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Emera takes profit hit due to post-tropical storm Arthur recovery costs

A large uprooted tree rests against a house in Oakland, N.S. on July 5, 2014.
A large uprooted tree rests against a house in Oakland, N.S. on July 5, 2014. Andrew Vaughan/The Canadian Press

HALIFAX – The damage caused by post-tropical storm Arthur has taken a toll on Emera’s third quarter profits.

The parent company of Nova Scotia Power says profits fell to $10.9 million during the period, down 24 per cent from $14.4 million for the same period last year.

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Dina Bartolacci Seely of Emera Inc. (TSX:EMA) says the $3.5-million reduction is primarily due to costs from the storm that knocked out power to over 245,000 Nova Scotia Power customers on July 5.

Seely says operating and maintenance costs went up by about $5.5 million, due mainly to storm-related expenses.

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Bartolacci Seely says the utility has estimated the total cost from the storm at about $10.5 million but about half of that amount will be capital costs that will be amortized over time.

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The province’s electricity regulator has recommended Nova Scotia Power improve its weather forecasting and place more damage assessment personnel in the field when powerful storms strike.