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Emera predicts up to $8 mil. earnings drop

NASSAU, BAHAMAS — The Grand Bahama Power Company’s (GBPC) Canadian owner Emera believes that the impact of COVID-19 on the utility will be partially offset by the recovery of load following Hurricane Dorian while noting that the decrease in earnings from its Caribbean utilities is expected to be between $3-$8 million depending on the duration of the pandemic’s impact.

The energy giant in its management discussion and analysis on the company’s first-quarter results noted earnings from the Caribbean utilities are expected to be lower due to the impact of COVID-19 on local economies. “Tourism and associated support businesses have been significantly impacted by the suspension of international travel, with many businesses temporarily closed,” the company said.

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