Nova Scotia Power, Inc. (NSPI) earnings were CAD52.5 million in first quarter of 2009, in comparison to CAD57.9 million in first quarter of 2008. This decrease relates to higher fuel costs partially offset by increased electric revenue due to the rate increase effective January 1, 2009. The implementation of the Fuel Adjustment Mechanism was also effective January 1, 2009 and decreases the impact of volatile fuel costs on NSPI’s earnings.
Bangor Hydro Electric contributed CAD6.4 million to consolidated net earnings in first quarter of 2009, compared to CAD5.5 million in first quarter of 2008. The increase was primarily due to the weaker Canadian dollar.
Emera’s Other operations contributed CAD3.9 million to net earnings in first quarter of 2009, compared to CAD6.0 million in first quarter of 2008. Excluding the effect of mark-to-market accounting related to a long-term contract at the Bear Swamp generating facility, net earnings from other operations were CAD7.4 million in the first quarter of 2009 compared to CAD3.2 million in first quarter of 2008. This increase relates mainly to increased capitalization of financing costs during construction of the Brunswick Pipeline, partially offset by increased interest expense on short-term debt.
We are pleased with our strong results this quarter, said Chris Huskilson, president and chief executive officer of Emera. In addition, our new strategic partnership with Algonquin and the acquisition of development rights for the Nuttby Mountain wind farm position Emera to increase our investment in renewable energy.
