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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Long-term Debt [Abstract] |
Summary of Long-Term Debt, Revolving Credit Facilities, Outstanding Borrowings and Available Capacity | Weighted average interest rate (1) millions of dollars 2024 2023 Maturity 2024 2023 Florida Electric Utility Senior unsecured notes 4.36% 4.61% 2029 - 2051 $ 5,720 $ 5,654 Canadian Electric Utilities NSPI – Commercial paper (2) Variable Variable 2029 $ 177 $ 721 NSPI – Senior unsecured notes 5.12% 5.13% 2025 - 2097 3,184 3,165 $ 3,361 $ 3,886 Gas Utilities and Infrastructure PGS – Senior unsecured notes 5.63% 5.63% 2028 - 2053 $ 1,331 $ 1,223 NMGC – Senior unsecured notes 3.78% 3.78% 2026 - 2051 698 642 NMGC – Unsecured loan notes N/A Variable 2024 - 30 NMGI – Senior unsecured notes N/A 3.64% 2024 - 198 EBP – Secured loan notes Variable Variable 2028 250 246 $ 2,279 $ 2,339 Other Electric Utilities Unsecured loan notes 4.06% 4.78% 2025 - 2028 $ 143 $ 121 Unsecured loan notes Variable Variable 2025 - 2027 104 104 Secured senior notes and debentures (3) 2.38% 3.06% 2026 - 2040 169 197 $ 416 $ 422 Other Unsecured loan notes Variable Variable 2026 - 2029 $ 992 $ 465 Senior unsecured notes 3.99% 3.65% 2026 - 2046 3,525 3,637 Senior unsecured notes 4.84% 4.84% 2030 500 500 Fixed to floating subordinated notes (4) 6.75% 6.75% 2076 1,727 1,587 Junior subordinated notes 7.63% 0.00% 2054 720 - $ 7,464 $ 6,189 Adjustments Debt issuance costs (137) (125) Classification as liabilities held for sale (5) (696) - Amount due within one year (6) (234) (676) $ (1,067) $ (801) Long-Term Debt $ 18,173 $ 17,689 (1) Weighted average interest rate of fixed rate long-term debt. (2) Discount notes are backed by a revolving credit facility which matures in 2029. (3) Notes are issued and payable in either USD or BBD. (4) In 2024, the Company recognized $ 110 million in interest expense (2023 – $ 109 million) related to its fixed to floating subordinated notes. (5) On August 5, 2024, Emera announced an agreement to sell NMGC. As at December 31, 2024, NMGC's liabilities were classified as held for sale. For further details on the pending transaction, refer to note 4. (6) Excludes NMGC amounts which are classified as current liabilities associated with assets held for sale. 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 2024 2023 Emera – committed revolving credit facility (1) June 2029 $ 1,300 $ 900 NSPI – revolving credit facility (1) June 2029 800 800 Emera – Unsecured non-revolving credit facility February 2026 200 400 TEC – Unsecured committed revolving credit facility December 2026 - 657 NSPI – non-revolving credit facility July 2024 - 400 NMGC – Unsecured non-revolving credit facility March 2024 - 30 ECI – revolving credit facilities October 2024 - 10 Total $ 2,300 $ 3,197 Less: Borrowings under credit facilities 1,169 1,884 Letters of credit issued inside credit facilities 12 6 Use of available facilities $ 1,181 $ 1,890 Available capacity under existing agreements $ 1,119 $ 1,307 (1) Advances on the revolving credit facility can be made by way of overdraft on accounts up to $ 50 million. As at Financial Covenant Requirement December 31, 2024 Emera Syndicated credit facilities Debt to capital ratio Less than or equal to 0.70 to 1 0.55 : 1
Long-Term Debt Maturities | millions of dollars 2025 2026 2027 2028 2029 Thereafter Total Florida Electric Utility $ - $ - $ - $ - $ 720 $ 5,000 $ 5,720 Canadian Electric Utilities 125 40 - - 217 2,979 3,361 Gas Utilities and Infrastructure 31 132 31 535 31 1,519 2,279 Other Electric Utilities 78 101 89 116 4 28 416 Other - 3,006 - - 792 3,666 7,464 Total $ 234 $ 3,279 $ 120 $ 651 $ 1,764 $ 13,192 $ 19,240

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