Nova Scotia Power Inc.
Nova Scotia Power Inc.
News Article | May 11, 2017
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Emera (TSX: EMA) today reported higher net income of $312 million, compared with net income of $44 million in Q1 2016. Adjusted net income was $152 million in the first quarter of 2017, a 27 percent increase compared with Q1 2016. Despite the increase in adjusted net income in Q1 2017, earnings per share declined due to the new shares issued in August 2016 in conjunction with the TECO acquisition and the December 2016 equity issue. “Our higher adjusted first quarter net income primarily reflects the contribution from the TECO companies and improved results across our regulated utilities. This increase was partially offset by lower contributions from Emera Energy resulting from weak market conditions in the quarter. In addition, we delivered an increase in our cash flow,” said Chris Huskilson, President and CEO of Emera Inc. “The results demonstrate the strength and sustainability of our businesses, and the growth opportunities we have that will continue to support our targeted 8 percent dividend growth through to the end of the decade.” Financial Highlights (in millions of $CAD) except per share amounts; (1) See “Non-GAAP Measures” noted below. (2) Adjusted net income (1) and Adjusted earnings per common share (1) exclude the effect of mark-to-market adjustments. After-tax mark-to-market gains increased $236 million to $160 million in Q1 2017, compared with a $76 million loss in Q1 2016. The increase is due to a $121 million loss in the 2016 period resulting from the reversal of 2015 gains on USD-denominated currency and forward contracts related to the financing for the TECO Energy acquisition, changes in existing positions on long-term contracts at Emera Energy, and the reversal of 2016 mark-to-market losses at Emera Energy. The following table highlights significant changes in adjusted net income from 2016 to 2017 in the first quarter. Emera reports its results in six operating segments: Emera Florida and New Mexico, Nova Scotia Power Inc., Emera Maine, Emera Caribbean, Emera Energy, and Corporate & Other. Quarterly Segmented Results (in millions of $CAD, except per share amounts) (1) See “Non-GAAP Measures” noted below. (2) Adjusted net income (1) excludes after-tax mark-to-market loss in Emera Energy, and Corporate and Other Emera Florida and New Mexico’s net income was $79 million in Q1 2017 compared with $102 million in Q1 2016. Results were driven by lower electricity sales resulting from one of the mildest winters on record in Florida and New Mexico and higher OM&G at Tampa Electric for transmission and distribution system maintenance, partially offset by strong customer growth. Results in 2016 included an $8 million after-tax benefit related to a change in accounting for stock based compensation. The Florida utilities expect to earn within their allowed ROE ranges in 2017. Comparison information for Q1 2016 is presented for information only as Emera did not own the Emera Florida and New Mexico operations in Q1 2016. Net of the $45 million of permanent financing cost, Emera Florida and New Mexico contributed $34 million in Q1 2017. Nova Scotia Power Inc.’s net income was $70 million in Q1 2017, an increase of $17 million from $53 million in Q1 2016. The increase was primarily due to lower OM&G expense including lower storm costs in the Q1 2017 period, higher electricity sales due to more favorable winter weather compared to the very mild 2016 winter, and load growth; as well as decreased income tax expense. These lower costs were partially offset by increased depreciation due to increased property plant and equipment. The strong Q1 performance will be largely offset over the balance of the year, and NSPI’s expects 2017 net earnings to be consistent with 2016. Emera Maine’s net income was $13 million in Q1 2017, compared to Q1 2016 net income of $9 million. Results in Q1 2017 were driven by lower OM&G due to lower storm costs in 2017 and increased revenues due to transmission and distribution rate changes. Emera Caribbean’s net income of $7 million in Q1 2017 represents a decrease of $3 million compared to Q1 2016 net income of $10 million. The decrease was primarily due to lower energy sales at GBPC due to the effects of Hurricane Matthew. Emera Energy’s net income, adjusted to exclude mark-to-market changes, was $10 million in Q1 2017 compared to net income of $48 million in the same quarter last year. The decrease was primarily due to decreased Marketing and Trading margin due to warmer winter weather, increased natural gas pipeline infrastructure in the northeast U.S.; and lower electricity sales and margin at the New England generating facilities due to unfavorable market conditions, compared with Q1 2016 when more favorable short-term economic hedges were in place. Corporate & Other’s net loss was $27 million in Q1 2017 compared to nil in Q1 2016. The increased loss was primarily due to higher interest expense as a result of interest on the permanent financing of the TECO Energy acquisition. The Maritime Link project is on schedule and on budget, with the laying of the first submarine cable between Newfoundland and Nova Scotia underway. AFUDC earnings on the investment in the Maritime Link project were $7 million in Q1 2017 compared with $4 million in Q1 2016. AFUDC earnings on the investment in the Labrador Island Link project were $9 million in Q1 2017, compared with $5 million in Q1 2016. Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis ("MD&A") for further discussion of these items. This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com. The company will be hosting a teleconference Thursday, May 11, 2017 at 4:00pm Atlantic time (3:00pm Toronto/Montreal/New York; 2:00pm Winnipeg; 1:00pm Calgary; 12:00pm Vancouver) to discuss the Q1 2017 financial results. Analysts and other interested parties in North America may participate in the call by dialing 1-866-521-4909 at least 10 minutes prior to the start of the call. International participants should dial (647) 427-2311. No passcode is required. The teleconference will be recorded. For those unable to join live, playback can be accessed by dialing toll-free at 1-800-585-8367. The Conference ID is 4767504 (available until midnight, May 31, 2017). The teleconference will also be web cast live at emera.com and available for playback for one year. Emera’s Annual General Meeting is scheduled to be held May 12, 2017 at 2:00pm Atlantic time at Ondaatje Hall, Marion McCain Arts and Social Sciences Building, Dalhousie University, 6135 University Avenue, Halifax, NS. Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $29 billion in assets and 2016 revenues of more than $4 billion. The company invests in electricity generation, transmission and distribution, gas transmission and distribution, and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR. Additional Information can be accessed at http://www.emera.com or at www.sedar.com
News Article | May 17, 2017
The Skagerrak takes part in the installation of the first Maritime Link subsea cable between Cape Ray, Newfoundland, and Point Aconi, Nova Scotia as shown in this undated handout image. The 170-kilometre cable is a key part of the $1.6-billion Maritime Link project, which will enable Newfoundland and Labrador's Nalcor Energy to provide privately owned Nova Scotia Power Inc. with renewable energy from the Muskrat Falls hydroelectric project in Labrador.
Han Y.,Nova Scotia Power Inc. |
Chang L.,University of New Brunswick
2nd International Symposium on Power Electronics for Distributed Generation Systems, PEDG 2010 | Year: 2010
This paper discusses the accuracy of the prediction of aggregated wind power of planned wind farms distributed in the Maritime Canada. Especially this study calculates and analyzes the aggregated regional wind power forecast error compared to single sites. Using simulated measured wind power and expected wind power from 5 planned wind farms, this research finds that the reduction of the ensemble wind power forecast error depends on the size of the region. To generate these findings, the spatial correlation function of prediction error is applied to calculate the ensemble wind forecast error based on arbitrary configurations of wind farms and wind generations, as long as the total installed wind capacity is a fixed number for selected planned wind farms. The validation of the spatial smoothing effects will provide the Maritime utilities an alternative method to reduce the regional aggregated wind power forecast errors instead of using costly wind prediction system. © 2010 IEEE.
Zheng K.,North China Electrical Power University |
Boteler D.,Natural Resources Canada |
Pirjola R.J.,Natural Resources Canada |
Liu L.-G.,North China Electrical Power University |
And 4 more authors.
IEEE Transactions on Power Delivery | Year: 2014
The geomagnetically induced currents (GICs) produced in power systems during magnetic storms are a function of the electric-field amplitude and direction, and the characteristics of the power system. This paper examines the influence of a number of power system characteristics, which include the resistances and structures of the conductors; the length of the transmission lines; the number, type, and resistances of transformers, the substation grounding resistances, and the topology of the network. It is shown that GIC grows with increasing line length but approaches an asymptotic constant value, and a more relevant parameter than the individual line length is the length of the entire system. This paper also derives the effective GIC for a conventional transformer and an autotransformer, and analyzes the behavior of GIC when the network topology changes illustrated with the GIC-Benchmark Model. The results of these studies provide a guide to estimating GIC impacts on a power network. © 1986-2012 IEEE.
Watson R.,Dalhousie University |
Castleden H.,Dalhousie University |
Partnership T.,Nova Scotia Power Inc. |
Masuda J.,University of Manitoba |
And 2 more authors.
Preventing Chronic Disease | Year: 2012
Introduction: Asthma is the most common chronic condition affecting Aboriginal youth aged 8 to 12 years in Canada. Research investigating psychosocial challenges associated with asthma is limited. This study examines support resources, support-seeking strategies, support and education needs, and intervention preferences of Aboriginal youth with asthma and their caregivers in an effort to encourage community-wide, health-promoting behaviors. Methods: We employed a community-based participatory research design to conduct interviews with 21 youths aged 8 to 12 years and 17 caregivers from 5 Mi'kmaq communities in Unama'ki (Cape Breton) Nova Scotia, Canada. After conducting interviews that explored existing and desired social, educational, and health support in participating communities, we held a 2-day asthma camp to engage participants in asthma education, social support networking, and cultural activities. At the camp, we collected data through participant observation, sharing circles, focus groups, and youth drawings of their experiences living with asthma. Results: Our study yielded 4 key findings: 1) asthma triggers included household mold, indoor smoking, pets, season change, strenuous exercise, extreme cold, and humidity; 2) social and educational support is lacking in Mi'kmaq communities despite a strong desire for these services; 3) cultural, linguistic, and geographic barriers to accessing support exist; and 4) family members are primary support resources. Conclusion: Improved support and educational resources are needed to foster effective Mi'kmaq asthma support networks. Future asthma interventions for marginalized populations must be culturally meaningful and linguistically accessible to those using and providing asthma support.
Fenton G.A.,Dalhousie University |
Sutherland N.,Nova Scotia Power Inc.
IEEE Transactions on Power Delivery | Year: 2011
It is well known that environmental loads, e.g., wind and ice, acting on power transmission lines are highly uncertain, as are the structural strengths of the towers supporting the lines. The design of such systems must take uncertainty into account in order to achieve acceptable reliability at a reasonable cost. The paper presents a simulation-based methodology for the optimal design of a transmission line which considers uncertainties in both environmental loads and structural resistance. The methodology is developed and illustrated for the simple problem of determining the optimal span length required for designing against tower failure. Wind, ice, and tower resistances are simulated over the extent of the transmission line and over the design life of the transmission system. Total expected system cost, along with the estimated probability of lifetime failure, are produced for a range of possible span lengths, allowing an informed decision regarding the optimum span length for the tower strength limit state. © 2010 IEEE.
Vercaemer B.,Bedford Institute of Oceanography |
Sephton D.,Bedford Institute of Oceanography |
Nicolas J.M.,Nova Scotia Power Inc. |
Howes S.,Bedford Institute of Oceanography |
Keays J.,Canadian Coast Guard
Aquatic Invasions | Year: 2011
Life history processes, such as reproduction, survival and growth, are known to be strongly affected in ascidians by different types of environmental factors including temperature and salinity. In a field study conducted from 2005 to 2009 in southern Nova Scotia, an area affected by invasions of Ciona intestinalis, low winter and high summer temperatures were shown to be strongly associated with intra- and inter- annual variation in larval recruitment. No clear patterns of association were seen with other environmental variables such as chlorophyll and indices of nutrient concentrations. In a 12 week challenge experiment in the laboratory, survival and growth of juvenile C. intestinalis were affected by both salinity and temperature. Individuals exposed to high temperature (25°C) and low salinity (20) did not survive the sustained exposure. In addition, Individual Specific Growth Rates were shown to decrease as salinity decreased. Temperature and salinity are factors which will subsequently influence distribution, persistence and potential for spread of adult populations. New favourable temperature and salinity conditions (e.g., potentially resulting from global climate change) will likely alter the distribution patterns of C. intestinalis. Conversely, infestation management techniques or site selection could benefit from unfavourable sustained temperature and salinity conditions.© 2011 REABIC.
Sephton D.,Bedford Institute of Oceanography |
Vercaemer B.,Bedford Institute of Oceanography |
Nicolas J.M.,Nova Scotia Power Inc. |
Keays J.,Canadian Coast Guard
Aquatic Invasions | Year: 2011
The shellfish culture industry in Atlantic Canada has been adversely affected by the presence of non-indigenous, invasive tunicates since the mid-1990's. A Fisheries and Oceans Canada Aquatic Invasive Species (DFO-AIS) monitoring program documented the presence, establishment, and spread of five tunicate species at geo-referenced coastal monitoring stations in Nova Scotian waters from 2006-2009. Styela clava (Herdman, 1881) and Didemnum vexillum (Kott, 2002) were not found in Nova Scotia during the course of this study, despite their problematic presence in Prince Edward Island and the Gulf of Maine, respectively. Botryllus schlosseri (Pallas, 1766) was the most widely distributed species, found at more than 69% of sites monitored in all years. Ciona intestinalis (Linnaeus, 1767) was present at about half of the stations in all years, and while its populations were heaviest and most persistent in the Halifax - St. Margaret's Bay, Shelburne - Port La Tour, and Canso - Isle Madame areas, there was evidence of spread on the eastern and Fundy shores, and in Cape Breton. Botrylloides violaceus (Oka, 1927), was the least common tunicate encountered, but its distribution increased from 19% of stations in 2006 to 50% of stations in 2009. Tunicates occupied a wide variety of hard substrates (natural and artificial) in waters with 13.0 to 33.2 salinity and at oxygen saturations of 32.5 to 124.8%. © 2011 REABIC.
Clements B.R.,CANMET Energy |
Zhuang Q.,CANMET Energy |
Pomalis R.,CANMET Energy |
Wong J.,CANMET Energy |
Campbell D.,Nova Scotia Power Inc.
Fuel | Year: 2012
This study addresses ignition characteristics encountered when co-firing petroleum coke with coal and provides insight into addressing ignition problems that may occur. A pilot-scale test procedure is proposed to determine lean ignition limits and experimental results are presented. Experimental data is presented for various co-fired mixtures of petroleum coke with coal. Qualitative discussions that relate the lean ignition limit to the volatile matter and aerodynamic conditions are presented. The study extends these results to the development of a full-scale pulverized fuel steam generation unit operating procedure that has been successfully implemented within a power generation utility. The lean ignition limit is reached between 62% and 67% petroleum coke for swirl numbers of 0.35 and 0.40, respectively. Although a burner aerodynamic effect exists, it seems relatively small compared with the influence of the amount of overall volatile matter. The total volatile matter in the co-firing case was between 19.9% and 21.0% at the time of flame extinction for the two different aerodynamic conditions tested. Full-scale operating conditions had been limited to 20% petroleum coke prior to this study. This study confirmed that this level of operation was acceptable and far below where ignition problems are expected during full-scale operation. This conservative approach is well justified because it must account for extreme conditions that may be experienced during operational upset conditions.
PubMed | Nova Scotia Power Inc.
Type: Journal Article | Journal: The Journal of frailty & aging | Year: 2016
Frailty is a state of increasing vulnerability that places an individual at high risk for adverse health outcomes. The best approach for frailty measurement in clinical practice has not been resolved. Frailty can be measured by deficit accumulation and be derived from a comprehensive geriatric assessment (CGA). In busy clinical practice, it may not be feasible to gather this information entirely from patients, particularly from those with cognitive decline.We describe the feasibility of a frailty index based upon a care partner derived CGA (CP-CGA). In addition, we sought to establish the acceptability of the questionnaire and explore whether care partners felt that the provided information contribute to patient assessment.A cross-sectional data analysis of 99 community dwelling older adults attending geriatric ambulatory care clinics at a single tertiary care center.Care partners completed the CP-CGA and a Clinical Frailty Scale (CFS; Range 1 -Very fit- to 9 -Terminally ill). We evaluated the time to complete and item completeness.The mean age of patients was 81.35.7 years. Most were women (n=54), widowed, lived in their own home, with a median CFS of 5 (Mildly Frail). The care partner respondent was usually an offspring. Item completeness was 95% with a mean time to complete of 15.58.6 minutes.The CP-CGA seems feasible for gathering information that would be integral towards determining frailty by deficit accumulation. Future inquiries will evaluate its feasibility in other settings and validity as a form of frailty assessment.