Emera is a Canadian holding company that owns a portfolio of regulated electric and gas utilities, primarily in Florida and Nova Scotia. Its core business is generating, transmitting, and distributing electricity and natural gas to residential, commercial, and industrial customers under regulated frameworks that allow it to earn a set return on invested capital. The dominant asset is Tampa Electric (TEC), a vertically integrated regulated electric utility serving roughly 866,000 customers in West Central Florida. In Nova Scotia, Emera's subsidiary Nova Scotia Power serves roughly 565,000 customers through a similar model. Emera also owns Peoples Gas, a regulated gas distribution utility serving ~523,000 customers in Florida, and smaller regulated electric utilities in Barbados and the Bahamas. Emera's business model centers on rate base growth: the more capital a utility invests in generation, transmission, and distribution, the larger the dollar return it earns under its regulated framework. Emera targets 7%–8% annual rate base growth, driven primarily by TEC and Peoples Gas, supported by Florida's strong population and economic growth. The company has outlined a ~$20B five-year capital plan, concentrated at TEC and Peoples Gas. Emera is also selling non-core assets — including the pending sale of New Mexico Gas Company — to strengthen its balance sheet and redirect capital toward higher-growth regulated utilities. A small unregulated trading arm, Emera Energy Services, contributes opportunistically based on natural gas and electricity market volatility, but is not a core earnings driver.