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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.

NSPI's agency group for its Medium Term Note Program includes CIBC World Markets Inc., Scotia Capital Inc., RBC Dominion Securities Inc., and BMO Nesbitt Burns Inc.

Nova Scotia Power Inc. is a regulated electric utility that supplies over 95% of the electricity generation, transmission and distribution in Nova Scotia. It has over 440,000 customers, and $2.9 billion in assets. NSPI is a wholly-owned subsidiary of Emera Inc. (TSE:EMA), a diversified energy and services company. Emera also 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; an 8.4% interest in the Sable Offshore Energy Project offshore platforms and associated subsea field gathering lines; and delivers bunker oil, diesel fuel and light fuel oil through its unregulated subsidiaries. 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. Bangor shareholders have approved the transaction.