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Emera Inc. - Q3-2021 Earnings, Price Target Update

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Emera Inc.(EMA-TSX) is an energy and services company investing in electricity generation, transmission and distribution, as well as gas transmission and utility services in the Maritimes, Florida, Texas, New Mexico and the Bahamas with $33.2B in assets as of Sept-30-2021, and revenues forecast at $5.8B for 2021. Emera's investment in rate-regulated businesses is concentrated in Florida and Nova Scotia. Approximately 60% of adjusted earnings are from operations in Florida and Texas; 35% in Nova Scotia and the balance from the Bahamas. Electricity distribution and generation contributes 60% of earnings, natural gas- 40%. Decarbonization goals include a 55% reduction in carbon emissions by 2025, an 80% reduction in coal usage by 2023 and the retirement of the last existing coal unit no later than 2040. The coal fired generation facility in Florida is in process of being converted to natural gas.

Operating Segments

Florida Electric Utility consisting of Tampa Electric, a regulated electric utility and power generator serving 795,200 customers in West Central Florida. Tampa Electric owns 5,790MW of generating capacity, of which 78% is natural gas-fired, 12% is coal and 10% is solar. Tampa Electric owns 2,165km of transmission facilities and19,250 km of distribution facilities.

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