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Short-Term Debt
12 Months Ended
Dec. 31, 2024
Short-Term Debt [Abstract]  
Short-Term Debt
24. SHORT-TERM DEBT
Emera’s short-term borrowings consist of commercial
 
paper issuances, advances on revolving and non-
revolving credit facilities and short-term notes. Short-term
 
debt and the related weighted-average interest
rates as at December 31 consisted of the following:
millions of dollars
 
2024
Weighted
average
 
interest rate
2023
Weighted
average
 
interest rate
Florida Electric Utility
Advances on revolving credit facilities
$
 
915
4.77
%
$
 
277
5.68
%
Gas Utilities and Infrastructure
PGS – Advances on revolving credit facilities
 
199
5.36
%
 
73
6.36
%
NMGC – Advances on revolving credit facilities
 
46
5.52
%
 
25
6.46
%
Other Electric Utilities
GBPC – Advances on revolving credit facilities
 
19
7.20
%
 
8
5.54
%
Other
TECO Finance – Advances on revolving credit and term facilities
 
265
5.53
%
 
245
6.54
%
Emera – Bank indebtedness
 
 
2
-
%
 
9
-
%
Emera – Non-revolving term facilities
-
 
-
%
 
796
6.07
%
$
 
1,446
$
 
1,433
Adjustment
Classification as liabilities held for sale
(1)
(46)
-
 
Short-term debt
$
 
1,400
$
 
1,433
(1) 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.
The Company’s total short-term unsecured revolving
 
and non-revolving credit facilities, outstanding
borrowings and available capacity as at December 31 were
 
as follows:
 
millions of dollars
Maturity
2024
2023
TEC – committed revolving credit facility
2028
$
 
1,151
$
 
401
TECO Finance – committed revolving credit facility
2028
 
576
 
529
PGS – revolving credit facility
2028
 
360
 
331
NMGC – revolving credit facility
2026
 
180
 
165
Emera – non-revolving term facility
2024
-
 
 
400
Emera – non-revolving term facility
2024
-
 
 
400
TEC – revolving facility
2024
-
 
 
265
TEC – revolving facility
2024
-
 
 
265
Other – committed revolving credit facilities
Various
 
35
 
17
Total
$
 
2,302
$
 
2,773
Less:
Advances under revolving credit and term facilities
 
1,400
 
1,433
Letters of credit issued within the credit facilities
 
4
 
3
Total
 
advances under available facilities
 
1,404
 
1,436
Available capacity under existing agreements
$
 
898
$
 
1,337
The weighted average interest rate on outstanding short-term
 
debt at December 31, 2024 was
5.05
 
per
cent (2023 –
5.95
 
per cent).
Recent Significant Financing Activity by Segment
Florida Electric Utilities
On April 1, 2024, TEC amended its $
800
 
million USD unsecured committed revolving credit facility
 
to
extend the maturity date from
December 17, 2026
 
to
December 1, 2028
. There were no other changes in
commercial terms from the prior agreement.
Other
On June 24, 2024, Emera repaid its $
400
 
million unsecured non-revolving term facility set to mature in
August 2024.
On June 17, 2024, Emera repaid $
200
 
million on the December 2024 unsecured non-revolving
 
term
facility, decreasing
 
the facility from $
400
 
million to $
200
 
million. In December 2024, Emera repaid the
$
200
 
million upon maturity.
On April 1, 2024, TECO Finance amended its $
400
 
million USD unsecured committed revolving credit
facility to extend the maturity date from
December 17, 2026
 
to
December 1, 2028
. There were no other
changes in commercial terms from the prior agreement.