Emera (Bahamas) Limited

What it is

Emera Inc. is a geographically diverse energy company with approximately $39–45 billion in assets, focused primarily on regulated electricity generation and electricity and gas transmission and distribution, with a strategic aim to move from high-carbon to low-carbon energy sources.

Depositary receipts representing common shares of Emera are listed on the Bahamas International Securities Exchange under the symbol EMAB. Each EMAB depositary receipt is a “sponsored” instrument: its price tracks the underlying Emera Inc. share on the Toronto Stock Exchange, converted into local currency.

In plain terms, buying EMAB in Nassau is an economically equivalent way to own a slice of Emera Inc. — you get the same dividend and the same share of profits, just settled locally in Bahamian dollars (BSD, pegged 1:1 to USD).

Who owns it

Emera’s roots lie in the 1992 privatisation of Nova Scotia Power Corporation, a crown utility, with shares broadly targeted at Nova Scotian retail investors to ensure local participation. When Emera Inc. was formally constituted in 1998, equity remained widely dispersed among former Nova Scotia Power shareholders, held mainly by Canadian mutual funds and thousands of individuals rather than any single controlling family or state.

Today Emera is owned by a broad mix of institutional investors, pension funds, and retail holders; no single shareholder controls the company. An original voting-share cap prevented any investor from holding more than 15%, and that dispersed structure has persisted.

Not published: no single “controlling shareholder” percentage is disclosed in BISX filings or Emera’s 2025 Annual Information Form on SEDAR+, because ownership is widely distributed and no investor crosses the material-disclosure threshold; Canadian securities rules (NI 62-103) require disclosure only above 10% of a class.

Who runs it

Scott Balfour has been President and CEO of Emera since 2018; he joined the company as Chief Financial Officer in 2012 and became Chief Operating Officer in 2016. He led the USD $10.4 billion acquisition of TECO Energy in 2016, at the time one of Canada’s largest cross-border deals.

Jared Green serves as Chief Financial Officer, having joined in December 2025 and making his first earnings call as CFO in February 2026. Emera Incorporated was incorporated on July 23, 1998 pursuant to the Companies Act (Nova Scotia).

The money, in plain words

In 2025 Emera delivered record earnings per share of CAD $3.49 — a 19% year-on-year rise — and, for the first time in its history, reported more than CAD $1 billion in annual profit, with reported net income of CAD $1.014 billion (≈ USD $731 million). It keeps roughly 11.5 cents of profit from every Canadian dollar of sales — a net profit margin of ~11.5%, solid for a regulated utility (our calculation from ~CAD $8.8 bn revenue and CAD $1.014 bn net income).

The parent group reports approximately CAD $45 billion in total assets as at December 31, 2025, on 2025 revenues of approximately CAD $8.8 billion. Emera has raised its dividend per common share for 19 consecutive years, currently yielding about 4.3% — the kind of reliable income stream that appeals to both pension funds and individual savers.

What it is doing now

Emera executed its largest-ever annual capital plan of CAD $3.6 billion in 2025, driving 8% growth in its rate base — the pool of regulated assets on which it earns an approved return — and has extended its earnings-per-share growth target of 5–7% all the way through 2030.

In August 2024, Emera agreed to sell its New Mexico Gas Company subsidiary; that transaction is expected to close in the first half of 2026, sharpening the portfolio around its core regulated electric utilities in Florida and Atlantic Canada. Tampa Electric, its Florida flagship, holds USD $14.5 billion in assets and serves approximately 866,000 customers in West Central Florida.

What to watch

• New Mexico Gas sale close. Completing this disposal tidies the balance sheet and refocuses capital on higher-growth Florida — watch for regulatory sign-off in H1 2026.
• Nova Scotia rate case verdict. The general rate application for Nova Scotia Power concluded its hearing in mid-January 2026; a final decision from the Nova Scotia Energy Board is pending. The outcome sets allowed revenues for years ahead.
• EMAB trading liquidity. The BISX depositary receipt is thinly traded relative to the TSX primary listing; the economic exposure is identical but local buyers should factor in the bid-ask spread.
• CAD/USD moves. Because Emera earns the majority of its revenue in US dollars but reports in Canadian dollars, swings in the CAD/USD exchange rate can meaningfully help or hurt reported results.
• Dividend track record. Nineteen consecutive years of dividend increases and a 5–7% earnings-per-share growth target through 2030 set a high bar — any stumble in Florida or regulatory pushback would put that streak at risk.

This is news, not investment advice.