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Underwriters Exercise Over-allottment Option

HALIFAX, Nova Scotia, March 23, 2001, (TSE:EMA): Emera Inc. announced today that CIBC World Markets Inc., on behalf of the Underwriters of the previously announced public offering of 9,000,000 Common Shares, has fully exercised its over-allotment option and acquired 1,350,000 Common Shares to cover over-allotments. Total proceeds to the Company from the exercise of the over-allotment option were $21,735,000.

On March 14, 2001, Emera Inc. announced that it had closed its public offering of 9,000,000 Common Shares, priced at $16.10, for proceeds to the Company of $144.9 million. The offering was underwritten by a syndicate led by CIBC World Markets Inc.

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.