2001 News Releases

High Coal Prices and Low Canadian Dollar Drive Need for Changes in Electricity Rates during 2002
Halifax, NS 18 December 2001. Significantly higher prices for import coal, coupled with a weak Canadian dollar, are the reasons for Nova Scotia Power's request for changes in electricity rates to take effect spring 2002.
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Emera Applauds NS Government's New Energy Strategy
(EMA - TSE) - Emera Inc. believes that the Nova Scotia Government's Energy Strategy, announced today, lays out a coherent framework for the further development of a vital and effective energy sector in Nova Scotia.
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Emera Reports Stronger Third Quarter
HALIFAX, Nova Scotia, November 2, 2001, (TSE:EMA): Emera Inc.'s consolidated earnings were $17.3 million in the third quarter of 2001, compared to $4.9 million for the same period in 2000. The higher earnings were driven by a $9.3 million increase in electric margin, a result of increased sales and falling natural gas prices; and an increase in earnings from the Maritimes & Northeast Pipeline, which recorded $3.6 million of one-time charges in the third quarter of last year.
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Emera Q3 Earnings Release Moved Up To November 2, 2001
HALIFAX, Nova Scotia, (TSE:EMA): Emera Inc. announced today that it would release its third quarter earnings results on Friday, November 2, 2001, a week earlier than the previously announced date of November 9. "We have been working at tightening our reporting schedule, and are ready to implement for Q3," said Ron Smith, Senior Vice-President and Chief Financial Officer of Emera.
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Emera Approves Quarterly Dividend
Halifax, NS: The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2125 per common share. The dividend is payable on and after November 15, 2001 to common shareholders of record at the close of business on October 31, 2001.
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Nova Scotia Power Inc. Approves Preferred Share Quarterly Dividends
TSE: NSI.PR.C, NSI.PR.D
Halifax, NS: The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.01 per Nova Scotia Power Incorporated Series B First Preferred Share for the quarter ending December 30, 2001 payable on and after January 1, 2002 to Series B preferred shareholders of record December 18, 2001
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Emera Finalizes Purchase Of Bangor Hydro-Electric
Acquisition Builds Company's Northeast Energy Business
HALIFAX, Nova Scotia, October 10, 2001 (TSE:EMA): Emera Inc. announced today that it has completed the transaction for the purchase of all of the common shares of Bangor Hydro Electric Company for $26.806 U.S. per share in cash. The purchase increases Emera's customer base by 25% and broadens the company's presence in the expanding northeast energy market.
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U.S. Securities and Exchange Commission Approves Emera's Acquisition Of Bangor Hydro
Deal to Close October 10, 2001
BANGOR, Maine, October 3, 2001, (BGR- NYSE; EMA-TSE): The United States Securities and Exchange Commission (SEC) has approved the pending acquisition of Bangor Hydro-Electric Company by Emera Inc. Under an agreement reached in June 2000, Emera will acquire all of the outstanding common stock of Bangor Hydro for US$26.806 per share in cash, including a $0.306 price adjustment connected to the timing of the close under the terms of the merger agreement. Bangor Hydro's shareholders approved the deal in October, of last year.
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Emera Recommends Gradual Opening Of Nova Scotia's Electricity Markets and Increased Participation by Nova Scotians in Natural Gas Development
Proposals Highlight Emera's Submission to Nova Scotia Energy Strategy
HALIFAX, Nova Scotia, September 5, 2001, (TSE:EMA): Strengthening Nova Scotian involvement in offshore natural gas development and gradually opening Nova Scotia electricity markets to competition are two key recommendations from Emera's submission to the provincial government task force currently formulating a new energy strategy for Nova Scotia.
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Emera Reports Q2 Earnings Of $15.6 Million
Bangor Hydro and Sable Acquisitions Expected To Be Onstream in Third Quarter
HALIFAX, Nova Scotia, August 9, 2001, (TSE:EMA): Emera Inc.'s consolidated earnings were $15.6 million in the second quarter of 2001, compared to $19.9 million for the same period in 2000. Total revenues for the quarter increased 4.9%, to $217.6 million. Higher world prices for fossil fuels used in electricity generation, and increased customer service and business development activities were the primary reasons for the earnings decrease.
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NSPI Completes Offerings of Two Medium Term Notes
Halifax, NS: Nova Scotia Power Inc. (NSPI) has sold an additional $75,000,000 principal amount of Series K Medium Term Notes; and issued $75,000,000 of new Series R Medium Term Notes. The Series K Notes bear interest at the rate of 7.30% and yield 5.68% per annum until February 9, 2004. The Series R Notes bear interest at the rate of 7.45% and yield 7.46% per annum until July 14, 2031. A total of $140,000,000 of Series K Notes and $75,000,000 of Series R Notes are now issued and outstanding.
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Emera Approves Quarterly Dividend
Halifax, NS: The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2125 per common share. The dividend is payable on and after August 15, 2001 to common shareholders of record at the close of business on July 31, 2001.
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NSPI Approves Preferred Share Quarterly Dividends
TSE: NSI.PR.C, NSI.PR.D
Halifax, NS: The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.01 per Nova Scotia Power Incorporated Series B First Preferred Share for the quarter ending September 30, 2001 payable on and after October 1, 2001 to Series B preferred shareholders of record September 17, 2001; a quarterly dividend of $0.30625 per Nova Scotia Power Incorporated Series C First Preferred Share for the quarter ending September 30, 2001 payable on and after October 1, 2001 to Series C preferred shareholders of record September 17, 2001
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MOU Signed With Canadian Imperial Venture Corp.
HALIFAX, Nova Scotia, June 26, 2001, (TSE:EMA): Emera Inc. has signed a Memorandum of Understanding with Canadian Imperial Venture Corp. to determine the feasibility of certain energy related projects in Newfoundland. Specifically the parties have agreed to collaborate in the assessment of businesses related to Canadian Imperial’s production activities in Western Newfoundland; energy industrial parks in Newfoundland; and the application of ship-based compressed natural gas transportation systems in Atlantic Canada.
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Emera Inc. to Acquire Interest in Sable Offhsore Platforms from Nova Scotia Resources Limited
Rights of First Refusal Exercised for Other Sable Infrastructure Assets
HALIFAX, Nova Scotia, June 6, 2001: Emera Inc. (TSE:EMA) will acquire an 8.4% interest in the Sable Offshore Energy Project (SOEP) offshore platforms and associated sub-sea field gathering lines from Nova Scotia Resources Limited for $50.0 million. The acquisition is part of a $90.0 million offer, announced in February 2001, to purchase an interest in all of the SOEP infrastructure assets, which also included a processing plant, a natural gas liquids fractionation plant, a natural gas liquids line and a sub-sea gathering line connecting the main platform to the onshore operations.
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Emera NewsEmera Reports Q1 Earnings of $43.6 Million
Colder Weather Drives Revenue Increases
HALIFAX, Nova Scotia, May 3, 2001, (TSE:EMA): Emera Inc.'s consolidated earnings were $43.6 million in the first quarter of 2001, compared to $50.0 million 2000. Total revenues for the quarter increased 6.2%, to $261.1 million. Earnings were affected by higher world prices for fossil fuels used in electricity generation during the period.
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Emera Approves Quarterly Dividend
Halifax, NS: The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2125 per common share. The dividend is payable on and after May 15, 2001 to common shareholders of record at the close of business on May 1, 2001.
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NSPI Approves Preferred Share Quarterly Dividends
Halifax, NS: The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.01 per Nova Scotia Power Incorporated Series B First Preferred Share for the quarter ending June 30, 2001 payable on and after July 1, 2001 to Series B preferred shareholders of record June 18, 2001
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Underwriters Exercise Over-allottment Option
HALIFAX, Nova Scotia, March 23, 2001, (TSE:EMA): Emera Inc. announced today that CIBC World Markets Inc., on behalf of the Underwriters of the previously announced public offering of 9,000,000 Common Shares, has fully exercised its over-allotment option and acquired 1,350,000 Common Shares to cover over-allotments. Total proceeds to the Company from the exercise of the over-allotment option were $21,735,000.
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Emera Announces Closing of Common Share Offering
Halifax, Nova Scotia, March 14, 2001, (TSE:EMA): Emera Inc. announced today that it has closed its public offering of 9,000,000 Common Shares for gross proceeds to the company of $144.9 million. The offering was underwritten by a syndicate led by CIBC World Markets Inc. The Company has granted the underwriters an option to purchase up to 1,350,000 additional Common Shares at $16.10 per share prior to April 13, 2001 to cover over-allotments.
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Emera Announces Closing of Common Share Offering
HALIFAX, Nova Scotia, (TSE:EMA): Emera Inc. announced today that it has entered into an underwriting agreement with a syndicate of underwriters led by CIBC World Markets Inc., under which the underwriters have agreed to buy and sell to the public 9,000,000 Common Shares of the Company, with an option for up to an additional 1,350,000 Common Shares for up to 30 days after Closing.
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Continued Solid Earnings For Emera Through 2000
Maritimes & Northeast Pipeline Diversifies Earnings Base
HALIFAX, Nova Scotia, February 16, 2001, (TSE:EMA): Emera Inc.'s consolidated earnings increased to $104.4 million, or $1.20 per share in 2000, up from $100.4 million, or $1.16 per share, in 1999. Earnings for the three months ended December 31, 2000 were $29.6 million, or $0.34 per share, compared with $28.4 million, or $0.33 per share, for the three months ended December 31, 1999.
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Emera & Pengrowth Offer to Purchase NSRL Assets
Emera to Acquire Infrastructure, Pengrowth Seeks Gas Reserves
HALIFAX, Nova Scotia, February 6, 2001: Emera Inc. (TSE:EMA) and Pengrowth Energy Trust (TSE: PGF.UN) together announce their offer to purchase the Sable Offshore Energy Project (SOEP) assets of Nova Scotia Resources Limited (NSRL). The total purchase price is estimated to be $355 million.
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Emera News U.S. FERC Approves Emera-Bangor Hydro Merger
BANGOR, Maine, January 24, 2001, (BGR- NYSE; EMA-TSE): The Federal Energy Regulatory Commission (FERC) today approved the pending merger of Bangor Hydro-Electric Company [NYSE: BGR] and Emera Inc. [TSE: EMA]. Under an agreement reached in June 2000, Emera will acquire all of the outstanding common stock of Bangor Hydro for US$205 million. Bangor Hydro's shareholders approved the deal in October, and the Maine Public Utilities Commission approval was received in December.
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Emera Approves Quarterly Dividend
Halifax, NS: The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2125 per common share. The dividend is payable on and after February 15, 2001 to common shareholders of record at the close of business on February 1, 2001.
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NSPI Approves Preferred Share Quarterly Dividends
Halifax, NS: The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.01 per Nova Scotia Power Incorporated Series B First Preferred Share for the quarter ending March 31, 2001 payable on and after April 1, 2001 to Series B preferred shareholders of record March 18, 2001; a quarterly dividend of $0.30625 per Nova Scotia Power Incorporated Series C First Preferred Share for the quarter ending March 31, 2001 payable on and after April 1, 2001 to Series C preferred shareholders of record March 18, 2001; and a quarterly dividend of $0.36875 per Nova Scotia Power Incorporated Series D First Preferred Share for the quarter ending March 31, 2001 payable on and after April 15, 2001 to Series D preferred shareholders of record March 30, 2001.
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