Emera - Emera Announces Closing of Common Share Offering

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.

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.