In Q3 2008, two accounting adjustments at Nova Scotia Power and Bear Swamp negatively impacted earnings in that quarter.
Year to date earnings were $135.8m for the first three quarters of 2009 compared to $118.8m for the same period in 2008.
Chris Huskilson, president and CEO of Emera, said: “We had another strong quarter and are pleased with the momentum in our business.
“Brunswick Pipeline went in-service and began shipping gas in mid-July. We closed the Bayside Power acquisition in September, successfully issued debt in both NSPI and Emera and were upgraded by S&P. In light of our strategic progress, the Board of Directors increased our annual dividend by almost 8% to $1.09 per share.”
Nova Scotia Power’s earnings were $16.6m in Q3 2009 in comparison to $2.3m in Q3 2008. This increase in earnings is primarily attributable to a valuation of a long term receivable in Q3 2008. Excluding the effect of this long term receivable, its earnings would have been $13.1m in Q3 2008.
Bangor Hydro Electric contributed $8.8m to consolidated net earnings in Q3 2009, compared to $6.5m in Q3 2008. The increase was due to an increase in transmission rates and the stronger US dollar.
Emera’s other operations contributed $9.5m to net earnings in Q3 2009, compared to a net loss of $2.3m in Q3 2008.
