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Emera Emera Reports 2021 First Quarter Financial Results HALIFAX , Nova Scotia -- Today Emera ( TSX : EMA ) reported 2021 first quarter financial results . Highlights • • • Quarterly adjusted EPS increased by $ 0.17 to $ 0.96 driven by continued strength in the regulated portfolio , increased marketing and trading earnings and lower financing and other corporate costs , partially offset by a stronger Canadian dollar ( " CAD " ) . On track to deploy more than $ 2 billion of capital investment in 2021 to drive rate base growth and advance Emera's strategy . Filed a petition to increase 2022 base rates at Tampa Electric by $ 295 million USD . " We're off to a solid start this year , " said Scott Balfour , President and CEO of Emera Inc. “ Emera's proven strategy of safely delivering cleaner , affordable and reliable energy has been a driver of growth and innovation for over 15 years . As customers and policymakers look to accelerate the pace of decarbonization , Emera is aligned and well positioned to help lead the energy transition in a way that never loses sight of affordability and reliability for customers while continuing to deliver long - term value to shareholders . " Q1 2021 Financial Results Q1 2021 reported net income was $ 273 million , or $ 1.08 per common share , compared with net income of $ 523 million , or $ 2.14 per common share , in Q1 2020 . Reported net income for Q1 2020 included $ 321 million of earnings related to the gain on sale of the Emera Maine business , net of tax and transaction costs . In addition , $ 23 million of after - tax impairment charges were recognized on certain assets in Q1 2020 . Q1 2021 adjusted net income was $ 243 million , or $ 0.96 per common share , compared with $ 193 million , or $ 0.79 per common share , in Q1 2020 . Growth in quarterly adjusted net income was largely due to increased earnings at Emera Energy Services ( " EES ” ) , increased earnings at Peoples Gas ( " PGS " ) and Tampa Electric , and lower corporate interest and operating , maintenance and general expenses ( " OM & G ” ) , partially offset by a stronger CAD . Strengthening of the CAD exchange rates decreased reported net income by $ 11 million and decreased adjusted net income by $ 9 million in Q1 2021 compared to Q1 2020 . Outlook Emera's $ 7.4 billion capital investment plan over the 2021 - to - 2023 period , and the potential for additional capital opportunities of $ 1.2 billion over the same period , results in a forecasted rate base growth of 7.5 per cent to 8.5 per cent through 2023. Emera is on track to invest more than $ 2 billion in 2021 , increasing rate base by 6 per cent to $ 22.5 billion . The capital investment plan continues to include significant investments across the portfolio in renewable and cleaner generation , reliability and integrity investments , infrastructure modernization and customer - focused technologies . Emera's capital investment plan is being funded primarily through internally generated cash flows and debt raised at the operating company level . Equity requirements in support of our capital investment plan are expected to be funded through the dividend reinvestment plan , the issuance of preferred equity and the 1