Emera Inc. reduces workforce by 50

HALIFAX, Jan. 23, 2003 — Emera Inc. announced Thursday that it is reducing its workforce by 50 people. Following the reduction the total workforce will be approximately 2,500.

The reductions are being made in both Nova Scotia Power and Emera Energy. Affected employees are largely located at the Halifax head office.

In announcing the reductions, Emera Inc. President and CEO David Mann said: “These reductions reflect our determination to be as efficient as we can be in meeting the needs of our customers and our shareholders. System reliability will not be affected by the changes.”

He said: “We remain committed to running efficient electric utilities while taking advantage of good growth opportunities in Northeastern North America. The changes we are making today will help us stay focused on these priorities.”

About Emera Inc.

Emera Inc. (EMA:TSX) 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; and an 8.4% interest in the Sable Offshore Energy Project offshore platforms and sub-sea field gathering lines. Emera Energy also incorporates Emera Energy Services, Emera Fuels, and Emera’s business development activities. Visit Emera on the web at www.Emera.com.

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