UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

40-F

☐

 REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 

☒

 ANNUAL

REPORT

 PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

December 31, 2024

Commission File Number

000-54516

EMERA INCORPORATED

(Exact name of Registrant as specified in its charter)

Nova Scotia, Canada

(Province or other jurisdiction of incorporation or organization)

4911

(Primary Standard Industrial Classification Code Number (if applicable))

Not applicable

(I.R.S. Employer Identification Number (if applicable))

5151 Terminal Road

Halifax

,

Nova Scotia

,

Canada

B3J 1A1

Telephone: (

902

)

428-6096

(Address and telephone number of Registrant’s principal executive offices)

Emera US Finance LP

c/o Corporation Service Company

251 Little Falls Drive

Wilmington

,

Delaware

19808

Telephone: (

302

)

636-5401

(Name, address (including zip code) and telephone number (including area code) 

of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act: Not applicable.

Securities registered or to be registered pursuant to Section 12(g) of the Act: Not applicable.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: Not applicable.

For annual reports, indicate by check mark the information filed with this Form:

☒

 Annual information form

☒

 Audited annual financial statements

Number of outstanding shares of each of the issuer’s classes of

capital or common stock as of December 31, 2024:

295,935,686

 Common Shares

4,866,814

 Series A First Preferred Shares

1,133,186

 Series B First Preferred Shares

10,000,000

 Series C First Preferred Shares

5,000,000

 Series E First Preferred Shares

8,000,000

 Series F First Preferred Shares

12,000,000

 Series H First Preferred Shares

8,000,000

 Series J First Preferred Shares

9,000,000

 Series L First Preferred Shares

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange

Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has

been subject to such filing requirements for the past 90 days.

Yes 

☐

No

☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and

posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter

period that the Registrant was required to submit and post such files).

Yes

☒

 No 

☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company 

☐

If an emerging growth company that prepares is financial statements in accordance with U.S. GAAP, indicate by check mark if the

registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards

†

 provided pursuant to Section 13(a) of the Exchange Act. 

☐

†

 The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board

to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the

effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))

by the registered public accounting firm that prepared or issued its audit report.

☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the

registrant included in the filing reflect the correction of an error to previously issued financial statements. 

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-

based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to

§ 240.10D-1(b). 

☐

Certifications and Disclosure Regarding Controls and Procedures.

(a) Certifications regarding controls and procedures. See Exhibits 99.5 and 99.6.

(b) Evaluation of disclosure controls and procedures. As of December 31, 2024, an evaluation of the

effectiveness of the Registrant’s “disclosure controls and procedures” (as such term is defined in Rules 13a-

15(e) and 15d-15(e) of the United States Securities Exchange Act of 1934, as amended (the “Exchange

Act”)), was carried out by the Registrant’s Chief Executive Officer (“CEO”) and Chief Financial Officer

(“CFO”). Based on that evaluation, the CEO and CFO have concluded that as of such date the Registrant’s

disclosure controls and procedures are effective to provide a reasonable level of assurance that information

required to be disclosed by the Registrant in reports that it files or submits under the Exchange Act is

recorded, processed, summarized and reported within the time periods specified in the United States

Securities and Exchange Commission’s (the “Commission”) rules and forms.

It should be noted that while the CEO and CFO believe that the Registrant’s disclosure controls and

procedures provide a reasonable level of assurance that they are effective, they do not expect the disclosure

controls and procedures or internal control over financial reporting to be capable of preventing all errors

and fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not

absolute, assurance that the objectives of the control system are met.

(c) Management’s annual report on internal control over financial reporting. The Registrant's management is

responsible for establishing and maintaining adequate internal control over financial reporting. The

Registrant's internal control framework is based on the criteria published in the Internal Control –

Integrated Framework (2013), a report issued by the Committee of Sponsoring Organizations (COSO) of

the Treadway Commission. The Registrant's management, including the CEO and CFO, evaluated the

design and effectiveness of the Registrant's internal control over financial reporting as at December 31,

2024 and concluded that the Registrant's internal control over financial reporting is effective as at

December 31, 2024.

(d) Attestation report of the registered public accounting firm. This annual report does not include an

attestation report of the Registrant’s registered public accounting firm regarding internal control over

financial reporting. 

(e) Changes in internal control over financial reporting. There were no changes in the Registrant’s internal

control over financial reporting during the fiscal year ended December 31,

2024

, that have materially

affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial

reporting.

Audit Committee Financial Expert.

 The Registrant’s board of directors (the “Board”) has determined that five

audit committee financial experts serve on its Audit Committee. The audit committee financial experts are Paula Y.

Gold-Williams, Kent M. Harvey, B. Lynn Loewen, Ian E. Robertson and Carla M. Tully. The Board has determined

that Paula Y. Gold-Williams, Kent M. Harvey, B. Lynn Loewen, Ian E. Robertson and Carla M. Tully are

independent within the meaning of the listing standards of the New York Stock Exchange. Information concerning

the relevant experience of Paula Y. Gold-Williams, Kent M. Harvey, B. Lynn Loewen, Ian E. Robertson and Carla

M. Tully is included in their biographical information contained in the Registrant’s Annual Information Form for the

fiscal year ended December 31, 2024, filed as Exhibit 99.1 hereto (the “Annual Information Form”). The

Commission has indicated that the designation of a person as an audit committee financial expert does not make

such person an “expert” for any purpose, impose any duties, obligations or liability on such person that are greater

than those imposed on members of the audit committee and board of directors who do not carry this designation, or

affect the duties, obligations or liability of any other member of the audit committee or board of directors.

Code of Ethics.

 The Emera Code of Conduct was revised and became effective on January 1, 2025 (the “Code”)

and applies to all directors, officers and employees of the Registrant, including the CEO and CFO. Since the

adoption of the Code, there have not been any waivers, including implied waivers, from any provision of the Code.

A copy of the Code can be found on Emera’s internet website at the following address:

https://www.emera.com/about -us/who-we-are/code-of-conduct. 

The Code was furnished to the Commission on January 27, 2025 as Exhibit 99.1 to a report on Form 6-K and is

incorporated by reference herein as Exhibit 99.9.

Principal Accountant Fees and Services.

 The information provided under the headings “Audit Committee—Audit

and Non-Audit Services Pre-Approval Process” and “Audit Committee—Auditors’ Fees” contained in the

Registrant’s Annual Information Form. The Registrant’s Audit Committee approved all of the Audit-Related and

Tax services provided by Ernst & Young LLP in

2024

 and none were approved pursuant to the de minimis exception

provided by Section (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

In connection with the Commission’s adoption of amendments to finalize the implementation of disclosure and

submission requirements on December 2, 2021, pursuant to Release No. 34-93701, the Registrant hereby affirms

that Ernst & Young LLP (PCAOB ID:

1263

) delivered an audit opinion relating to the Registrant’s Financial

Statements (as defined below) contained in the Annual Information Form, and such audit opinion was issued in

Halifax, Nova Scotia, Canada.

Liquidity and Capital Resources

The information provided under the headings (a) “Off-Balance Sheet Arrangements” and (b) “Contractual

Obligations” contained in the Registrant’s Management’s Discussion and Analysis dated February 21, 2025 for the

year ended December 31, 2024, filed as Exhibit 99.2 hereto (the “MD&A”) and with respect to clause (a) the

information provided at note 28 (“D. Guarantees and Letters of Credit”) and note 33 (“Variable Interest Entities”),

and with respect to clause (b) note 28 (“A. Commitments”) and note 26 (“Long-Term Debt”), to the Audited

Consolidated Financial Statements as at and for the years ended December 31, 2024 and December 31, 2023, filed

as Exhibit 99.3 hereto (the “Financial Statements”), are incorporated by reference herein.

Identification of the Audit Committee.

 The information provided under the heading “Audit Committee” contained

in the Annual Information Form is incorporated by reference herein.

Mine Safety Disclosure.

 Neither the Registrant nor any of its subsidiaries is the “operator” of any “coal or other

mine”, as those terms are defined in section 3 of the Federal Mine Safety and Health Act of 1977 (30 U.S.C. 802),

that is subject to the provisions of such Act (30 U.S.C. 801 et seq.). Therefore, the provisions of Section 1503(a) of

the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 16 of General Instruction B to Form 40-

F requiring disclosure concerning mine safety violations and other regulatory matters do not apply to the Registrant

or any of its subsidiaries.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

Recovery of Erroneously Awarded Compensation

. Not applicable.

EXHIBIT INDEX

Exhibit

Number

Description

99.1

2024 Annual Information Form dated February 21, 2025 for the fiscal year ended December 31,

2024

99.2

Management’s Discussion and Analysis dated February 21, 2025 for the year ended December

31, 2024

99.3

Audited Consolidated Financial Statements as at and for the years ended December 31, 2024 and

December 31, 2023

99.4

Consent of Independent Registered Public Accounting Firm

99.5

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the U.S.

Securities Exchange Act of 1934, as amended

99.6

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d -14(a) of the U.S.

Securities Exchange Act of 1934, as amended

99.7

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

99.8

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

99.9

Emera Code of Conduct (as revised and effective on January 1, 2025) (incorporated by reference

to Emera Incorporated’s Form 6-K, furnished to the Commission on January 27, 2025)

101

Interactive Data File (formatted as Inline XBRL)

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made

by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information

relating to the securities in relation to which the obligation to file an annual report on Form 40-F arises or

transactions in said securities.

The Registrant has previously filed a Form F-X in connection with the class of securities in relation to which the

obligation to file this report arises.

Any change to the name or address of a Registrant’s agent for service shall be communicated promptly to the

Commission by amendment to Form F-X referencing the file number of the Registrant.

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for

filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto

duly authorized.

DATED this 21

th

day of February, 2025.

EMERA

INCORPORATED

By: /s/ Scott C. Balfour

Name: Scott C. Balfour

Title: President & Chief

Executive Officer