EMRJFNYSEElectric ServicesUS GAAP · USD

Emera Incorporated

Emera Inc. is a North American energy company headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities and related energy businesses. Its operating footprint spans the United States, Canada, and the Caribbean through utility subsidiaries and equity investments that serve residential, commercial, and industrial customers.

Ask about the company
Revenue8,776m USD
+21.9 %y/y
Operating profit (EBIT)1,975m USD
+82.9 %y/y
EBIT margin22.5%
+7.5 ppy/y
Net income1,090m USD
+91.9 %y/y
Free cash flow-1,730m USD
−242.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,00010,000m USD2020: 5,506 m USD2020: EBIT 1,147 m USD20202021: 5,765 m USD2021: EBIT 930 m USD20212022: 7,588 m USD2022: EBIT 1,629 m USD20222023: 7,563 m USD2023: EBIT 1,794 m USD20232024: 7,200 m USD2024: EBIT 1,080 m USD20242025: 8,776 m USD2025: EBIT 1,975 m USD20258,7761,975
RevenueOperating profit (EBIT)

Business

Share of revenue
Florida Electric Utility35 %

Electric generation, transmission, and distribution services in Florida.

Canadian Electric Utilities30 %

Regulated electric utility operations serving Canadian markets, mainly Nova Scotia.

Gas Utilities and Infrastructure20 %

Natural gas distribution and related pipeline/infrastructure businesses.

Other Electric Utilities10 %

Additional regulated electric utility investments outside the core Florida and Canada assets.

Other5 %

Corporate and non-core businesses, investments, and eliminations.

Customers

Emera serves utility end-users rather than selling into a single industrial chain, so its customer base is broad and locally anchored. The main buyers are households, businesses, and industrial users that receive electricity and gas through regulated utility networks. Some revenue exposure also comes through large customers, regulatory rate structures, and non-regulated counterparties tied to its energy investments.

Residential utility customers

Households buying electricity and gas for essential daily use and reliability.

Commercial and institutional customers

Businesses, schools, and institutions using utility service for operations.

Industrial and large load customers

Higher-volume customers buying power and gas for manufacturing and processing.

Regulated utility ratepayers

Customers whose bills are set through approved rates and recovery mechanisms.

Non-regulated energy counterparties

Counterparties tied to non-regulated energy businesses and related assets.

Strategy

Emera’s strategy centers on expanding and protecting its regulated rate base while maintaining a diversified mix of electric and gas utility assets. Capital spending is directed toward utility infrastructure, greenfield development, and acquisitions, with regulatory approval a central condition for returns. The company also aims to preserve cash flow resilience by balancing regulated operations with non-regulated businesses and diversified customer classes.

Regulated rate-base expansionMedium term

Utility investment drives long-term earnings and cash flow under approved returns.

Capital deployment disciplineShort term

Large capital plans require regulatory approval and project execution control.

Operational and customer reliabilityLong term

Utility performance and service continuity support customer trust and regulator confidence.

Geography

Emera’s core operating geography is North America, with regulated utility businesses in the United States and Canada and additional exposure in the Caribbean. The company’s footprint matters because utility returns, weather exposure, fuel recovery, and regulatory frameworks vary by jurisdiction. Halifax is the corporate headquarters, while major operating assets are concentrated in Florida, Atlantic Canada, and other regulated markets.

Risks

Emera’s risks are typical of regulated utilities: regulatory decisions, weather, fuel-cost recovery, and capital-intensive operations can all affect results and cash flow. The company also faces exposure to macroeconomic weakness, large-customer loss, environmental rules, and differences in outcomes across jurisdictions and utility subsidiaries.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory rate-setting risk1Weather and storm cost exposure2Fuel commodity and collateral risk3Environmental legislation risk4Large customer concentration risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory rate-setting riskImpact: HighLikelihood: High

    Utility earnings depend on approved rates and recovery of regulatory assets.

    ExposureFloridaCanadaOther regulated jurisdictions
  2. Weather and storm cost exposureImpact: HighLikelihood: High

    Severe weather can raise outage, restoration, and recovery timing risks.

    Exposure: Florida and Caribbean assets

  3. Fuel commodity and collateral riskImpact: MediumLikelihood: Medium

    Fuel-price swings can increase collateral needs and timing gaps in recovery.

    Exposure: Gas and power operations

  4. Environmental legislation riskImpact: MediumLikelihood: Medium

    Changing rules can require additional compliance spending and asset changes.

    Exposure: Utility generation and distribution businesses

  5. Large customer concentration riskImpact: MediumLikelihood: Low

    Loss of one or more sizable customers can affect local utility economics.

    Exposure: Selected service territories

Accounting

Judgemental items
Rate-regulated accounting

Recognition of assets and expenses can differ from non-regulated businesses and shift earnings timing.

Impact: Affects revenue timing, regulatory assets, and reported earnings stability

Regulatory assets and liabilities

Recovery through future rates depends on regulator approval and timing.

Impact: Can materially affect balance sheet size and earnings recognition

Fair value measurements

Certain equity investments are measured at fair value with gains and losses in income.

Impact: Can introduce non-operating volatility

Impairment and disposal accounting

Asset sales or write-downs can create one-time gains or charges.

Impact: Can distort comparability across periods

Similar listed companies

Publicly listed companies with a comparable business focus.

NextEra Energy, Inc

NEE · Electric Services

Eversource Energy (D/B/A)

ES · Electric Services

Enerflex Ltd.

EFXT · General Industrial Machinery & Equipment

DBA Sempra

SRE · Gas & Other Services Combined

Enbridge Inc

ENB · Pipe Lines (No Natural Gas)

Dominion Energy, Inc

D · Electric Services

Last updated: 28/09/2026