Emera Inc (EMA) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Emera Q1 2026 earnings conference call. (Operator Instructions) Also note that this call is being recorded on Friday, May 8, 2026.

各位女士、先生，早安，歡迎參加 Emera 2026 年第一季財報電話會議。（接線員指示）另請注意，本通話於 2026 年 5 月 8 日（星期五）錄音。

I now would like to turn the conference over to Dave Bezanson. Please go ahead.

現在我想把會議交給 Dave Bezanson。請開始。

Thank you, Sylvie, and thank you all for joining us this morning for Emera's first-quarter 2026 conference call and live webcast.

謝謝你，Sylvie，也謝謝各位今天早上加入我們參加 Emera 2026 年第一季電話會議與線上直播。

Emera's first-quarter earnings release was distributed this morning via Newswire, and the financial statements, management's discussion and analysis, and the presentation being referenced on this call are available on our website at emera.com. Joining me for this morning's call are Scott Balfour, Emera's President and Chief Executive Officer; Jared Green, Emera's Chief Financial Officer; and other members of Emera's management team.

Emera 第一季盈餘新聞稿已於今早透過 Newswire 發布；本次通話所引用的財務報表、管理階層討論與分析（MD&A），以及簡報資料，皆可於我們的網站 emera.com 取得。今天早上與我一同參與通話的有 Emera 總裁暨執行長 Scott Balfour、Emera 財務長 Jared Green，以及其他 Emera 管理團隊成員。

Before we begin, I'd like to advise you that this morning's discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slide. Today's discussion and presentation will also include references to non-GAAP financial measures. You should refer to the appendix for reconciliations of historical non-GAAP measures to the closest GAAP financial measure. Unless otherwise specified, all financial information referenced is in Canadian dollars.

在開始之前，我想提醒各位，今天早上的討論將包含前瞻性資訊，並受隨附投影片中的警示聲明所規範。今天的討論與簡報也將提及非 GAAP 財務衡量指標。請參閱附錄，以取得歷史非 GAAP 指標與最接近之 GAAP 財務衡量指標的調節表。除非另有說明，本文所提及之所有財務資訊均以加幣計價。

And now, I will turn things over to Scott.

接下來，我把時間交給 Scott。

Thank you, Dave, and good morning, everyone.

謝謝你，Dave，各位早安。

This morning, we reported record first-quarter adjusted earnings per share of $1.37, up 7% year over year. This marks the strongest first-quarter result in Emera's history. This performance positions us well to once again deliver above our 5% to 7% adjusted earnings per share compound annual growth target in 2026 using 2024 as the base year.

今天早上，我們公布第一季調整後每股盈餘（EPS）創下歷史新高，達 1.37 美元，年增 7%。這是 Emera 歷來最強勁的第一季表現。此一表現使我們在 2026 年再次有望以 2024 年為基期，達成高於 5% 至 7% 調整後每股盈餘年複合成長目標。

Our first-quarter results reflect strong execution, meaningful regulatory progress, and solid performance across our regulated utilities. Results were also supported by record performance at Emera Energy. I want to thank our teams across the organization for their focus and discipline in serving our customers and delivering these results for our shareholders.

我們第一季的成果反映了強勁的執行力、具實質意義的監管進展，以及旗下受監管公用事業的穩健表現。業績亦受惠於 Emera Energy 的創紀錄表現。我要感謝全體團隊在服務客戶與為股東交出這些成果上所展現的專注與紀律。

At Tampa Electric, first-quarter results benefited from the subsequent year revenue adjustment, which came into effect on January 1, 2026. Results were also supported by colder-than-normal weather early in the year, including Winter Storm Fern, which drove higher demand across the region.

在 Tampa Electric，第一季業績受惠於後續年度收入調整（subsequent year revenue adjustment），該調整已於 2026 年 1 月 1 日生效。年初較常年更冷的天氣亦提供支撐，包括冬季風暴 Fern，帶動整個區域需求上升。

The team responded with reliable generation, disciplined operations and a secure fuel supply, enabling strong contributions in off-system sales in support of our neighboring utilities. Consistent with our approved sharing mechanism, customers benefit from the majority of the revenues generated from these sales.

團隊以可靠的發電、嚴謹的營運以及安全的燃料供應作出回應，使我們能在支援鄰近公用事業的系統外銷售（off-system sales）方面做出強勁貢獻。依照已核准的分攤機制，客戶可受惠於此類銷售所產生收入中的大部分。

At Peoples Gas, first-quarter earnings reflect new rates effective January 1, 2026, that support ongoing rate-based investments supporting growth, system expansion, and reliability across Florida. Favorable market dynamics also supported strong off-system sales execution, with half of those revenues shared directly with customers.

在 Peoples Gas，第一季盈餘反映 2026 年 1 月 1 日生效的新費率，該費率支持持續的費率基礎投資，以支撐佛羅里達州的成長、系統擴張與可靠性。有利的市場動態亦支持系統外銷售的強勁執行，其中一半收入將直接與客戶分享。

Emera Energy had a standout first quarter, supported by favorable market conditions early in the year and the business's ability to capitalize. As a result, Emera Energy delivered another record first quarter for the second year in a row, with earnings expectations for this business now in the range of USD60 million to USD80 million for 2026, well above its traditional range of USD15 million to USD30 million. Building on Emera Energy's strong start and with the solid performance across the rest of the business, we are well positioned to earn above our guidance range in 2026 and remain confident in our long-term average EPS growth guidance of 5% to 7% through 2030.

Emera Energy 第一季表現突出，受惠於年初有利的市場環境以及該業務把握機會的能力。因此，Emera Energy 連續第二年創下第一季新高，且我們目前對該業務 2026 年的盈餘預期已上調至 6,000 萬至 8,000 萬美元，遠高於其傳統區間 1,500 萬至 3,000 萬美元。在 Emera Energy 強勁開局以及其他業務穩健表現的基礎上，我們具備在 2026 年賺取高於指引區間的良好條件，並對 2030 年前長期平均每股盈餘成長 5% 至 7% 的指引仍具信心。

We continue to see customer growth across our portfolio that will support our ability to affordably invest in our utilities. We're also seeing meaningful interest from multiple data center developers in Tampa Electric service territory. A number of developer-funded system impact studies are advancing, and in some cases, developer-funded construction work is underway.

我們持續看到整體投資組合的客戶成長，這將支持我們以可負擔的方式在公用事業上進行投資。我們也在 Tampa Electric 服務區域看到多家資料中心開發商展現出顯著興趣。多項由開發商出資的系統影響研究正在推進，且在部分案例中，由開發商出資的施工工程已經展開。

Overall, we're pleased with how 2026 is shaping up. First-quarter results reflect strong execution across the business and continued momentum in our regulated utilities.

整體而言，我們對 2026 年的發展態勢感到滿意。第一季成果反映公司各項業務的強勁執行，以及受監管公用事業持續的動能。

From a regulatory perspective, we saw good progress early in 2026 with the approval of new rates by the Nova Scotia Energy Board. The decision was largely aligned with the consensus settlement agreement by all customer groups. New rates took effect May 1.

就監管面而言，2026 年初我們看到良好進展：新斯科細亞能源委員會（Nova Scotia Energy Board）核准了新費率。該決定大致與所有客戶團體達成的共識和解協議一致。新費率已於 5 月 1 日生效。

A key element of the Board's decision was the approval of a securitization deferral mechanism for approximately $700 million of retiring thermal assets. This allows related costs, including depreciation, to be deferred during the rate period, pending proposed securitization, helping to manage the timing of cost recovery.

委員會決定的一項關鍵要素，是核准針對約 7 億美元即將退役的火力資產之證券化遞延機制（securitization deferral mechanism）。此機制允許相關成本（包括折舊）在費率期間內先行遞延，待擬議的證券化完成後再處理，有助於管理成本回收的時點。

The regulator agreed with Nova Scotia Power and customer representatives that securitization would deliver meaningful long-term savings for customers, while supporting the Nova Scotia Independent System Operator's work to meet the federal mandate to retire coal plants by 2030 and the province's target of achieving 80% renewables by 2030. While work remains to fully implement securitization, the Nova Scotia Power team will continue to work with the province to advance the process and ensure the substantial customer and policy benefits are realized.

監管機關同意 Nova Scotia Power 與客戶代表的看法：證券化可為客戶帶來具實質意義的長期節省，同時支持新斯科細亞獨立系統營運商（Nova Scotia Independent System Operator）推動工作，以符合聯邦要求於 2030 年前退役燃煤電廠的命令，以及該省於 2030 年達成 80% 再生能源的目標。雖然要全面落實證券化仍有工作待完成，Nova Scotia Power 團隊將持續與省政府合作推進流程，確保可實現對客戶與政策的重大效益。

Turning to New Mexico. We continue to await the hearing examiner's recommendation following the hearing that concluded in November. While the duration of this part of the regulatory process is not in our control, our view of the outcome remains unchanged. The key elements remain in place to support a successful transaction, and we now expect the sale to close in mid-2026.

接著談新墨西哥州。我們仍在等待聽證審查員（hearing examiner）在去年 11 月結束的聽證會後提出建議。雖然此一監管流程階段的時間長短不在我們掌控之中，但我們對結果的看法仍維持不變。支持交易成功的關鍵要素仍然到位，我們目前預期該出售案將於 2026 年年中完成交割。

In the first quarter, our teams safely executed more than $870 million of customer-focused capital investment, keeping us firmly on track to deliver our $4 billion capital plan for 2026, supporting our targeted 7% to 8% rate-based growth.

第一季期間，我們的團隊在安全前提下執行了超過 8.7 億美元、以客戶為核心的資本投資，使我們穩健維持在達成 2026 年 40 億美元資本計畫的軌道上，並支持我們目標 7% 至 8% 的費率基礎成長。

Across the portfolio, major projects continue to advance as planned. At Tampa Electric, we're progressing solar investments, grid modernization, and reliability upgrades. In Nova Scotia, we're moving forward on energy storage, transmission, and system reliability investments. At Peoples Gas, the team continues to execute on critical infrastructure expansion, supported by strong customer growth.

在整體投資組合中，各項重大專案持續依計畫推進。在 Tampa Electric，我們正推動太陽能投資、電網現代化與可靠性升級。在新斯科細亞，我們正推進儲能、輸電與系統可靠性投資。在 Peoples Gas，團隊在強勁客戶成長的支撐下，持續執行關鍵基礎設施擴張。

At its core, our capital program is focused on delivering customer value by enhancing reliability, strengthening system resilience, and supporting growth in the communities we serve. We remain disciplined in how we pace these investments, carefully balancing timing and execution to help manage customer rate impacts while positioning our systems for long-term value enhancement for customers.

我們資本計畫的核心，是透過提升可靠性、強化系統韌性並支持我們所服務社區的成長，來為客戶創造價值。我們在投資節奏上仍維持紀律，審慎平衡時程與執行，以協助管理對客戶費率的影響，同時讓系統在長期上為客戶創造更高價值。

With new rates now in place at Nova Scotia Power and multi-year rate frameworks already established at Tampa Electric and Peoples Gas, we have rate clarity across our three largest utilities through 2027. This regulatory clarity gives us greater confidence to continue investing in essential infrastructure while providing a more predictable path for earnings and cash flow growth over time.

隨著 Nova Scotia Power 的新費率已到位，且 Tampa Electric 與 Peoples Gas 也已建立多年期費率架構，我們三大公用事業在 2027 年前的費率可見度已相當明確。此一監管明確性使我們更有信心持續投資必要的基礎設施，同時為盈餘與現金流的成長提供更可預期的路徑。

Before I hand it over to Jared, I want to highlight that earlier this week, we reached an agreement to sell Grand Bahama Power Company to the government of the Commonwealth of the Barbados -- of Bahamas. The transaction is expected to close by the end of May, and while not a material financial impact, it is a further example of our focus on optimizing Emera's portfolio and focusing our efforts on our core utility operations in Florida and Atlantic Canada.

在我把時間交給 Jared 之前，我想強調：本週稍早，我們已達成協議，將 Grand Bahama Power Company 出售給巴貝多聯邦政府——更正，是巴哈馬政府。該交易預計於 5 月底前完成交割；雖然對財務影響並不重大，但這再次展現我們專注於最佳化 Emera 的投資組合，並將資源聚焦於佛羅里達州與大西洋加拿大的核心公用事業營運。

While it is never easy to part ways with a company and team that have been part of the Emera family for 15 years, this sale provides support for the government's national energy policy while, at the same time, further simplifying and derisking Emera's portfolio. We want to thank the Grand Bahama team for their unwavering commitment to delivering safe and reliable energy to customers. We thank each of you for your commitment, your excellence, and your hard work.

雖然要與一間已成為 Emera 大家庭一員長達 15 年的公司與團隊道別從來都不容易，但這筆出售一方面支持政府的國家能源政策，同時也進一步簡化並降低 Emera 投資組合的風險。我們要感謝 Grand Bahama 團隊始終如一地致力於為客戶提供安全且可靠的能源。我們感謝各位的投入、卓越表現與辛勤付出。

And with that, I'll turn the call over to Jared to discuss our financial results.

接下來，我把電話交給 Jared，請他說明我們的財務業績。

Thank you, Scott, and thank you all for joining us this morning. I am very glad to be with you.

謝謝你，Scott，也謝謝各位今天早上加入我們。我很高興能與各位在一起。

Turning to our financial highlights. This morning, we reported first-quarter adjusted earnings of $415 million, or $1.37 per share, representing a 7% or $0.09 increase year over year. As Scott noted, this marks a record first quarter for the company.

接著看我們的財務重點。今天早上，我們公布第一季調整後盈餘為 4.15 億美元，或每股 1.37 美元，較去年同期增加 7%，亦即增加 0.09 美元。如 Scott 所提，這是公司創紀錄的第一季表現。

Strong earnings growth drove a 6% increase in operating cash flow, excluding working capital.

強勁的盈餘成長帶動營運現金流（不含營運資金）增加 6%。

From a credit metrics perspective, we remain on track to achieve Moody's 12% operating cash flow pre-working capital to debt target for 2026, which would be further enhanced by an expected sustained 50-basis-point contribution from the close of New Mexico Gas.

就信用指標而言，我們仍按計畫在 2026 年達成穆迪（Moody's）所設定的「營運現金流（營運資金前）占負債比」12% 目標；而隨著 New Mexico Gas 完成交割，預期可持續貢獻 50 個基點，將進一步提升該指標。

I'll now walk through the key drivers of our financial results. Starting with Emera Energy, the business delivered a record first quarter with earnings up 57% year over year. Results were supported by favorable market conditions early in the year and strong execution by the team.

接下來我將說明我們財務結果的主要驅動因素。先從 Emera Energy 開始，該業務第一季創下紀錄，盈餘較去年同期成長 57%。業績受惠於年初有利的市場環境，以及團隊強而有力的執行。

At Tampa Electric, earnings benefited from new rates following the 2024 rate filing, including an USD88 million subsequent year adjustment for 2026 as well as colder-than-normal weather earlier in the year. These factors, combined with strong operational execution, also supported higher off-system sales.

在 Tampa Electric，盈餘受惠於 2024 年費率申報後的新費率，其中包括 2026 年後續年度調整 8,800 萬美元，以及年初較常年更冷的天氣。這些因素加上強勁的營運執行，也支持了更高的系統外銷售（off-system sales）。

Turning to our gas utilities. Peoples Gas delivered a solid quarter, supported by new rates effective January 1 this year. Similar to Tampa Electric, results also benefited from favorable market conditions that supported higher off-system sales in the first quarter.

接著看我們的天然氣公用事業。Peoples Gas 在本季表現穩健，主要受惠於今年 1 月 1 日生效的新費率。與 Tampa Electric 類似，業績也受惠於有利的市場環境，帶動第一季更高的系統外銷售。

For our Other Electric segment, results at our Caribbean utilities benefited from lower fuel costs as well as lower income tax expense related to a deferred tax liability recognized in the first quarter of last year.

在其他電力（Other Electric）部門，我們加勒比海地區公用事業的業績受惠於較低的燃料成本，以及所得稅費用下降；後者與去年第一季認列的遞延所得稅負債相關。

Corporate costs were largely in line with the prior year. We saw modestly higher O&M expense and a lower gain on the long-term incentive hedge, partially offset by higher income tax recovery and an increase in the deferred income tax asset valuation allowance adjustment.

公司層級成本大致與去年持平。我們看到 O&M（營運與維護）費用略為增加，以及長期激勵避險（long-term incentive hedge）收益較低；部分被較高的所得稅回沖，以及遞延所得稅資產估值備抵調整（valuation allowance adjustment）增加所抵銷。

During the quarter, a higher average share account reduced adjusted earnings per share by $0.03 and a stronger Canadian dollar reduced EPS by $0.06.

本季較高的平均流通股數使調整後每股盈餘減少 0.03 美元，而較強勢的加幣使 EPS 減少 0.06 美元。

Finally, in our Canadian Electric segment, earnings were lower primarily because of a lower income tax recovery compared to the first quarter of 2025 and higher regulatory lag as new rates were not in place for the first quarter as we would have expected, though this was partially offset by higher sales volumes.

最後，在加拿大電力（Canadian Electric）部門，盈餘下降主要是因為相較 2025 年第一季所得稅回沖較低，以及監管時滯（regulatory lag）較高，原因是新費率未如我們預期在第一季到位；不過部分被較高的銷售量所抵銷。

Before I hand it back over to Scott, I'll briefly touch on our recent financing activities. In the first quarter, we issued USD750 million of hybrid securities. So together with the USD750 million hybrid issued late last year, these proceeds will refinance Emera's USD1.2 billion hybrid, which we do plan to redeem in June.

在把話題交回 Scott 之前，我先簡要說明我們近期的融資活動。第一季我們發行了 7.5 億美元的混合證券（hybrid securities）。因此，連同去年底發行的 7.5 億美元混合證券，這些資金將用於再融資 Emera 12 億美元的混合證券；我們計畫於 6 月予以贖回。

Following the planned redemption, we will have added approximately USD300 million of incremental hybrid capital to our structure. This provides about 10 basis points of credit metric benefit. Hybrid capital will continue to be part of our long-term growth funding strategy.

在完成計畫中的贖回後，我們的資本結構將新增約 3 億美元的混合資本。這可帶來約 10 個基點的信用指標改善。混合資本將持續作為我們長期成長資金策略的一部分。

Also in the first quarter, we issued USD750 million of senior notes to refinance a USD750 million maturity coming due in June.

同樣在第一季，我們發行了 7.5 億美元的優先票據（senior notes），以再融資一筆將於 6 月到期的 7.5 億美元債務。

With that, I'll turn it back to Scott for his closing remarks.

接下來，我把話題交回 Scott，請他做結語。

Thank you, Jared.

謝謝你，Jared。

Before I close, I want to recognize that this is Judy Steele's final earnings call as CEO of Emera Energy, marking 14 years leading the business and 26 years with Emera. Judy, thank you for your leadership, strategic insight, and deep commitment to the organization. We are grateful for the lasting impact you've had on Emera Energy and, of course, on Emera more broadly.

在結束之前，我想特別提到，這是 Judy Steele 以 Emera Energy 執行長身分主持的最後一次財報電話會議；她領導該業務 14 年，並在 Emera 服務 26 年。Judy，感謝你的領導力、策略洞見，以及對組織的深厚投入。我們感謝你對 Emera Energy 的長遠影響，當然也包括對更廣泛的 Emera 所帶來的貢獻。

To close, we're encouraged by the way the year started and by the consistent execution we're seeing across the business. Our first-quarter results reflect continued progress in executing our strategy, the underlying strength of our regulated utilities and positions us well to deliver above our adjusted earnings per share growth target of 5% to 7% this year. We remain focused on investing to deliver safe, reliable energy for customers while maintaining disciplined capital execution, constructive stakeholder engagement, and a strengthening balance sheet to support predictable long-term growth.

總結來說，我們對今年的良好開局，以及在各項業務中看到的一致執行力感到鼓舞。第一季結果反映我們在執行策略上持續取得進展，受監管公用事業的基本面強勁，並使我們有利於在今年達成高於我們調整後每股盈餘成長目標 5% 至 7% 的表現。我們仍專注於投資以為客戶提供安全、可靠的能源，同時維持嚴謹的資本執行、建設性的利害關係人互動，以及持續強化資產負債表，以支持可預期的長期成長。

We appreciate your continued interest in Emera and your time today, and we'll now open the line for questions.

感謝各位持續關注 Emera，也謝謝各位今天撥冗參與；接下來我們開放提問。

(Operator Instructions) Rob Hope, Scotiabank.

（接線員指示）Scotiabank 的 Rob Hope。

Morning, everyone. First question is on the funding plan. What are the expected proceeds from the Grand Bahama sale? And was that in the prior funding plan? I'm assuming it was not.

各位早安。第一個問題關於資金籌措計畫。Grand Bahama 出售案預期可取得多少款項？這是否已納入先前的資金計畫？我猜應該沒有。

Good morning, Rob. So we haven't stated what the proceed levels are at this point in time, so they are still confidential during the closing side.

早安，Rob。目前我們尚未對外說明款項規模，因此在交割完成前仍屬機密。

But you would be correct. The proceeds on that wouldn't have been in our original funding plan. We will use the funds though to just go into the normal corporate funding. So it will go to repaying debt, and we will still be executing our capital program and the rest of the funding plan as originally stated.

不過你說得沒錯。這筆交易的款項並未納入我們原先的資金計畫。但我們會將資金用於一般公司資金用途。也就是用來償還債務；同時我們仍將按原先所述執行資本計畫及其餘資金計畫。

Sorry. And then maybe just to clarify, do you think that this sale will reduce your equity funding needs and potentially lower the ATM?

不好意思。那再請教釐清一下，你認為這筆出售是否會降低你們的股權融資需求，並可能降低 ATM（隨市發行）規模？

I don't think this is going to make a material difference on the overall funding plan.

我不認為這會對整體資金計畫造成重大影響。

All right. Appreciate that. And then maybe moving over to Nova Scotia, can you provide an update on how the securitization conversations are going for the decarbonization initiatives up there?

了解。謝謝你的說明。接著轉到新斯科細亞（Nova Scotia），能否更新一下當地去碳化（decarbonization）計畫的證券化（securitization）討論進展如何？

So Rob, Jared here again. So discussions are ongoing with the government. The team is working with them. We do still need to have the regulations put in place. And so those are continuing forward. Timing-wise, we're still optimistic and hopeful that we will be able to get through those steps and have the securitization approved and in place in this calendar year. But discussions are ongoing.

Rob，我是 Jared，再次回覆。我們與政府的討論仍在進行中。團隊正與他們合作。我們仍需要相關法規到位。因此這些工作仍在推進。就時程而言，我們仍保持樂觀並希望能在今年曆年內完成這些步驟，讓證券化獲得核准並落地。但討論仍在持續。

All right. Thanks for that. Then, Judy, all the best. It's been enjoyable. Thank you.

好的。謝謝。另外，Judy，祝一切順利。合作很愉快。謝謝你。

Thank you.

謝謝。

Maurice Choy, RBC Capital Market.

RBC 資本市場的 Maurice Choy。

Thank you very much, and good morning, everyone. Just sticking with the Nova Scotia theme, it feels like all the stakeholders have been able to move on following the recent rate case approval. And if you agree with that, how do you see the opportunity for incremental growth opportunities for the utility, given all the energy and economic objectives laid out by the government recently?

非常感謝，各位早安。延續新斯科細亞這個主題，最近費率案件獲准後，感覺所有利害關係人似乎都已經能夠往前走了。如果你也同意這點，那麼在政府近期提出的各項能源與經濟目標之下，你如何看待該公用事業的額外增量成長機會？

Yeah. Thanks, Maurice. So I mean, yes, there's certainly -- unlike other jurisdictions, the reality is there is a lot of investment opportunity, investment required in electric systems. That's certainly true in Nova Scotia, of course, with the independent system operator in place.

是的。謝謝你，Maurice。我的意思是，沒錯——不同於其他司法管轄區，現實是電力系統確實有大量投資機會，也需要投資。這在新斯科細亞當然也成立，尤其是在獨立系統營運商已到位的情況下。

It's continuing to proceed with the generation procurements, while Nova Scotia Power continues to proceed with investments in poles and wires and the transmission and distribution aspects of the system. There's, as you know, some major project initiatives there, including the New Brunswick-Nova Scotia intertie and other system upgrades. There's also synchronous condenser work that the utility is doing, which helps to support the intermittent renewables that are being added onto the system.

目前仍持續推進發電採購，同時新斯科細亞電力公司也持續在電桿與線路，以及系統的輸電與配電面向進行投資。如你所知，那裡有一些重大專案計畫，包括新不倫瑞克—新斯科細亞聯絡線（intertie）以及其他系統升級。另外，公用事業也在進行同步調相機（synchronous condenser）相關工程，以支援系統中新增的間歇性再生能源。

So continues to be a lot of investment at this point in time. We're not looking at any adjustments to the rate-based growth profile for Nova Scotia Power. Of course, we'll typically update those rate-based growth profiles in the fall. But with the rate profile that's in place now, we have benefit of agreement with all the stakeholders, including the regulator and customer interveners, as to not only the rate profile, but the capital profile that supports it. And so there's great clarity for Nova Scotia Power on the execution path ahead.

所以在目前這個時間點，投資仍然很多。我們不打算調整新斯科細亞電力公司的費率基礎（rate base）成長軌跡。當然，我們通常會在秋季更新這些費率基礎成長預測。但以目前既定的費率路徑而言，我們已與所有利害關係人（包括監管機關與客戶介入方）就不僅是費率路徑、也包括支撐該路徑的資本計畫達成一致。因此，新斯科細亞電力公司對於未來的執行路徑有非常清晰的方向。

Understood. And if I could finish off with NMGC, I know you mentioned that where the process is right now is out of your control, but are you made aware as to what may be causing the slight delay? And maybe just thinking bigger picture, any reasons you think is worthwhile keeping this utility, particularly from a growth perspective?

了解。如果我最後再問一下 NMGC，我知道你提到目前流程進展不在你們控制之內，但你們是否知道造成些微延遲的可能原因？另外從更宏觀的角度來看，是否有任何理由讓你們認為值得保留這家公用事業，特別是從成長角度？

Good morning, Maurice. It's Karen Hutt. No, we don't have any specific reason to go to in terms of the timing. This is an open docket in front of the Commission, so that means that there are specific rules for how you can engage, and so that means we need to wait to hear from them.

早安，Maurice。我是 Karen Hutt。沒有，我們沒有任何關於時程的具體原因可以說明。這是一個在委員會面前的公開案卷（open docket），因此在互動方式上有特定規則，我們需要等待他們的通知。

But as Scott said, we continue to feel confident in our case and we continue to feel confident in our ability to move forward with the transaction. So at this point, we're waiting for word from the hearing examiner, and the rest of the team is ready to go in terms of transition. So it's full steam ahead.

但如 Scott 所說，我們仍對我們的案件有信心，也仍對推進這筆交易的能力有信心。所以目前我們正在等待聽證審查官（hearing examiner）的消息，而其餘團隊在交接（transition）方面也已準備就緒。因此我們會全速前進。

Understood. And my thank you, of course, to Judy for the many years of help, and congrats to Karen on your additional role.

了解。當然也要感謝 Judy 多年來的協助，並恭喜 Karen 擔任額外的職務。

Thanks. We're sitting next to each other. Karen says thank you, too.

謝謝。我們就坐在彼此旁邊。Karen 也說謝謝。

John Mould, TD Cowen.

TD Cowen 的 John Mould。

Hi. Morning, everybody. Maybe going back to Florida, your comments on data center discussions there, can you maybe just provide a little more color around the scale of the conversations you're having, what the timing could look like, and any key gating items that you're seeing in those conversations?

嗨。各位早安。也許回到佛州，你提到那邊與資料中心的討論，能否再多提供一些細節：你們對話的規模大概如何、時程可能會是什麼樣子，以及你在這些討論中看到的任何關鍵門檻項目（gating items）？

Archie, over to you.

Archie，交給你。

Sure. Good morning, John. Good morning, everyone.

好的。早安，John。各位早安。

So John, I guess what I would say is, interest from data centers has certainly been quite elevated for us over the last six to nine months. Lots of interest in our region in West Central Florida, given the fact that we kind of span that I-4 corridor between Tampa and Orlando. So lots of interest in there.

所以 John，我想我會說的是，過去六到九個月，資料中心對我們的興趣確實相當高。西佛羅里達中部地區對此也很有興趣，因為我們的服務範圍大致橫跨坦帕到奧蘭多之間的 I-4 走廊。因此那裡的興趣非常濃厚。

One of the gating items that certainly was everyone was waiting to see whether or not the governor was going to sign Senate Bill 484 into law, and he did that yesterday. That certainly makes it clearer to the data center investment community that Florida is, in fact, open for business as long as certain guidelines are respected in the process.

其中一個關鍵門檻項目是，大家都在等州長是否會簽署參議院法案 484 使其成為法律，而他昨天已經簽署了。這讓資料中心投資社群更清楚：只要在流程中遵守特定指引，佛州確實是歡迎投資、對外營業的。

And I will say the guidelines that are embedded within that bill are guidelines that we've agreed with all along. They're rooted in the principles of transparency, fairness of cost allocation, environmental stewardship. And so we certainly, we collectively, whether it's us as the utility or the data center developers, are feeling confident about the support from the community and from government.

我也要說，該法案中所納入的指引，正是我們一直以來都同意的指引。其根基在於透明、公平的成本分攤、以及環境管理（environmental stewardship）的原則。因此我們確實——不論是我們作為公用事業，或是資料中心開發商——都對社區與政府的支持感到有信心。

Lots of interest. I would say that certainly discussions with multiple parties are much further advanced. From a scale perspective, I would say we've got about 1,300 megawatts of interested data center counterparties, and that's a collection of them as opposed to any single entity. But those discussions are much more further advanced. They've acquired the land. They're pursuing permits. They, as Scott said, have funded very detailed system impact studies, and they're backing a lot of capital work that we're currently undertaking to meet their interconnection timelines and ramp rates.

興趣非常多。我會說，與多方的討論確實已經更為深入。就規模而言，我們大約有 1,300 兆瓦的資料中心對手方表達興趣，而且是多家合計，而非單一實體。但這些討論已經更進一步。他們已取得土地。正在申請許可。而且如 Scott 所說，他們已出資進行非常詳細的系統影響研究（system impact studies），並支持我們目前為了符合其併網時程與爬坡速率（ramp rates）所進行的大量資本工程。

And so lots happening. We're feeling confident. We're pleased to see that the governor has signed Senate Bill 484. And I expect that we'll have more to say on who these counterparties are and what the ramp rates are over the next couple of months.

所以有很多事情正在發生。我們感到有信心。我們也很高興看到州長已簽署參議院法案 484。我預期在接下來幾個月，我們會就這些對手方是誰、以及爬坡速率為何，提供更多資訊。

The only other point I would make on this is, like for a utility our size, the growth potential here is meaningful. 100 megawatts of data center revenue is 2% low growth on an annual basis. So you start doing the math and it's a significant opportunity for a utility like ours.

我在這裡唯一想補充的是，對於我們這種規模的公用事業而言，這裡的成長潛力相當可觀。資料中心每增加 100 兆瓦的營收，按年計就是 2% 的低個位數成長。所以你開始算一算，對像我們這樣的公用事業來說，這是一個相當重大的機會。

Thanks for that. Maybe just continuing because you raised it at the end there. Can you just talk about your supply picture and ability to -- if you are able to land a couple of these over the midterm, what does that look like in terms of incremental generation and potential additions to the capital plan? Appreciating you probably don't want to get too far ahead of yourself, but just trying to get a sense of the room that you have in the system.

謝謝你的說明。也許就延續你最後提到的部分。你能否談談你們的供給面情況與能力——如果你們在中期能拿下其中幾個案子，從新增發電量以及資本計畫可能增加的項目來看，會是什麼樣子？我理解你可能不想講得太超前，但我只是想了解你們系統裡還有多少餘裕。

Yeah. I do have to be careful here. And of course, it's a function of the desired ramp rates from the counterparties and a function of our ability to meet those ramp rates while continuing to respect our regulatory obligations vis-a-vis reserve margin requirements.

是的。我在這裡確實得小心。當然，這取決於對手方希望的爬坡速率，也取決於我們在持續遵守監管義務（就備轉容量率要求而言）的同時，能否滿足那些爬坡速率。

We're well positioned in the short term to serve in the neighborhood of 300 to 500 megawatts of data centers. And we're working with the counterparties to firm up their commitment, their ramp rate, and manage our exposure so that we can make other decisions as far as shoring up the generation side of the equation. So in the short term, we're well positioned for 300 to 500 megawatts over the next couple of years.

短期內，我們具備良好條件，可供應約 300 到 500 兆瓦規模的資料中心負載。我們正與對手方合作，以確認其承諾、其爬坡速率，並管理我們的曝險，讓我們能在發電端補強方面做出其他決策。因此在短期內，未來幾年我們對 300 到 500 兆瓦的需求是有良好準備的。

Okay. That was great detail. Thank you. I'll get back in the queue.

好的。細節非常詳盡。謝謝。我會回到隊列中。

Ben Pham, BMO Capital Markets.

Ben Pham，BMO Capital Markets。

Hi. Thanks. Good morning. I just want to start off to congratulate Judy and Karen on next steps. I just want to go back to the New Mexico sale. Given that it's taken about 1.5 years or so since the announcement, I assume the outside dates have been extended with parties. If this transaction is delayed beyond mid-year, does this really open up a potential renegotiation of the deal?

嗨。謝謝。早安。我想先恭喜Judy和Karen邁向下一步。我想回到新墨西哥州出售案。鑑於自公告以來已經過了大約1.5年左右，我推測你們已與交易對方延長了最終截止日期。如果這筆交易延遲到年中之後，是否真的會開啟重新談判交易條件的可能性？

Hi, Ben. It's Karen. You're right. We did deal with the outside date as it relates to the contract. We'll deal with that again to the extent that we need to, but we wouldn't anticipate any other discussions beyond that.

嗨，Ben。我是Karen。你說得沒錯。我們確實已就合約所涉及的最終截止日期進行處理。如有需要，我們也會再次處理，但我們不預期除此之外還會有其他討論。

And I just want to go back to the marketing results, given the strength in the quarter and your new guidance. Can you talk about maybe I just -- look at maybe results from other infrastructure names? Some have done well from the storm results, some have done not as well, and some have actually been negatively impacted depending on your position. Can you remind us how your trading works in that area? Is it the transmission that you're doing? Is it other business development opportunities that you've been working on?

我也想回到行銷（交易）成果，考量到本季表現強勁以及你們新的指引。你能否談談——我只是——看看其他基礎建設同業的結果？有些因風暴帶來的結果表現很好，有些表現沒那麼好，而有些甚至因其部位不同而受到負面影響。能否提醒我們你們在那一塊的交易運作方式？是你們在做輸送（傳輸）嗎？還是你們一直在推動的其他業務開發機會？

So I think you're asking me that question. So I always start by saying that we manage the business to limit the downside risk always and have some optionality when the market conditions present themselves, and they did in Q1.

我想你是在問我這個問題。我一向先說，我們管理業務時始終以限制下行風險為優先，並在市場條件出現時保留一些選擇權，而在第一季確實出現了這樣的條件。

So without kind of giving away the whole commercial strategy, there were four big rocks that contributed to the results. So we do have a transport portfolio, and specifically, the capacity we had between New England and New York became very, very valuable as the New York pricing spiked. We had also picked up some short-term capacity from Western Canada before the cold weather event hit at pretty reasonable prices, and that increased our available gas volumes.

在不把整個商業策略都透露的前提下，有四個關鍵因素促成了這些成果。我們確實有一個運輸組合，特別是我們在新英格蘭與紐約之間的運能，當紐約價格飆升時變得非常、非常有價值。在寒冷天氣事件發生前，我們也以相當合理的價格從加拿大西部取得了一些短期運能，這提高了我們可用的天然氣供應量。

We had options that we had invested in for risk management, purposes that we exercised at some very healthy margins. And in New York, gas generators were being dispatched for reliability, which also had a very bullish impact on the market.

我們也有一些為風險管理目的而投資的選擇權，在非常可觀的利差下予以行使。此外在紐約，為了可靠度，燃氣發電機組被調度上線，這也對市場帶來非常偏多的影響。

So fundamentally, the story is the same as always. We have transportation assets, and when the market conditions present themselves, we're able to use those assets to move lower-priced gas into higher-priced markets.

所以從基本面來看，故事一如既往。我們擁有運輸資產，當市場條件出現時，我們能運用這些資產把低價天然氣輸送到高價市場。

Okay, got it. That's useful color. Thank you.

好的，了解。這些補充說明很有幫助。謝謝。

(Operator Instructions) Michael Lonegan, Barclays.

(接線員指示) Michael Lonegan，Barclays。

Hi. Thanks for taking my question. In the event that Nova Scotia were to reject the securitization, approval of the regulations, what would you see as your next step? Would you apply for conventional rate recovery? Or is there a way you could make a different securitization proposal like renegotiate or repackage the securitization structure?

嗨。謝謝讓我提問。如果新斯科細亞拒絕資產證券化、或拒絕核准相關法規，你們會把下一步視為什麼？你們會申請以傳統方式透過費率回收嗎？或者你們能提出不同的證券化方案，例如重新談判或重新包裝證券化結構？

Good morning, Michael. Jared here. So the formal first steps, if securitization were not to proceed, the regulator actually set that out in their decision coming from this last settlement. And so there is a deferral account that is set up in that circumstance. And so if it didn't proceed with securitization, then those assets would be treated in the normal course of rate base and rate-making.

早安，Michael。我是Jared。如果證券化無法推進，監管機關其實已在上一次和解所作出的決定中，明確列出正式的第一步。在那種情況下會設立一個遞延帳戶。因此若未能進行證券化，這些資產就會按一般程序納入費率基礎與費率制定。

As that moved forward, then Vivek and the team would be looking at the full rate structures, the company, and what scenarios would be present there. But as we sit right now, we're confident that we will be able to proceed with the securitization because it makes really good sense for customers. But absent that, we do have the regulatory pathway for the alternative.

隨著後續推進，Vivek和團隊會檢視完整的費率結構、公司狀況，以及可能出現的各種情境。但就目前而言，我們有信心能夠推進證券化，因為這對客戶非常合理。不過若無法如此，我們也有替代方案的監管途徑。

Thank you. And then, in the event of a New Mexico gas sale were not to close, and also if the securitization in Canada thermal assets regulations are not approved, what can we expect the path forward for your financing plan to be? Obviously, Moody's set you on negative outlook. Would you consider issuing more equity or selling additional non-core assets like Barbados or pipelines? I just wondered if you could talk about that.

謝謝。另外，如果新墨西哥天然氣出售案未能完成交割，同時加拿大火力資產證券化相關法規也未獲核准，你們的融資計畫後續路徑會是什麼？顯然穆迪已將你們列為負向展望。你們會考慮發行更多股權，或出售更多非核心資產，例如巴貝多或管線資產嗎？想請你談談這點。

So the number one plan on that, Michael, is business execution, and that's actually being what has occurred over this last couple of year period as well. And we're sitting in a place where we are kind of right up at the down or the threshold levels, even without the securitization of New Mexico Gas closed. I would like to have the extra flexibility in our measures that would come from that to get some strengthening into the balance sheet. But the business itself has improved a lot and the execution of the business has been that core piece.

Michael，對此我們的第一順位計畫是業務執行，而這也正是過去這兩年左右期間一直在發生的事情。即使新墨西哥天然氣的證券化尚未完成交割，我們目前也處在接近下限或門檻水準的位置。我希望能透過那件事帶來的額外彈性，讓我們的衡量指標更有餘裕，進一步強化資產負債表。但業務本身已改善很多，而業務執行一直是核心關鍵。

So in that unlikely scenario you described, those two pieces not going forward, the execution plan of the business is not going to have an abrupt change. We're going to execute, and we will move forward in a prudent, measured fashion.

因此在你所描述的那種不太可能的情境下——那兩件事都無法推進——我們的業務執行計畫不會突然改變。我們會持續執行，並以審慎、循序漸進的方式向前推進。

Great. Thanks for taking my question.

很好。謝謝讓我提問。

Thank you. And at this time, Mr. Bezanson, we have no further questions registered. Please proceed.

謝謝。此時此刻，Bezanson先生，我們沒有其他已登記的提問。請繼續。

Thank you very much, Sylvie. And thanks, everyone, for your interest and support of Emera. We look forward to seeing you in the coming months in our marketing. Have a good day.

非常感謝你，Sylvie。也謝謝各位對Emera的關注與支持。我們期待在接下來幾個月的行銷活動中與各位見面。祝各位有美好的一天。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask you to please disconnect your lines. Have yourselves a good weekend.

謝謝您，先生。各位女士、先生，今天的電話會議到此確實結束。再次感謝各位參與。此時我們也請各位掛斷電話線。祝各位週末愉快。