Slide 1: First Quarter 2023
First Quarter 2023 Friday, May 12, 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: Q1 Highlights
Q1 Highlights Q1 2023 Adjusted Net Income1 Q1 2023 Adjusted EPS1 $242 $268 $0.92 $0.99 Highlights Q1 2022 Q1 2023 Q1 2022 Q1 2023 • 11% increase in quarterly adjusted net income, and 8% increase in quarterly adjusted EPS1 Q1 2023 Reported Net Income Q1 2023 Reported EPS • Absent fuel and storm cost
Slide 5: Capital Plan reflects our Strategy in Action
Capital Plan reflects our Strategy in Action Highlights • On track to deliver $3.0 billion in capital investments in 2023, a 14% increase over the $2.6 billion capital investment in 2022 Nova Scotia Power (“NSPI”) and Tampa Electric (“TEC”) Electric CO 2 EMISSIONS • 63% of our 2023-2025 capital plan
Slide 6: Regulatory Update
Regulatory Update 2023 Constructive Balanced Regulatory Outcomes • In March 2023, the FPSC approved recovery of $518M USD of fuel under-recoveries over a period of 21 months and the recovery of $131M USD of storm costs over 12 months at Tampa Electric. Recovery began April 1, 2023. 2023 Regulatory C
Slide 7: Financial Highlights
Financial Highlights Greg Blunden CHIEF FINANCIAL OFFICER 6
Slide 8: Quarterly Highlights
Quarterly Highlights Q1 2023 Operating Cash Flow2 Q1 2023 Adjusted Net Income1 Q1 2023 Adjusted EPS1 $654 $48 $550 $68 $268 $606 10% Increase in operating $242 $482 cash flow before $0.92 $0.99 changes in working capital, excluding fuel deferrals3 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 4 5
Slide 9: Measurable Progress Towards Improving Key Credit Metrics On Track
8 Measurable Progress Towards Improving Key Credit Metrics On Track Progress YTD 2023: Cash Flow Step Changes from 2022 to 2023 Fuel and storm cost recovery at Tampa Electric approved in March 2023, recovery $95 began April 1st. $518M USD of fuel costs $240 $60 recovered over 21 months, $130M USD
Slide 10: Q1 2023 Adjusted EPS Waterfall
Q1 2023 Adjusted EPS Waterfall Q1 2023 Adjusted EPS1 $0.05 $0.05 $0.05 $0.04 $0.11 $0.03 $0.02 $1.08 $1.08 $1.04 $0.99 $1.01 $0.99 $0.92 Q1 2022 Emera Foreign Gas Utilities & Corporate Florida WA Shares Canadian Q1 2023 Adjusted EPS 1 Energy Exchange Other Electric 2 costs 3 Electric Dilution Electr
Slide 11: Committed to Investment Grade Credit Ratings
Committed to Investment Grade Credit Ratings Credit Objectives: 1. Maintain our investment grade credit ratings • All rating agencies confirmed ratings and outlook in March & April 2023 in support of financing transactions at Emera and NSPI 2. Maintain our target capital structure 3. Sustained cash
Slide 12: Upcoming Investor Events
Upcoming Investor Events Annual General Meeting • May 24th, 2023 TD Power & Utilities Conference (Toronto) • May 25th, 2023 RBC Global Power & Energy Conference (New York) • June 6-7th, 2023 Q2 2023 Results & Analyst Call • August 11th, 2023 11
Slide 13: Appendix
Appendix 12
Slide 14: Capital Forecast by Affiliate
Capital Forecast by Affiliate 2023F1 2024F 2025F 2023–2025 Total US OPERATIONS Tampa Electric $ 1,310 $ 1,315 $ 1,170 $ 3,795 Peoples Gas 340 340 355 1,035 New Mexico Gas 120 125 135 380 Emera Caribbean 80 80 80 240 US OPERATIONS CAPITAL FORECAST (USD millions) $ 1,850 $ 1,860 $ 1,740 $ 5,450 FX rat
Slide 15: Rate Base Forecast by Affiliate
Rate Base Forecast by Affiliate1 2021A 21’–25’ 21’–25’ CAGR 2021A 2 2022A 2023F 2024F 2025F Adjusted FX CAGR Adjusted FX US OPERATIONS Tampa Electric 3 $ 8,475 $ 8,475 $ 9,480 $ 11,060 $ 11,080 $ 11,755 8.5% Peoples Gas3 1,605 1,605 1,880 2,210 2,440 2,675 13.6% Seacoast Gas4.5 185 185 195 180 180 1
Slide 16: Foreign Exchange and Interest Rate Exposure
Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure As of March 31, 2023 Approximate % of USD Earnings Hedged Rate 2023 71% 1.32 2024 50% 1.33 2025 8% 1.35 Interest Rate Exposure As of December 31, 2022 Notional amount (in millions of CAD) Percentage of total debt Total Debt (Short
Slide 17: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Marketing & Trading $ (3) (6) 19 25 (7) 8 39 53 Maritimes Canada - - (2) - (1) (1) (3) (1) Bear Swamp 2 1 - 2 2 1 5 4 TOTAL ADJUSTED NET INCOME1 $ (1) (5) 17 27 (6) 8 41 56 Millions $C
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended March 31 2023 2022 Florida Electric $ 107 112 Canadian Electric 92 98 Gas Utilities & Infrastructure 94 77 Other Electric Utilities 4 1 Other, excluding corporate costs 51 21 Adjusted net income before corporate costs $ 348 309 Corporate costs (80) (67) Adj