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Emera's Earnings Rebound to $129.2 Million
Consolidated Earnings Increase 54.5%

HALIFAX, Nova Scotia, February 6, 2004 (TSX: EMA): Emera Inc.'s consolidated net earnings increased 54.5% to $129.2 million for the year ended December 31, 2003, compared to $83.6 million in 2002. Earnings per share were $1.20 in 2003, compared to $0.85 in 2002.

"We worked hard to return Emera to an acceptable level of profitability in 2003," said David Mann, President and CEO. "In large part, the earnings improvement can be attributed to our focus on Emera's core electricity business. We controlled costs, streamlined activities, and capitalized on high natural gas prices, all of which helped to restore our earnings."

Consolidated earnings for the three months ended December 31, 2003 were $47.5 million, or $0.44 per share compared to $18.1 million, or $0.18 per share for the three months ended December 31, 2002.

Nova Scotia Power's contribution to consolidated net earnings increased $26.0 million, to $112.1 million in 2003, compared to $86.1 million in 2002. The earnings improvement is largely due to higher revenues, reflecting a 3% average electricity price increase implemented in late 2002; and lower fuel costs, resulting from strong natural gas sales and lower prices for other fuels. These positive circumstances were partially offset by a $42.1 million increase in income taxes, now that NSPI is fully taxable.

Bangor Hydro's contribution to earnings was solid year over year at $18.8 million, with earnings growth offset by the weaker US dollar. Equity earnings from the Maritimes & Northeast Pipeline increased to $9.6 million, from $9.1 million in 2002, reflecting an increase in gas volumes shipped as the Alma field came into production.
Consolidated cash provided by operations before interest and income taxes increased $118.1 million, to $551.3 million, in 2003, from $433.2 million in 2002 largely as a result of higher revenues, and lower fuel costs in Nova Scotia Power.
In January 2004, Emera's Board of Directors increased its common dividend by $0.02 to $0.88 annually. "The dividend is critically important to our shareholders, and is supported by our strong earnings and cash flow," said Mr. Mann.

Analyst Conference Call

Emera is holding a teleconference today at 3:00 pm Atlantic (2:00 pm Toronto/Montreal/New York, 1:00 pm Winnipeg; 11:00 am Vancouver) to discuss the 2003 financial results. Analysts and other interested parties wanting to participate in the call should dial 1-888-575-8232 (in Toronto 416-406-6419) at least 10 minutes prior to the start of the call. No pass code is required. A replay of the teleconference will be available one hour after the call ends, until midnight on Friday, February 13, 2004 by dialing 1-800-408-3053. Pass code #1523466. The teleconference will also be Webcast live and archived for replay on the internet at www.emera.com

Forward Looking Information

This news release contains forward looking information. Actual future results may differ materially. Additional financial and operational information is filed electronically with various securities commissions in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR).

About Emera Inc.

Emera Inc. (EMA-TSX) is a diversified energy and services company with 570,000 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 incorporates Emera's 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States; and Emera Energy Services, Emera Fuels, and Emera's business development activities.