The company’s earnings per share was $0.62 in Q1 2008, compared to $0.36 in the same period of 2007.
Nova Scotia Power’s (NSPI) earnings were $57.9 million for Q1 2008, in comparison with $26.1 million for the same period of 2007. Strong earnings reflect higher than normal hydroelectric output, lower cost power purchases displacing higher cost fossil fuels, cost effective fuel switching to natural gas, and increased electric sales.
Bangor Hydro Electric contributed $5.5 million to consolidated net earnings in Q1 2008, compared to $6.9 million for the same period of 2007. The decrease was primarily due to stronger Canadian dollar.
Chris Huskilson, president and CEO of Emera, said: Strong earnings in our businesses give us a good start to the year. Brunswick Pipeline construction is well underway and is on target to meet a Q4 in-service date as expected and we invested $15 million in Open Hydro as part of Emera’s renewable energy strategy.
