Long-Term Debt	12 Months Ended
Long-Term Debt	Dec. 31, 2023
Long-term Debt [Abstract]
Long-term Debt	25. LONG-TERM DEBT Bonds, notes and debentures are at fixed interest rates and are unsecured unless noted below. Included are certain bankers’ acceptances and commercial paper where the Company has the intention and the unencumbered ability to refinance the obligations for a period greater than one year. Long-term debt as at December 31 consisted of the following: Weighted average interest rate (1) millions of dollars 2023 2022 Maturity 2023 2022 Emera Bankers acceptances, SOFR loans Variable Variable 2027 $ 465 $ 403 Unsecured fixed rate notes 4.84% 2.90% 2030 500 500 Fixed to floating subordinated notes (2) 6.75% 6.75% 2076 1,587 1,625 $ 2,552 $ 2,528 Emera Finance Unsecured senior notes 3.65% 3.65% 2024 - 2046 $ 3,637 $ 3,725 TEC (3) Fixed rate notes and bonds 4.61% 4.15% 2024 - 2051 $ 5,654 $ 4,341 PGS Fixed rate notes and bonds 5.63% 3.78% 2028 - 2053 $ 1,223 $ 772 NMGC Fixed rate notes and bonds 3.78% 3.11% 2026 - 2051 $ 642 $ 521 Non-revolving term facility, floating rate Variable Variable 2024 30 108 $ 672 $ 629 NMGI Fixed rate notes and bonds 3.64% 3.64% 2024 $ 198 $ 203 NSPI Discount Notes (4) Variable Variable 2024 - 2027 $ 721 $ 881 Medium term fixed rate notes 5.13% 5.14% 2025 - 2097 3,165 2,665 $ 3,886 $ 3,546 EBP Senior secured credit facility Variable Variable 2026 $ 246 $ 249 ECI Secured senior notes Variable Variable 2027 $ 75 $ 86 Amortizing fixed rate notes 4.00% 3.97% 2026 79 100 Non-revolving term facility, floating rate Variable Variable 2025 29 30 Non-revolving term facility, fixed rate 2.15% 2.05% 2025 - 2027 155 91 Secured fixed rate senior notes (5) 3.09% 3.06% 2024 - 2029 84 142 $ 422 $ 449 Adjustments Fair market value adjustment - TECO Energy acquisition $ - $ 2 Debt issuance costs (125) (126) Amount due within one year (676) (574) $ (801) $ (698) Long-Term Debt $ 17,689 $ 15,744 (1) Weighted average interest rate of fixed rate long-term debt. (2) In 2023, the Company recognized $ 109 million in interest expense (2022 – $ 110 million) related to its fixed to floating subordinated notes. (3) A substantial part of TEC’s tangible assets are pledged as collateral to secure its first mortgage bonds. There are currently no bonds outstanding under TEC’s first mortgage bond indenture. (4) Discount notes are backed by a revolving credit facility which matures in 2027. Banker’s acceptances are issued under NSPI’s non-revolving term facility which matures in 2024. NSPI has the intention and unencumbered ability to refinance bankers’ acceptances for a period of greater than one year. (5) Notes are issued and payable in either USD or BBD. The Company’s total long-term revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2023 2022 Emera – revolving credit facility (1) June 2027 $ 900 $ 900 TEC - Unsecured committed revolving credit facility December 2026 657 - NSPI - revolving credit facility (1) December 2027 800 800 NSPI - non-revolving credit facility July 2024 400 400 Emera - Unsecured non-revolving credit facility February 2024 400 - NMGC - Unsecured non-revolving credit facility March 2024 30 108 ECI – revolving credit facilities October 2024 10 11 Total $ 3,197 $ 2,219 Less: Borrowings under credit facilities 1,884 1,396 Letters of credit issued inside credit facilities 6 12 Use of available facilities $ 1,890 $ 1,408 Available capacity under existing agreements $ 1,307 $ 811 (1) Advances on the revolving credit facility can be made by way of overdraft on accounts up to $ 50 million. Debt Covenants Emera and its subsidiaries have debt covenants associated with their credit facilities. Covenants are tested regularly and the Company is in compliance with covenant requirements. Emera’s significant covenants are listed below: As at Financial Covenant Requirement December 31, 2023 Emera Syndicated credit facilities Debt to capital ratio Less than or equal to 0.70 to 1 0.57 : 1 Recent Significant Financing Activity by Segment Florida Electric Utility On January 30, 2024, TEC issued $ 500 million USD of senior unsecured bonds that bear interest at 4.90 per cent with a maturity date of March 1, 2029 . Proceeds from the issuance were primarily used for repayment of short-term borrowings outstanding under the 5 -year credit facility. Therefore, $ 497 million USD of short-term borrowings that were repaid was classified as long-term debt at December 31, 2023. Canadian Electric Utilities On March 24, 2023, NSPI issued $ 500 million in unsecured notes. The issuance included $ 300 million unsecured notes that bear interest at 4.95 per cent with a maturity date of November 15, 2032 , and $ 200 million unsecured notes that bear interest at 5.36 per cent with a maturity date of March 24, 2053 . Gas Utilities and Infrastructure On December 19, 2023, PGS completed an issuance of $ 925 million USD in senior notes. The issuance included $ 350 million USD senior notes that bear interest at 5.42 per cent with a maturity date of December 19, 2028 , $ 350 million USD senior notes that bear interest at 5.63 per cent with a maturity date of December 19, 2033 and $ 225 million USD senior notes that bear interest at 5.94 per cent with a maturity date of December 19, 2053 . On October 19, 2023, NMGC issued $ 100 million USD in senior unsecured notes that bear interest at 6.36 per cent with a maturity date of October 19, 2033 . Other Electric Utilities On May 24, 2023, GBPC issued a $ 28 million USD non-revolving term loan that bears interest at 4.00 per cent with a maturity date of May 24, 2028 . Other On August 18, 2023, Emera entered into a $ 400 million non-revolving term facility with a maturity date of February 19, 2024 . The credit agreement contains customary representations and warranties, events of default and financial and other covenants, and bears interest at Bankers’ Acceptances or prime rate advances, plus a margin. On February 16, 2024, Emera extended the term of this agreement to a maturity date of February 19, 2025 . On May 2, 2023, Emera issued $ 500 million in senior unsecured notes that bear interest at 4.84 per cent with a maturity date of May 2, 2030 . Long-Term Debt Maturities As at December 31, long-term debt maturities, including capital lease obligations, for each of the next five years and in aggregate thereafter are as follows: millions of dollars 2024 2025 2026 2027 2028 Thereafter Total Emera $ 199 $ - $ 1,587 $ 266 $ - $ 500 $ 2,552 Emera US Finance LP 397 - 992 - - 2,248 3,637 TEC 397 - - - - 5,257 5,654 PGS - - - - 463 760 1,223 NMGC 30 - 93 - - 549 672 NMGI 198 - - - - - 198 NSPI 398 125 40 323 - 3,000 3,886 EBP - - 246 - - - 246 ECI 51 139 89 77 62 4 422 Total $ 1,670 $ 264 $ 3,047 $ 666 $ 525 $ 12,318 $ 18,490