Emera Inc. reported a $ 167 million third-quarter profit compared to a $ 70 million loss in the same quarter last year.
According to the power utility, the profit for the quarter that ended on September 30 was 63 cents per share as opposed to a loss of 27 cents per share a year earlier.
Operating Revenue Totalled Nearly $ 1. 84 billion, Up from Nearly 1. 15 billion in the Same Quarter Last Year.
Emera claims that it earned 76 cents per share on an adjusted basis in its most recent quarter, up from a profit of 68 cents per share on an adjusted basis in the third quarter of 2021.
According to Scott Balfour, chief executive officer of Emera, the company’s earnings increased primarily as a result of continued strong performance from ITS Utilities in Florida.
The Financial Results As Investors Await the Repercussions of the Rate Cap Imposed by the Nova Scotian Government on the Parent Company of Nova Scotia Power.
The utility is anticipated to provide investors and analysts with an update on its rate-based investment forecast and related funding planning during a conference call.
The Company had applied for a nearly 14 per cent Rate hike over two yaars with the provincial regulator Earlier This Year, but the province steppeped in and passed legislation to limit the power rate increased to 1. 8 per cent over the Next Two Years, Excluding Increases Linked to fuel costs.
The Public Utilities Act Amendments also targeted utility profits by limiting the regulator’s ability to approve rates of return on equity to 9.25 percent, down from the previous ceiling of 9.5 percent.
Tim Houston, the premier of Nova Scotia, declared on Twitter last month that his administration would “take the necessary steps to protect you from unfair rate increases while assisting to ensure your lights stay on.”
” Nova Scotia Power Has Said The Cap Restricts ITS ABILITY TO INVEST IN POWER GRID UPGRAFICES AND RENEWABLE SOURCES OF ENERGY. “This Legislation Prevents US From Investing A Planned Half a Billion Dollars in Clean Energy Projects in Nova Scotia,” Nova Scotia Power Spokeswoman Jacqueline Foster Said in an email.
To fully assess the implications of the legislation, she said, “It Will Take Time.” “We’ve put our team’s work on the Atlantic Loop on hold while we wait.
The Atlantic Loop is a $5 billion transmission megaproject that would increase the region’s access to hydroelectricity from Labrador and Quebec.
IT Is A Crucial Aspect Of Efforts To Reduce The Area’s Dependence On Coal Power.
By 2050, both Nova Scotia and New Brunswick plan to phase out ES emissions.
Federal Natural Resources Minter Jonathan Wilkinson Has Said Nova Scotia You Limited Options To Meet It Goal of Getting Off Coal Asides From The Atlantic Loop, But street the conflict Between Emera and the province a “Bump in the road. ”
The Canadian Press originally published this article on November 11, 2022.
The parent company of Nova Scotia Power, Emera Inc., reports a third-quarter profit of $ 167 million.
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