Northland Power's President and CEO, Mike Healy, highlighted the critical role of renewables in bolstering domestic energy security, especially in light of the Middle East conflict. This statement underscores a broader industry trend toward sustainable energy solutions and their importance for national stability.
Northland Power reported a 6% increase in adjusted EBITDA to $259 million for Q2 2026. This growth was fueled by contributions from the Hai Long and Oneida operations, although it was partially offset by lower offshore wind production in Europe, which was 11% below the long-term average. The company achieved a significant milestone with first power from its Baltic Power offshore wind project in Poland and secured a $2.4 billion financing package for its Hai Long offshore wind project in Taiwan. Northland Power reaffirmed its 2026 financial guidance, anticipating adjusted EBITDA between $1.45 billion and $1.65 billion, and free cash flow per share in the range of $1.05 to $1.25. Operational highlights include a 96% resource availability and the initiation of construction for two battery storage projects in Poland.
Emera Inc.'s CEO, Scott Balfour, discussed the potential for economic development from strengthening electricity infrastructure in the Maritimes, particularly as the region transitions to renewable energy. He noted the constructive discussions between federal and provincial governments on optimizing this infrastructure. Nova Scotia is advancing its Wind West plan, a $60 billion project aiming for five gigawatts of offshore wind power by the 2030s, with a long-term potential of 60 gigawatts by 2050. About $20 billion of the initial cost is allocated to transmission projects.
Emera reported operating revenues of $2.01 billion for Q2 2026, slightly up from $1.98 billion in Q2 2025. However, net income attributable to common shareholders decreased to $105 million, down from $135 million in the prior year, primarily due to increased interest expenses, foreign exchange losses, and decreased earnings from the sale of Grand Bahama Power Co. and lower earnings at New Mexico Gas Co. The company's Florida operations now represent about 72% of its total earnings and are central to its $20 billion capital plan. Emera aims for an adjusted EPS growth target of 5-7% through 2030 and expects large-load additions, such as potential data centers in Florida, to help manage system costs and potentially ease rate pressure for existing customers.
Nova Scotia Power, an Emera subsidiary, generated $448 million in revenue, an increase from $436 million a year ago. Regulators approved a power rate increase in May, with another expected in January 2027, projected to generate an additional $97 million in revenue next year for Nova Scotia Power.
