HALIFAX – The CEO of Nova Scotia Power Inc.’s parent company says government discussions about beefing up electricity infrastructure in the Maritimes could spur economic development while the region transitions to renewable energy sources.
“I think it’s quite constructive that the federal government and the provinces are engaged in discussions around how to enhance the infrastructure, how to optimize the infrastructure,” Emera Inc. CEO Scott Balfour told business analysts on a call to discuss the Halifax-based energy conglomerate’s second quarter financial results Friday.
“Looking at a pathway of establishing a regional system operator I think is quite encouraging and smart and I think would benefit all provinces in the region.”
New Brunswick, Nova Scotia and P.E.I. agreed last month to create a regional road map for electricity transmission by spring and to consider creating an independent operator to manage power delivery in the region. New Brunswick Premier Susan Holt said the deal will lead to more affordable electricity prices as the provinces co-ordinate on what energy projects they build.
On the same day, the federal government announced $5.9 million to kick-start planning and technical work to build a pair of new undersea power cables from New Brunswick to P.E.I. The funding will help lay the groundwork for construction on the two new 200-megawatt, 138-kilovolt cables by 2028. Prime Minister Mark Carney said last month that the energy memorandum and federal investment in undersea cables to the Island contributes to his government’s goal to double the capacity of Canada’s electricity network.
Balfour said Friday he’s encouraged to see the federal government’s major projects office identify power transmission in the region as potentially being of national interest
“I think (it’s) something that has captured the attention of all in the region as being an opportunity that could enable economic activity, enable investment in renewable generation, and support the broader plans of some provinces, and certainly the federal government, to continue to eliminate coal-based generation and deploy cleaner generation to meet broader Canadian initiatives,” he said.
“So I think all that’s very encouraging and we’re pleased to be doing what we can to support those discussions.”
Nova Scotia has developed plans for Wind West, a $60-billion plan to produce five gigawatts of offshore wind power by the 2030s in the project’s first phase. The province has said it could produce up to 60 gigawatts by 2050 if all additional phases are built. Carney has said Ottawa is prepared to work with Nova Scotia to advance the project.
Nova Scotia has signed deals with Quebec and Massachusetts to explore shipping Nova Scotia wind power to them, but doing so will require major upgrades to transmission capacity. About $20 billion of the initial Wind West price tag is marked for transmission projects.
There are plans in New Brunswick to build a 100-megawatt small modular rector alongside NB Power’s much larger Point Lepreau nuclear generating station by 2030. The power plant at Point Lepreau generates about 700 megawatts of electricity.
Meanwhile, Newfoundland and Labrador and Quebec are trying to hammer out an agreement to expand the hydroelectric potential of the Churchill River in Labrador. Quebec is counting on the deal to secure the megawatts it needs to meet growing demand through 2075, but Newfoundland and Labrador wants to renegotiate the memorandum of understanding — originally signed in Dec. 2024 — to secure better terms.
Emera’s largest operations are in Florida, with additional holdings in Atlantic Canada, New Mexico and the Caribbean.
The company recorded operating revenues of $2.01 billion for the three-month period ending June 30, compared to $1.98 billion during the second quarter in 2025.
Net income attributable to common shareholders came in at $105 million for the quarter, down from $135 million the year before. Emera said the decrease was driven by interest expenses, foreign exchange losses and decreased earnings due to the sale of its Grand Bahama Power Co. in May for US$280 million.
It also cited lower earnings at its New Mexico Gas Co. subsidiary for the profit decline. Emera now has regulatory approval to sell the company to Bernhard Capital Partners in a US$1.25 billion transaction that will see the private equity firm assume about US$500 million in debt. The deal is expected to close later this month.
Emera’s diluted earnings per share amounted to 34 cents, down from 45 cents a year ago.
Adjusted earnings per share came in at 69 cents compared to 79 cents last year.
Nova Scotia Power generated $448 million in revenue, up from $436 million a year ago.
Regulators approved a power rate increase in May, and another coming up in Jan. 2027, which Emera expects will generate an additional $97 million in revenue next year.
Nova Scotia Power’s profit for the quarter was $6 million, on par with last year.
This report by The Canadian Press was first published Aug. 7, 2026.
Companies in this story: (TSX:EMA)
