33 $2.33 $2.27 $2.27 Q3 2022 YTD Adjusted Foreign Florida Canadian & Emera Corporate3 WA Share Gas Utilities Q3 2023 YTD Adjusted Earnings Per Share1 Exchange Electric Other Electric2 Energy Di
Slide 13: Funding Plan in Support of Investment Grade Credit Ratings
Funding Plan in Support of Investment Grade Credit Ratings At The Market (“ATM”) • Raise approximately $250-$300M per year 2024-2026 Target Sources of Funding for $8.9B Baseline Capital Plan : Dividend Reinvestment Plan (“DRIP”) • Participation rate of approximately 30% - 35% • Provides common equit
Slide 14: Upcoming Investor Events
Upcoming Investor Events EEI Financial Conference • November 12th-14th, 2023 Wells Fargo Conference • December 6th-7th, 2023 CIBC Western Institutional Conference • January 17th-19th, 2024 Q4 2023 Results & Analyst Call • February 26th, 2024 13
Slide 15: Appendix
Appendix 14
Slide 16: Capital Forecast by Affiliate
Capital Forecast by Affiliate 2023F 2024F 2025F 2026F 2024–2026 Total US OPERATIONS Tampa Electric $ 1,340 $ 1,275 $ 1,535 $ 1,235 $ 4,045 Peoples Gas 370 345 385 310 1,040 Seacoast - 5 10 - 15 New Mexico Gas 120 135 125 115 375 Emera Caribbean 65 80 80 80 240 US OPERATIONS CAPITAL FORECAST (USD mil
Slide 17: 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 New Mexico Gas: LNG Storage Facility 10 100 70 180 Emera Car
Slide 18: Rate Base Forecast by Affiliate
Rate Base Forecast by Affiliate1 2022A 22’–26’ 22’–26’ CAGR 2022A 2 2023F 2024F 2025F 2026F Adjusted FX CAGR Adjusted FX US OPERATIONS Tampa Electric3,4 $ 9,230 $ 9,230 $ 10,225 $ 11,040 $ 11,900 $ 12,750 8.4% Peoples Gas3 1,880 1,880 2,185 2,510 2,755 3,020 12.6% Seacoast Gas5,6 195 195 175 180 185
Slide 19: Interest Rate Impacts
Interest Rate Impacts Interest Rate Impacts by Segment (Pre-tax, Compared to 2022) in millions of CAD As of September 30, 2023 Three months ended Nine months ended Florida Electric $ (18) $ (77) Canadian Utilities (9) (29) Gas Utilities & Infrastructure (13) (34) Other Electric - (3) Other (11) (38)
Slide 20: Foreign Exchange and Interest Rate Exposure
Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure As of September 30, 2023 Approximate % of USD Earnings Hedged Rate 2023 70% 1.32 2024 48% 1.33 2025 27% 1.35 Interest Rate Exposure As of December 31, 2022 Notional amount (in millions of CAD) Percentage of total debt Total Debt (
Slide 21: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Marketing & Trading $ 19 25 (7) 8 39 53 (25) (4) Maritimes Canada (2) - (1) (1) (3) (1) 3 - Bear Swamp - 2 2 1 5 4 2 7 TOTAL ADJUSTED NET INCOME1 $ 17 27 (6) 8 41 56 (20) 3 Millions $C
Slide 22: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended Nine months ended September 30 September 30 2023 2022 2023 2022 Florida Electric $ 228 $ 199 $ 512 $ 472 Canadian Electric 38 39 179 176 Gas Utilities & Infrastructure 23 33 155 149 Other Electric Utilities 17 12 31 21 Other, excluding corporate costs (3) 4