Latest news with #EmeraInc
Globe and Mail
04-06-2025
- Business
- Globe and Mail
NS Power CEO, staff questioned over data breach that saw 280,000 customers' data stolen
Nova Scotians have lost trust in the province's largest electric utility, provincial politicians said Wednesday during a heated committee meeting that raised tough questions about the recent ransomware attack on Nova Scotia Power. The cybersecurity breach gave thieves access to personal and financial data belonging to 280,000 ratepayers – about half of the utility's customers. Members of the public accounts committee grilled Nova Scotia Power CEO Peter Gregg and two other senior staff members, asking them how the breach happened and what the company will do to protect ratepayers from financial harm. 'We understand it is very concerning, and we're working hard to address customer issues and to continue to strengthen our systems as we work to restore and rebuild,' Gregg told the committee. Hackers may have stolen up to 140,000 social insurance numbers in NS Power database breach By the time the meeting was over, however, the executives had very little new information to share. 'We have, as far as we understand, 140,000 Nova Scotians who have had their social insurance numbers stolen, and those people are furious,' NDP Leader Claudia Chender told the committee. Gregg said the company, a subsidiary of Halifax-based Emera Inc. EMA-T, identified unusual activity on their servers on April 25, but they later determined the cyber-thieves had accessed the system as early as March 19. The utility has since sent letters to customers informing them the stolen data may include their names, birth dates, e-mail addresses, home addresses, customer account information, driver's licence numbers and, in some cases, bank account numbers and social insurance numbers. The cyberattack affected almost half of the utility's 525,000 customers. Gregg confirmed the company had previously collected social insurance numbers to authenticate customers' identities in cases where multiple customers had the same name, but he said that practice has stopped. The utility now requests only the last three digits of each customer's social insurance number, which is not stored. Still, Chender pressed utility executives to explain why Nova Scotia Power continues to store the full social insurance numbers it had previously collected. But they declined to say, citing an ongoing investigation. 'I don't have an answer for you today,' Gregg said. Chender said Gregg's response was disappointing. 'With stronger safety protocols, Nova Scotians would be protected,' she said. The NDP leader went on to ask how affected ratepayers would be compensated for potential losses. Again, Gregg did not directly answer, saying the utility is offering customers a two-year subscription for credit monitoring, which might be extended. Progressive Conservative member Brian Wong said Nova Scotians deserve better. 'We have Nova Scotians that aren't just scared, they're angry,' he told Gregg. When asked by multiple committee members if Nova Scotia Power would commit to covering the costs of the breach internally rather than handing the bill to ratepayers, Gregg again avoided a direct answer. He said Nova Scotia Power's cybersecurity insurance would likely cover many expenses, but he said the utility doesn't yet know the cost of the breach. 'Until we get further into this investigation and determine total cost, I can't give you a yes or no answer.' Liberal member Derek Mombourquette said Nova Scotia Power's first step toward rebuilding public trust should be promising not to pass on costs to consumers who have long complained about soaring electricity bills and frequent power outages. 'There is no trust with Nova Scotia Power right now,' Mombourquette said after the meeting. 'I don't believe what we heard in the committee today has done any more to reassure the customers.' As the meeting concluded, Chender put forward a motion to request the province's auditor general investigate the breach, which was adopted. Meanwhile, the federal privacy commissioner has already launched an investigation. Philippe Dufresne issued a statement last week saying he started the probe after receiving complaints about the security breach in April.
CTV News
30-05-2025
- Business
- CTV News
Some customers say data appeared on dark web after Nova Scotia Power breach
Some Nova Scotians say they've received disturbing notifications from credit monitoring services alerting them that their personal data is now circulating on the dark web – and they believe it's linked to the recent cybersecurity breach at Nova Scotia Power. The dark web is a hidden part of the internet that requires special software to access. While not all activity there is illegal, it is commonly used by criminals to buy and sell stolen personal information, including names, addresses, banking details and social insurance numbers (SIN). Nov Scotia Power confirmed earlier this month it experienced a cyberattack involving a third-party vendor. The utility, owned by Emera Inc., said hackers may have accessed sensitive customer information, and about 140,000 SINs may have been taken, according to the company's CEO. Cybersecurity expert Claudio Popa said the incident is troubling on multiple levels, particularly because it follows another major data breach in Nova Scotia less than a year ago. In May 2023, the MOVEit file transfer software breach compromised data belonging to more than 100,000 people across the province. 'I immediately wondered what the overlap would be and whether an opportunistic cybercriminal would be able to aggregate the data from the two breaches to build more details profiles,' said Popa. 'People must be quite sensitized to having their identities stolen and abused as a result of events beyond their control.' Popa said the breach at Nova Scotia Power exposes serious lapses in data handling, starting with why the utility collected SINs in the first place and why that information was not encrypted. 'In Canada, the SIN is central to people's identities. Utilities generally don't have a reason to collect them, so they should not,' he said. 'It's clear they were not securely stored. Otherwise, they would have been encrypted. We still don't know why were being collected in the first place.' Popa said Nova Scotia Power failed to seize a critical opportunity to rebuild trust with customers – namely by being transparent about the scope of the breach and the ransom demand it reportedly received from the attackers. 'The first should have been telling customers immediately when they were asked to pay a ransom,' Popa said. 'When organizations are upfront, people instinctively offer goodwill but when communication is delayed or vague, it leads to erosion of trust.' The utility has offered customers two years of optional credit monitoring through TransUnion, but Popa said that's insufficient given the nature of the data that was potentially exposed. 'All customers should be getting 10 years of credit monitoring, automatically,' he said. 'This is immutable identity data. You can't change your SIN. The risk doesn't expire in two years.' Popa recommends Nova Scotia Power take three immediate steps: explain the risks tied to the specific data that was stolen advise customers to report any suspicious activity to the Canadian Anti-Fraud Centre provide access to independent resources such as those from the federal privacy commissioner. He also noted people who receive dark web alerts from Equifax or TransUnion may not always see specifics. The alerts typically signal that some form of personal information – not necessarily SINs – is circulating in cybercrime marketplace. 'It would be your email address, home address, or phone number. Criminals buy multiple data sets and piece them together to impersonate you more convincingly,' Popa said. As the investigation continues, Popa emphasized that cybersecurity breaches are no longer rare events and companies should be better prepared. 'There's no substitute for conducting breach response simulations,' he said. 'You don't want your team thinking about how to respond for the first time while the breach is happening. These are learning opportunities, and companies need to treat them that way.' NS Power The Nova Scotia Power building is pictured in downtown Halifax. (Jonathan MacInnis/CTV Atlantic) For more Nova Scotia news, visit our dedicated provincial page
Business Wire
08-05-2025
- Business
- Business Wire
Emera Reports 2025 First Quarter Financial Results
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today, Emera (TSX: EMA) reported 2025 first quarter financial results. Highlights Emera delivers strong first quarter results. Quarterly adjusted earnings per share ('EPS') (1) grew 68% to $1.28 in Q1 2025 compared to $0.76 in Q1 2024 driven by robust performance from across its portfolio Quarterly reported EPS increased to $1.96 in Q1 2025 from $0.73 in Q1 2024 primarily due to market-to-market ('MTM') gains recognized in 2025 as compared to MTM losses recognized in 2024 On track to deploy $3.4 billion of capital in 2025, with more than $700 million invested in the first quarter. 'Emera's strong start to 2025 provides further evidence of the high quality of our portfolio, providing further support and meaningful early progress towards delivering upon our average adjusted EPS 1 growth guidance of 5-7% through 2027,' said Scott Balfour, President and CEO of Emera Inc. 'Our utilities are making significant investments to continue to improve reliability for customers, to modernize critical infrastructure and to support market growth in the communities we serve while also working to manage cost and affordability impacts for customers. This work and these investments are foundational to delivering long term value for customers and shareholders alike.' Q1 2025 Financial Results Q1 2025 adjusted net income attributable to common shareholders ('adjusted net income') (1) was $379 million, or $1.28 per common share, compared with $216 million, or $0.76 per common share, in Q1 2024. The increase was primarily due to higher earnings from Tampa Electric Company ('TEC'), Nova Scotia Power Inc. ('NSPI'), Emera Energy Services ('EES') and New Mexico Gas Company ('NMGC'); the impact of a weaker Canadian dollar ('CAD') and decreased corporate operating, maintenance and general expenses ('OM&G'), partially offset by decreased income from equity investments due to the sale of Emera's indirect minority interest in the Labrador Island Link ('LIL') in Q2 2024. Q1 2025 reported net income was $583 million, or $1.96 per common share, compared with net income of $207 million, or $0.73 per common share, in Q1 2024. Weakening of the CAD increased adjusted net income by $14 million and increased net income attributable to common shareholders by $30 million in Q1 2025 compared to the same period in 2024. Impacts of the changes in the translation of the CAD include the impacts of Corporate FX hedges, reported in the Other segment, used to mitigate translation risk of USD earnings. (1) See 'Non-GAAP Financial Measures and Ratios' noted below and 'Segment Results and Non-GAAP Reconciliation' below for reconciliation to nearest US GAAP measure. Consolidated Financial Review The following table highlights significant changes in adjusted net income from 2024 to 2025. Segment Results and Non-GAAP Reconciliation Three months ended March For the 31 millions of Canadian dollars (except per share amounts) 2025 2024 Adjusted net income 1,2 Florida Electric Utility $ 164 $ 85 Canadian Electric Utilities 121 87 Gas Utilities and Infrastructure 120 98 Other Electric Utilities - 9 Other 3 (26) (63) Adjusted net income 1,2 $ 379 $ 216 MTM gain (loss), after-tax 4 204 (9) Net income attributable to common shareholders $ 583 $ 207 EPS (basic) $ 1.96 $ 0.73 Adjusted EPS (basic) 1,2 $ 1.28 $ 0.76 1 See 'Non-GAAP Financial Measures and Ratios' noted below. 2 Excludes the effect of MTM adjustments. 3 Quarter-over-quarter, primarily due to higher contributions from EES and lower OM&G due to timing difference in the valuation of long-term incentive expense and related hedges in 2024 at corporate, partially offset by decreased income tax recovery at corporate and higher corporate interest expense. 4 Net of income tax expense of $84 million for the three months ended March 31, 2025 (2024 - $4 million tax recovery). Expand 1 Non-GAAP Financial Measures and Ratios Emera uses financial measures that do not have standardized meaning under US GAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business. For further information on the non-GAAP financial measure, adjusted net income, and the non-GAAP ratio, adjusted EPS – basic, refer to the "Non-GAAP Financial Measures and Ratios" section of Emera's Q1 2025 MD&A, which is incorporated herein by reference and can be found on SEDAR+ at Reconciliation to the nearest GAAP measure is included in 'Segment Results and Non-GAAP Reconciliation' above. Forward Looking Information This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management's current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera's securities regulatory filings, including under the heading 'Enterprise Risk and Risk Management' in Emera's annual Management's Discussion and Analysis, and under the heading 'Principal Financial Risks and Uncertainties' in the notes to Emera's annual and interim financial statements, which can be found on SEDAR+ at Teleconference Call The company will be hosting a teleconference today, Thursday, May 8, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q1 2025 financial results. Analysts and other interested parties in North America are invited to participate by dialing 1-800-717-1738. International parties are invited to participate by dialing 1-289-514-5100. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required. A live and archived audio webcast of the teleconference will be available on the Company's website, A replay of the teleconference will be available on the Company's website within 24 hours after the conclusion of the call. About Emera Emera (TSX: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.6 million customers in Canada, the United States and the Caribbean. Our team of 7,600 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange. Additional information can be accessed at or
