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Nova Scotia Power Postpones Rate Application

Halifax, Nova Scotia, November 18 2002: Nova Scotia Power Inc. (NSPI) announced today that it will not proceed with its 2003 rate application, which was filed earlier this year. Nova Scotia Power is a wholly-owned subsidiary of Emera Inc. (TSX:EMA).

"Since NSPI's 2002 rate decision was received in late October, we have reviewed the requirement for a further rate increase in 2003," explained Ron Smith, Emera's Senior Vice President and Chief Financial Officer. "As a result of continued softening of world coal prices and careful management of operating costs, we have concluded that NSPI will not require any adjustment to its rates in 2003. If required, an application for a 2004 rate increase will be filed in 2003."

NSPI provides 95% of electric generation, transmission and distribution to 440,000 customers across Nova Scotia.