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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.

"With today's FERC approval, another major prerequisite to closing the transaction has been satisfied," said Robert S. Briggs, President of Bangor Hydro. Mr. Briggs indicated that proceedings are pending at the U.S. Securities and Exchange Commission for what is anticipated to be the last major regulatory approval. The processes for all necessary regulatory approvals are expected to be complete in the first half of 2001.

Bangor Hydro is an electric utility serving a population of 192,000 in an area encompassing 5,275 square miles in eastern and east coastal Maine. Bangor Hydro is a member of the New England Power Pool and is interconnected with other New England utilities to the south and with the New Brunswick Power Corp. to the north. Visit Bangor Hydro on the Web at www.bhe.com.

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.