NS Power expects lower earnings in 2025 due to cyberattack: report

The Nova Scotia Power building is pictured in downtown Halifax. (Jonathan MacInnis/CTV Atlantic)

Nova Scotia Power is expecting lower earnings this year compared to 2024 due to the cyberattack last spring that compromised the personal information of hundreds of thousands of customers.

A report from Emera Inc. on its third quarter financial results said the power utility expects to be below its allowed return on equity (ROE) range this year, primarily due to higher operating costs related to the cybersecurity incident. Despite that, sales volumes in 2025 are expected to be higher than 2024.

“The systematic restoration of affected IT systems and corresponding transition away from business continuity processes is progressing and will continue in a planned, controlled and phased approach,” the report reads. “The Company maintains cyber insurance coverage and is working with its insurer on the claims process.”

The report notes the operating, maintenance and general expenses at Nova Scotia Power went up due to higher costs for transmission and distribution operations. The increased costs were partially offset by lower storm restoration costs.

Despite the dip in earnings for the utility, Emera reported its third quarter adjusted net income was $263 million in 2025 compared to $236 million in the same quarter in 2024.

Cyberattack history

Nova Scotia Power first detected issues with its system on April 25, but later learned a “threat actor” had gained unauthorized access to parts of their network on or around March 19. They informed customers of the breach in early May.

The stolen information in the breach included birth dates, social insurance numbers and bank account information, some of which was published on the dark web. The utility offered a free, five-year credit monitoring service for impacted customers.

The utility previously said roughly 277,000 customers were impacted by the breach, but a report in September revealed all customers may have been affected.

In a separate report, Nova Scotia Power said it expects to fully recover from the cyberattack by early 2026. It must file a full incident report to the Nova Scotia Energy Board by the end of this year.

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