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Long-Term Debt | 12 Months Ended
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Dec. 31, 2024
Long-term Debt [Abstract] |
Long-term Debt | 26. 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 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. 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, 2024 Emera Syndicated credit facilities Debt to capital ratio Less than or equal to 0.70 to 1 0.55 : 1 Recent Significant Financing Activity by Segment Florida Electric Utility On July 12, 2024, TEC repaid a $ 300 million USD note upon maturity. This note was repaid with proceeds from commercial paper. 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 the repayment of short-term borrowings outstanding under the 5 -year credit facility. Canadian Electric Utilities On June 24, 2024, NSPI amended its unsecured non-revolving credit facility to extend the maturity date from July 15, 2024 to June 24, 2025 and reduce the facility from $ 400 million to $ 300 million. On December 16, 2024, NSPI repaid the $ 300 million unsecured non-revolving credit facility. On June 24, 2024, NSPI amended its unsecured committed revolving credit facility to extend the maturity date from December 16, 2027 to June 24, 2029 . There were no other material changes in commercial terms from the prior agreement. On June 13, 2024, NSPI entered a non-revolving credit facility to finance the Battery Energy Storage Project. NSPI can request funds under the facility quarterly for amounts related to incurred project costs up to the total commitment of the lessor of $ 120 million and 45.06 per cent of the total eligible project costs over the term of the agreement. The facility will be available until 6 months after completion of the project, not to exceed May 21, 2027 , and matures 20 years following the end of the period. As at December 31, 2024, NSPI had utilized $ 19 million from the facility, which bears interest at 2.51 per cent. Gas Utilities and Infrastructure On December 10, 2024, Brunswick Pipeline amended its non-revolving loan agreement. The maturity date was extended to December 2028 and now includes annual principal repayments. On July 30, 2024, New Mexico Gas Intermediate, Inc. repaid its $ 150 million USD fixed rate notes upon maturity. Other Electric Utilities On May 2, 2024, BLPC amended its $ 92 million Barbadian dollar ($ 46 million USD) loan facility to extend the maturity date from February 19, 2025 to July 19, 2028 . There were no other material changes in commercial terms from the prior agreement. Other On June 24, 2024, Emera amended its unsecured committed revolving credit facility increasing the facility from $ 900 million to $ 1,300 million. Emera also extended the maturity date from June 24, 2027 to June 24, 2029 . There were no other material changes in commercial terms from the prior agreement. On June 15, 2024, Emera Finance repaid its $ 300 million USD senior notes upon maturity. On June 18, 2024, EUSHI Finance, Inc., completed an issuance of $ 500 million USD fixed-to-fixed reset rate junior subordinated notes. The notes initially bear interest at a rate of 7.625 per cent, and will reset on December 15, 2029, and every five years thereafter, to a rate per annum equal to the five-year U.S. treasury rate plus 3.136 per cent. The notes mature on December 15, 2054 . EUSHI Finance, Inc., at its option, may redeem the notes, in whole or in part, 90 days prior to the first interest reset date, and any semi-annual interest payment date thereafter, at a redemption price equal to the principal amount. On February 16, 2024, Emera amended its $ 400 million unsecured non-revolving facility to extend the maturity date from February 19, 2024 to February 19, 2025 . There were no other changes in commercial terms from the prior agreement. On July 19, 2024, Emera reduced the amount of the facility from $ 400 million to $ 200 million. On February 20, 2025, Emera extended the agreement for an additional year to February 2026 with no other changes in terms. This facility was classified as long-term debt at December 31, 2024. Long-Term Debt Maturities As at December 31, 2024, 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 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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