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Emera Approves Quarterly Dividend

Halifax, Nova Scotia, April 17, 2002: The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2150 per common share. The dividend is payable on and after May 15, 2002 to common shareholders of record at the close of business on May 1, 2002.

About Emera Inc.

Emera Inc. is a diversified energy and services company, with 550,000 customers and $4.1 billion in assets. The company has two wholly-owned operating subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power, a regulated utility, supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Bangor Hydro, also regulated, provides electricity transmission and distribution service to 110,000 customers in eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north. Emera also delivers bunker oil, diesel fuel and light fuel oil through its unregulated subsidiaries; has a 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable 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.