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Emera Earns $129.8 Million in 2004 – February 11, 2005
Q4 Results Lower As NSPI Awaits Rate Decison

HALIFAX, Nova Scotia, February 11, 2005, (EMA-TSX): Emera Inc.'s consolidated net earnings for 2004 were $129.8 million, or $1.20 per share, compared to $129.2 million or $1.20 per share in 2003.

Consolidated earnings for the three months ended December 31, 2004 were $31.4 million, or 30 cents per share, compared to $47.5 million or 44 cents per share in the fourth quarter of 2003.

"Our 2004 financial results are in line with expectations," said Chris Huskilson, President and CEO. "For the first part of the year, lower fuel costs offset higher taxes in Nova Scotia Power. Our ability to offset higher taxes is decreasing, and the lower earnings in Q4 reflect that. This circumstance prompted our current rate application. The decision is pending from the Utility and Review Board."

For the three months ended December 31, 2004, Nova Scotia Power's (NSPI) contribution to consolidated net earnings was $25.0 million, compared to $41.7 million for the fourth quarter of 2003, reflecting a $16.0 million decrease in electric margin.

For the full year, NSPI's contribution to consolidated net earnings was $4.8 million lower, at $107.3 million in 2004, compared to $112.1 million in 2003. Earnings were affected by higher depreciation expense and increased provincial taxes.

Bangor Hydro's contribution to earnings was consistent quarter over quarter at $4.4 million; and year over year, at $18.5 million in 2004 compared to $18.8 million in 2003. Earnings growth was offset by the effect of a stronger Canadian dollar. The contribution of Other operations to consolidated net earnings increased to $4.0 million in 2004, compared to a loss of $1.7 million in 2003, primarily due to higher energy marketing margins.

Consolidated net cash provided by operating activities was $304.0 million in 2004, compared to $251.9 million in 2003. The increase reflects the one time cash payment in 2003 for prior years' income tax assessment, partially offset by lower cash receipts from customers in 2004 from timing of bill payments.

Recent Corporate Developments

In January 2005, Emera's Board of Directors increased its common dividend by $0.01 to $0.89 annually.
In December 2004, Emera, in partnership with Brascan Power Inc., announced it would acquire three hydro-electric generating facilities in New England. The transactions are subject to regulatory approvals, and are expected to close by mid-2005.

About Emera Inc.

Emera Inc. (EMA-TSX) is an energy and services company with 570,000 customers and $4.0 billion in assets. The core business of Emera is electricity and 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. Nova Scotia Power's Point Tupper and Lingan generating facilities have been ranked #1 and #2 in Canada in operating performance by The Canadian Electricity Association. 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. Emera also owns a 12.9% interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States; Emera Energy Services which manages energy assets on behalf of third parties and provides related services; and Emera Fuels, which distributes home heating oil and related products to customers in the Maritime provinces.

Teleconference 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 Q4 2004 financial results. Analysts and other interested parties wanting to participate in the call should dial 1-800-387-6216 (in Toronto 416-405-9328) at least 10 minutes prior to the start of the call. No pass code is required. The teleconference will be recorded. If you are unable to join the teleconference live, you can dial for playback toll-free at 1-800-408-3053 access code 3135660 (available until midnight Friday, February 18, 2005). The teleconference will also be web cast live at www.emera.com and available for playback for one year.

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).