<SEC-DOCUMENT>0001193125-24-172441.txt : 20240628
<SEC-HEADER>0001193125-24-172441.hdr.sgml : 20240628
<ACCEPTANCE-DATETIME>20240628172725
ACCESSION NUMBER:		0001193125-24-172441
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240628
FILED AS OF DATE:		20240628
DATE AS OF CHANGE:		20240628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EMERA INC
		CENTRAL INDEX KEY:			0001127248
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				868143132
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-54516
		FILM NUMBER:		241087062

	BUSINESS ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
		BUSINESS PHONE:		902-428-6494

	MAIL ADDRESS:	
		STREET 1:		1223 LOWER WATER ST., B-6TH FLOOR
		STREET 2:		P.O. BOX 910
		CITY:			HALIFAX
		STATE:			A5
		ZIP:			B3J 3S8
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<DESCRIPTION>6-K
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<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:3.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:3.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>REPORT OF FOREIGN
PRIVATE ISSUER </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT TO RULE <FONT STYLE="white-space:nowrap">13a-16</FONT> OR <FONT STYLE="white-space:nowrap">15d-16</FONT>
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of June, 2024 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">000-54516</FONT> </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:3.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Emera Incorporated </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:3.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5151 Terminal Road
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Halifax NS B3J 1A1 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Canada </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of
principal executive offices) </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:3.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form <FONT STYLE="white-space:nowrap">20-F&#8194;&#9744;&#8195;&#8195;&#8195;&#8195;Form</FONT> <FONT
STYLE="white-space:nowrap">40-F&#8194;&#9745;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form
<FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1):&#8194;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7):&#8194;&#9744; </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>EMERA INCORPORATED</B></TD></TR>
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<TD VALIGN="bottom">Date: June&nbsp;28, 2024</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Brian Curry</TD></TR>
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<TD VALIGN="bottom"></TD>
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<TD VALIGN="bottom">Name: Brian Curry</TD></TR>
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<TD VALIGN="bottom">Title: Corporate Secretary</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P>
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<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top"><A HREF="d852890dex991.htm">Emera-Media Release dated June&nbsp;28, 2024 </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g852890g0629021406885.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Arial Narrow" ALIGN="center"><B>Emera Announces Strategic Reallocation of Capital to Drive Long-Term Growth; Updates Growth Guidance</B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Company Release &#150; 6/28/2024, 8 am AT</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><I>This news release
constitutes a &#147;designated news release&#148; for the purposes of Emera&#146;s prospectus supplement dated November&nbsp;14, 2023, to its short form base shelf prospectus dated October&nbsp;3, 2023.</I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Halifax, Nova Scotia &#150; Emera Inc. (&#147;Emera&#148;) (TSX:EMA) today announced a strategic update driving long term value for shareholders and enabling the
company to pursue compelling growth opportunities across its portfolio. As a reflection of this growth profile, Emera is introducing new three-year average target EPS growth of <FONT STYLE="white-space:nowrap">5-7&nbsp;per</FONT> cent through 2027<SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP><SUP STYLE="font-size:75%; vertical-align:top">&nbsp;</SUP>and extending its previously discussed rate-base growth guidance of <FONT STYLE="white-space:nowrap">7-8&nbsp;per</FONT> cent over the next
five years through 2029. As part of a broader strategic initiative to reallocate capital towards investing in these high-growth opportunities, beginning today, Emera is adjusting its dividend growth rate to 1 to 2&nbsp;per cent per year. This will
have the effect of reducing Emera&#146;s dividend payout ratio of adjusted net income<SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP><SUP STYLE="font-size:75%; vertical-align:top">&nbsp;</SUP>(payout ratio) to approximately 80&nbsp;per cent
by the end of 2027 with continued improvement in the following years. This decision underscores the company&#146;s commitment to driving long-term shareholder value through focused investments in the robust and high growth jurisdictions in which it
operates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">&#147;We see substantial growth opportunities within our regulated businesses, and our capital allocation and portfolio optimization decisions
will position Emera to deliver increased value to shareholders,&#148; said Scott Balfour, Emera Inc. CEO. &#147;By targeting an average EPS growth rate of 5 to 7&nbsp;per cent over the next three years and adjusting our dividend growth rate, we are
on a course to meaningfully reduce our payout ratio over the next five years.&#148;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">&#147;Several fundamental trends, including the need to increase
resilience against climate-related challenges as well as decarbonization and electrification, make this a pivotal time for regulated utilities. With a stronger balance sheet, a disciplined capital investment plan, and a premium portfolio of assets,
the majority of which are located in high quality jurisdictions in North America, Emera is very well positioned to meet this moment,&#148; Mr.&nbsp;Balfour said. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B>Strategic Growth and Investment</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Approximately 75&nbsp;per cent
of Emera&#146;s capital investments are planned to be directed towards its two Florida utilities, Tampa Electric and Peoples Gas. The state represents a dynamic and rapidly growing market, and its investments are aimed at supporting a growing
customer base, meeting increasing demand from ongoing electrification trends, as well as customer-focused investments in reliability and resilience. In addition, Emera will continue to invest significant investments focused on customer reliability
and government-mandated decarbonization initiatives at Nova Scotia Power.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">The adjustment to its dividend growth rate will free up more capital for investment
in projects that benefit customers in markets that continue to grow. Emera will provide five-year capital investment and rate base growth forecasts with its next annual update later in 2024.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B>Commitment to Sustainable Dividends</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Emera aims to continue to
deliver consistent and attractive returns to investors. The dividend growth rate adjustment will not affect the current dividend. Emera remains committed to delivering dependable and growing dividends to its shareholders while exercising capital
allocation discipline in support of investment and robust growth opportunities to deliver ongoing earnings growth for shareholders.</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B>Asset Sales</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Earlier this month, Emera achieved an important milestone by concluding the transaction to transfer its equity interest in the Labrador Island Link (LIL) to KKR,
with proceeds to Emera of CAD$1.19 billion<SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP><SUP STYLE="font-size:75%; vertical-align:top">&#8195;</SUP> . This transaction will support the company&#146;s $8.8&nbsp;billion capital investment
plan over the 2024-2026 period, which will be funded primarily through internally generated cash flows, debt raised at the operating company level consistent with regulated capital structures, and common equity sourced from its Dividend Reinvestment
Plan and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">at-the-market</FONT></FONT> equity program.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">In November 2023, Emera committed to
funding up to 15&nbsp;per cent of its capital plan through asset sales. The transfer of its equity interest in the LIL, which successfully closed on June&nbsp;4, 2024, satisfies this funding objective.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">&#147;The successful Labrador Island Link transaction highlights our dedication to optimizing our asset portfolio, strengthening our financial position, and
funding a pipeline of attractive capital investment opportunities,&#148; Mr.&nbsp;Balfour said. &#147;Emera proceeds with asset sales when transactions meet clear return thresholds, align with our business strategy and will deliver value to
shareholders. The LIL transaction met these criteria well.&#148;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">The company will maintain its disciplined approach to capital allocation and portfolio
optimization on an ongoing basis, as it continues to focus on growth investments and maximizing shareholder value.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B>Hybrid Offering</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">In another move to strengthen its financial position, Emera announced on June&nbsp;18, 2024, that it completed a $500&nbsp;million USD issuance of hybrid notes.
The net proceeds were used to repay its US$300&nbsp;million notes that matured on June&nbsp;15, 2024, and for general corporate purposes. This financing further reduces holding company leverage and improves 2024 cash flow to debt metrics by 20 basis
points.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B>Teleconference Call</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Emera will host a
teleconference today, Friday, June&nbsp;28, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss this announcement.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Analysts and other interested parties in
North America are invited to participate by dialing <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-800-717-1738.</FONT></FONT></FONT> International parties are invited to participate by dialing <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-289-514-5100.</FONT></FONT></FONT> Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">A live and archived audio webcast of the teleconference will be available on the company&#146;s website, <FONT
STYLE="font-family:Arial Narrow; font-size:10pt" COLOR="#0563c1">www.emera.com</FONT><FONT STYLE="font-family:Arial Narrow">. A replay of the teleconference will be available on the company&#146;s website two hours after the conclusion of the
call.</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B>About Emera</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Emera is a geographically diverse
energy and services company headquartered in Halifax, Nova Scotia with approximately $39&nbsp;billion in assets and 2023 revenues of $7.6&nbsp;billion. The company primarily invests in regulated electricity generation and electricity and gas
transmission and distribution, with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and the Caribbean. Emera&#146;s common and preferred shares are listed on the
Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange
under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedarplus.ca.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP> Based on current consensus for 2024.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B><SUP STYLE="font-size:75%; vertical-align:top">(2)</SUP> <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures and Ratios</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera
calculates the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures </P>
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and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business. For further information on
the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial ratios &#147;dividend payout ratio of adjusted net income&#148; and &#147;adjusted EPS &#150; basic&#148;, refer to the <FONT STYLE="white-space:nowrap">&#147;Non-GAAP</FONT> Financial
Measures and Ratios&#148; section of the Emera&#146;s Q1 2024 MD&amp;A which is incorporated herein by reference and can be found on SEDAR+ at www.sedarplus.ca.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B>Other</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Rate base is a financial measure specific to
rate-regulated utilities that is not intended to represent any financial measure as defined by GAAP. The measure is required by the regulatory authorities in the jurisdictions where Emera&#146;s rate-regulated subsidiaries or equity investments
operate, a summary of which can be found in our MD&amp;A. The calculation of this measure as presented may not be comparable to similarly titled measures used by other companies.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><SUP STYLE="font-size:75%; vertical-align:top">(3)</SUP><SUP STYLE="font-size:75%; vertical-align:top">&nbsp;</SUP>$1.19&nbsp;billion CAD, made up of
$957&nbsp;million CAD in cash and $235&nbsp;million CAD for assuming Emera&#146;s obligation to fund the remaining initial capital investment</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B>Forward
Looking Information</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">This news release contains <FONT STYLE="white-space:nowrap">forward-looking</FONT> information within the meaning of applicable
securities laws, including, without limitation, statements concerning Emera&#146;s: plan to adjust its future annual dividend growth rate to 1 to 2&nbsp;percent; capital reallocation for high-growth opportunities; commitment to enhancing long-term
shareholder value; plans to invest in growth jurisdictions; expectations for growth opportunities within its regulated businesses; future capital allocation and portfolio optimization decisions; plans to target an average adjusted EPS <SUP
STYLE="font-size:75%; vertical-align:top">(1)</SUP>&nbsp;growth rate of 5 to 7&nbsp;per cent through 2027; plans to reduce its dividend payout ratio of adjusted net income <SUP STYLE="font-size:75%; vertical-align:top">(1)</SUP>&nbsp;to
approximately 80&nbsp;per cent by the end of 2027 with continued improvement in the following years; plans to direct approximately 75&nbsp;per cent of its capital investments towards its two Florida utilities; expectations that Florida continues to
be a growth market with investments that support a growing customer base, increased electrification demand, reliability and resilience; views on fundamental industry trends, including decarbonization, electrification and increased climate-related
resilience; plans to continue to make significant investments focused on reliability and government-mandated decarbonization initiatives at Nova Scotia Power; plans to continue to deliver consistent and attractive returns to investors; expectations
of a <FONT STYLE="white-space:nowrap">7-8&nbsp;per</FONT> cent rate base growth rate; expectations that rate base growth will be sustained over the next five years through 2029; intention to provide its five-year capital investment and rate base
growth forecasts with its next annual update later in 2024; commitment to delivering stable and dependable dividends to its shareholders; continuing approach to prudent financial management and capital allocation discipline for investment and
business growth opportunities; continuing approach to asset dispositions that meet clear return thresholds, align with its business strategy and will deliver value to shareholders; commitment to maintaining its disciplined approach to capital
allocation and portfolio optimization; and future financial performance. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature,
<FONT STYLE="white-space:nowrap">forward-looking</FONT> information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management&#146;s current beliefs and are based on information
currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute <FONT STYLE="white-space:nowrap">forward-looking</FONT> information will not prove to be accurate, that Emera&#146;s
assumptions may not be correct and that actual results may differ materially from such <FONT STYLE="white-space:nowrap">forward-looking</FONT> information. Additional detailed information about these assumptions, risks and uncertainties is included
in Emera&#146;s securities regulatory filings, including under the heading &#147;Business Risks and Risk Management&#148; in Emera&#146;s annual Management&#146;s Discussion and Analysis, and under the heading &#147;Principal Risks and
Uncertainties&#148; in the notes to Emera&#146;s annual and interim financial statements, which can be found on SEDAR+ at<FONT STYLE="font-family:Arial Narrow; font-size:10pt" COLOR="#0563c1"> www.sedarplus.ca</FONT><FONT
STYLE="font-family:Arial Narrow">.</FONT></P>
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