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U.S. Securities and Exchange Commission Approves Emera's Acquisition Of Bangor Hydro
Deal to Close October 10, 2001

BANGOR, Maine, October 3, 2001, (BGR- NYSE; EMA-TSE): The United States Securities and Exchange Commission (SEC) has approved the pending acquisition of Bangor Hydro-Electric Company by Emera Inc. Under an agreement reached in June 2000, Emera will acquire all of the outstanding common stock of Bangor Hydro for US$26.806 per share in cash, including a $0.306 price adjustment connected to the timing of the close under the terms of the merger agreement. Bangor Hydro's shareholders approved the deal in October, of last year.

"The SEC was the last regulatory approval we needed to complete the merger, so we're very pleased", said Carroll Lee, Chief Operating Officer of Bangor Hydro. "Now, our focus is on completing the transaction." The parties have scheduled the closing for October 10, 2001.

"Bangor Hydro is an important element of Emera's northeast energy strategy", said David Mann, President and CEO of Emera Inc. "We're excited to be increasing our presence in the New England marketplace, and are glad to have the opportunity to prove our confidence in the United States as a great place to invest. We look forward to expanding our business interests in the northeast further as opportunities arise."

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 http://www.bhe.com/.

Emera Inc. is a diversified energy and services company, with 440,000 customers and $3.2 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; 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; and an 8.4% interest in the Sable Offshore Energy Project offshore platforms and sub-sea field gathering lines.