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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.

About Emera Inc.

Emera Inc. is a diversified energy and services company, with 440,000 customers and $2.9 billion in assets. Its wholly-owned operating subsidiary, Nova Scotia Power Inc., is a regulated electric utility that supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Emera also delivers bunker oil, diesel fuel and light fuel oil through its unregulated subsidiaries, and has a 12.5 % interest in the Maritimes & Northeast Pipeline, which delivers Sable Island natural gas to markets in Maritime Canada and the northeastern United States.

Emera is in the process of gaining regulatory approvals for the acquisition of all of the common shares of Bangor Hydro-Electric Company (NYSE:BGR), a regulated electric transmission and distribution business serving 110,000 customers in Maine, for $305 million. Bangor shareholders have approved the transaction. On February 6, 2001, Emera announced its offer to purchase the Sable Offshore Energy Project (SOEP) infrastructure assets of Nova Scotia Resources Limited for $90.0 million. The acquisition comprises an 8.4% interest in the $2.0 billion SOEP infrastructure, including a gas processing plant at Goldboro, Nova Scotia; a natural gas liquids fractionation plant at Point Tupper, Nova Scotia; a natural gas liquids line connecting the Goldboro and Point Tupper operations; and offshore production platforms and sub-sea gathering pipelines. The offer is subject to certain rights of first refusal that, if unexercised, expire in mid-April, 2001.