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Emera Approves Quarterly Dividend

HALIFAX, Nova Scotia, January 9, 2003 (TSX: EMA): The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2200 per common share. The dividend is payable on and after February 16, 2004 to common shareholders of record at the close of business on February 2, 2004. On an annualized basis this represents a two cent per share increase in Emera's dividend.

About Emera Inc.

Emera Inc. is a diversified energy and services company, with 550,000 customers and $4.0 billion in assets. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Bangor Hydro 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. In addition, Emera Energy manages Emera's growing gas infrastructure investment portfolio, including its 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States. Emera Energy also incorporates Emera Energy Services, Emera Fuels, and Emera's business development activities.