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Emera Inc. Price Target Update

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Emera Inc. is an energy and services company investing in electricity generation, transmission and distribution, as well as gas transmission and utility services in the Maritimes, Maine, Florida, Texas, New Mexico and the Bahamas. As of Mar-31-2016 assets totalled $12B compared to $29B as of Mar-31-2017. The increase was mainly from the acquisition of TECO Energy for $13.9B and $3.1B for capital development projects primarily for power generation and transmission line development in Newfoundland to the eastern US. Teco owns regulated electric and gas utilities in Florida and New Mexico. Holdings include: Tampa Electric, an integrated regulated electric utility serving nearly 725,000 customers in West Central Florida; Peoples Gas System, a regulated gas distribution utility which serves nearly 365,000 customers across Florida; and New Mexico Gas Co., a regulated gas distribution utility which serves more than 515,000 customers across New Mexico. The current energy mix in Florida is 60% gas, 20% coal, 12% nuclear compared to Tampa Electric at 52% gas, 48% coal. They currently have 10% of the Florida electricity market.

The forecast profit contribution by segment for 2017 is Tampa Electric – 30%, Nova Scotia Power -18%, Emera Caribbean – 14%, Emera Energy (power generation) – 5% with the balance split between, Emera Maine, Peoples Gas, Maritime Link Transmission, Pipelines and Emera New Mexico. On completion of the ITC acquisition, 70-75% of net earnings will be in US dollars. Exposure to Cdn dollars is not hedged, financial statements are issued in Cdn dollars. The capital expenditure budget is $8.3B(Cdn) for capital expenditures from 2016-2020, including $2B in 2016. Focus is on adding transmission lines from Labrador to reach eastern Canadian and US markets and natural gas fired power generation.

Nova Scotia Power Corp. was created in 1992 through the privatization of the Crown Corporation Nova Scotia Power Corporation. NSPI is a fully-integrated regulated electric utility and is the primary electricity supplier in Nova Scotia. NSPI's target regulated return on equity range is currently 8.75% - 9.25%.NSPI provides electricity generation, transmission and distribution services to 506,000 customers. NSPI through the Emera Energy segment, owns or has under contract 2,483 MW of generating capacity, of which 50% is coal-fired; 28% is natural gas and/or oil; 19% hydro and wind 3% is biomass-fueled generation. In addition, NSPI has contracts to purchase renewable energy from independent power producers who own and operate 496 MW of wind and biomass fueled generation capacity. NSPI also owns 5,000 km of transmission facilities and 27,000 km of distribution facilities.

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