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Emera Inc. Announces 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.

The purchase price of $16.10 per Common Share will result in gross proceeds of $144.9 million, assuming that the over-allotment option is not exercised, and $166.6 million if the over-allotment option is fully exercised. The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals. Closing is expected on or about March 14, 2001.

The net proceeds of the offering will be used by Emera to fund growth initiatives as well as for general corporate purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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 per cent 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.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSISTUTE A VIOLATION OF U.S. SECURITIES LAW.