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Long-Term Debt (Tables)
 12 Months Ended
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