Emera Overview Strategic Focus - SNL€¢ Ships natural gas from the Canaport™ LNG terminal in Saint John, NB to the US Border

Emera Overview

& Strategic

Focus

Chris Huskilson, CEO

September 7, 2010

Investor Presentation 1

Forward Looking Statements

Certain information provided in this presentation constitutes forward-looking statements.

The words “anticipate,” “expect,” or “project,” and similar expressions are intended to

identify such forward-looking statements. Although Emera believes such statements

are based on reasonable assumptions, such statements are subject to certain risks,

uncertainties and assumptions pertaining to operating performance, regulatory

parameters, weather, economic conditions, etc. Should one or more of these risks

or uncertainties materialize, or should underlying assumptions prove incorrect,

actual results may vary significantly from those expected.


Nova Scotia

Power Inc.

Pipelines Caribbean Renewables and

Low Carbon

Emera Overview

Emera Inc.

Wholly-owned

Regulated business� � � �

��

� � � � ��

Brunswick Pipeline

Maritimes & Northeast

Pipeline

100%

12.9%

Barbados Light & Power

Grand Bahama Power

Company

38%

25%

Lucelec

19%

OpenHydro

8.2%

60% of earnings

Atlantic Hydrogen

26%

Algonquin

Pending

Calpeco

Pending

Energy Services

��

Bayside

Emera Utility Services

100%

100%

Bear Swamp

50%

Emera Energy

100%

5% of earnings15% of earnings

Bangor Hydro-

Electric

��

Maine & Maritimes

Pending

15% of earnings 5% of earnings 0% of earnings


Where We Are

Bear Swamp

HalifaxBango

rOpen Hydro

Trinidad and Tobago

Barbados

Puerto Rico

Dominican Republic

HaitiJamaica

The Bahamas

St. Lucia

Curaçao

Grand Bahama

Antigua and Barbuda

Port of Spain

Grand Bahama

Power

Lucelec

Maine & Maritimes (MAM)**

Brunswick Pipeline

Maritimes & Northeast

Pipeline

Bangor Hydro

Nova Scotia Power

The Caribbean

Nova Scotia

CANADA

UNITED STATES OF AMERICA

Barbados Light &

Power

Calpeco**

**Pending


Emera at a Glance

• Electricity is our business• Generation, transmission, distribution• Focus on clean energy transformation

• Regulated or contracted utilities: 95% of earnings

• Record earnings of $110.8 million for the first half of 2010

• Record closing share price $27.37• September 1, 2010

• Statistics• 603,000 electric customers• 3,400 MW of generating capacity• 2,400 employees• 6,300 km of transmission lines• 33,800 km of distribution lines

$5.7 billion Assets

NSPI BHE Brunswick Pipeline Other


Strategic Focus

Growth• Grow earnings and dividends 4-6% annually• Maintain risk profile

Renewables• Reduce carbon intensity of our portfolio• Wind, biomass, tidal, solar, hydro

Transmission• Connect new renewables to the grid

Natural Gas• Invest in gas generation and transmission as

important transition fuel and back up for intermittent renewables

Invest in Utilities• Use our core skills and strengths to increase

our portfolio• Today invested in five—soon seven Digby Wind Farm, August 2010


A Focus on Transmission in our Region

• $150 million in transmission projects in progress in Maine

• Requirement to strengthen transmission system in Nova Scotia and interconnect with New Brunswick as significantly morewind comes on-line in these provinces

• Potential opportunity to bring Churchill Falls power through Nova Scotia to New England

• Potential opportunity to build transmission in Nova Scotia and New Brunswick

• Proposal to build NortheastEnergy Link

Bear Swamp

Bangor

Northeast Energy Link

Point Lepreau

TidalNova Scotia Power

Transmission

Nova Scotia Power Renewables

Churchill Falls, Labrador

Hydro Quebec

New Brunswick Renewables

New England RenewablesNewfoundland

Bangor Hydro

Maine & Maritimes

Halifax


Emera CompaniesNova Scotia Power• Earnings of $78.2 million for six months ended June 30, 2010

• Total assets of $3.7 billion

• Statistics• 2,400 MW generation• Transmission Lines: 5,000 km• Distribution Lines: 25,000 km• 487,000 customers

• Five-year capital opportunity—focused ontransition to cleaner generation

• $1.5-$2 billion

• Growth Strategy:• Increased earnings through cleaner generation investments:

– Renewable Energy, Transmission• Continued improvements in customer service• Continued investments to improve service reliability

Tufts Cove

Trenton

Point Tupper

Lingan

Point Aconi

Nova Scotia


Emera CompaniesBangor Hydro• Total earnings of $12.6 million for the six months ended June 30, 2010

• Transmission and distribution utility• Transmission Lines: 1,300 km• Distribution Lines: 6,800 km• 119,000 customers

• Five-year capital opportunity• $250-$500 million

• $150 million of transmission development currently underway

• Growth Strategy:• Acquisition of neighboring utilities (MAM pending)• Transmission Development:

– Three transmission projects currently underway • Building transmission to support Maine wind developers• Wind development• Larger regional transmission projects (NEL)• Development of in-home energy solutions (Smart Grid)

Bangor Hydro

Service Area

Maine

Maine & Maritimes


Emera CompaniesPipelines

Brunswick Pipeline: 145 km

• Ships natural gas from the Canaport™ LNG terminal in Saint John, NB to the US Border

• Went in service in July 2009

• Final capital cost of approximately $491 million

• 25-year send or pay contract with Repsol results in strong earnings

• Brunswick Pipeline continues to seek opportunities to optimize the pipeline and expand its business

Maritimes & Northeast Pipeline (MN&P): 1,400 km

• 12.9% equity interest

• Transports natural gas from the Sable reserves to markets in the Maritimes and northeastern US

Canaport LNG/StorageColeson Cove

Point Lepreau

M&NP Pipeline

Brunswick Pipeline

Transmission Line

SAINT JOHN

New Brunswick


Emera CompaniesEmera Energy• Atlantic Canada’s premier energy marketing operation

• Physical energy business, established as a wholly-owned subsidiary in 2002

• EES owns generation assets, purchases and sells natural gas and electricity, and provides management services throughout North America

• Manages more than 3,200 MW of generation

• Critical in maximizing the value of Emera’s portfolio of assets and assessing new opportunities for investment

• Current strategic focus on expanding its customer base in northeastern North America, expanding into new geographies and increasing its ownership of generation assets


Emera EnergyBear Swamp• Pumped storage hydro-electric generating

facility located in northern Massachusetts

• A 50/50 joint venture with Brookfield Power

• 600 MW – two 300 MW generating units• Dam storage capacity of 5 hours• Total daily capacity approx 3,000MWh

• Uses lower, off-peak prices to pump water uphill, then releases it to generate electricity during peak price times

• 50% of energy and capacity sold to Long Island Power Authority under a 15 year agreement

• A unique and flexible asset that provides valuable bulk power system services, particularly as increased renewables enter the market


Emera EnergyBayside Power• 260 MW gas-fired combined cycle power plant located

in Saint John, NB

• A key supplier of energy in NB during winter months under a long-term agreement

• A supplier of energy in the US Northeast market in shoulder and summer seasons

• Highest quality thermal unit in the region – is reliable and flexible, with low emissions

• Top decile heat rate in the region

• Plan in place to improve financial performance:• Capital improvements• Identifying, assessing and pursuing commercial

opportunities• Developing in-house expertise to reduce OM&G

• Facilitates opportunities for further investment and integration in the region


Emera CompaniesEmera Utility Services (EUS)

• Largest utility services contractor in Atlantic Canada

• Revenues of $44 million for the year ended December 31, 2009

• Market leader in transmission construction, wind farm collection systems and substations construction.

• Growth Strategy:• Evaluating options to expand outside of the

Maritime Provinces• Target service areas to support aggressive

growth:– Transmission construction– Wind farm construction– Communications construction, splicing,

and install and repair


Strategic PartnershipsOpenHydro

• Invested $16 million for an 8.2% interest in OpenHydro in 2008/09

• OpenHydro designs and manufactures marine turbines for harnessing energy from tidal currents

• Successfully deployed NSPI test turbine in the Bay of Fundy in November 2009, although preliminary analysis supports that the turbine rotor may have been damaged

• Plan to recover unit in the fall and redeploy a new model next year

• Strategy is to harness the tremendous energy of the Bay of Fundy to produce clean, renewable power

Prince Edward Island

Maine

NewBrunswick

Nova Scotia

Bay of Fundy

Minas Passage


Strategic PartnershipsAlgonquin• Emera has agreed to acquire a 9.9% interest in

Algonquin Power & Utilities Corp (APUC) (TSX “AQN”) with the option to acquire an additional 5% over the next two years

• As a first step in the partnership, Emera and APUC have committed to acquire the California generation and distribution assets of Sierra Pacific Power Company

• Emera and APUC will jointly own and operatethe utility through a newly formed entity, California Pacific Electric Company (Calpeco)

• Transaction is subject to approval by the California Public Utilities Commission; the regulatory review process is expected to conclude in 2010


New Developments Maine & Maritimes• Recently entered into a merger agreement with

Maine & Maritimes (MAM)

• Expected to close Q4 2010 subject to regulatory approval

• MAM shareholders have voted in favour of the merger agreement with BHE Holdings

• Transmission and distribution electric utility serving most of Northern Maine

• Approximately 36,000 customers

• Strategic investment for Emera• T&D utility plays to our key strengths and skill

sets• Located between BHE territory and New

Brunswick border


New DevelopmentsScale in the Caribbean• Building scale in the Caribbean

• 38% Light & Power Holdings, May 2010, $85 million• 25% GBPC, September 2008, $41 million• 19% Lucelec, January 2007, $22 million

• Total Caribbean earnings expected to beapproximately $9 million this year

• Caribbean is a strong focus for Emera• Growth market• High rates of return• Our operational skills are valued and aligned

• Caribbean strategy is to build a business of scalethat achieves targeted returns, ensures appropriategovernance and allocates resources on an opportunity basis Trinidad and

Tobago

BARBADOS

Puerto Rico

Dominican Republic

Haiti

Jamaica

THE BAHAMAS

ST. LUCIA

Curaçao

GRAND BAHAMA

Antigua and Barbuda

Port of Spain

Grand Bahama Power

Lucelec

Barbados Light & Power

A Greener Future in Nova ScotiaA Greener Future in Nova ScotiaA Greener Future in Nova Scotia

Rob Bennett, NSPI President & CEOSeptember 7, 2010

Nova Scotia Power Priorities

Build a reputation for customer service

Leave a legacy of clean energy

Where We Are Now

Today’s Generation:

– Coal: 67.9%– Oil and diesel: 2.5%– Natural gas: 13.3%– Hydro and tidal: 8.8%– Wind: 1.4%– Biomass: 1.1%– Imports: 5.2%

NS Power TransformationGovernment Requirements:

– 2011: 15% renewable– 2012: 20% renewable– 2015: 25% renewable– 2020: CO2 reduced 25%

Target:

– 2020: 40% renewable

Transformation is driving our largest ever capital program:

– $130 million in an average year– $270 million in 2009– $600 million-plus in 2010

Wind Power in Nova Scotia

Existing In Development

Biomass

• Agreement to develop a new 60 MW biomass co-generation facilitysubject to regulatory approval

• Expected in service date—late 2012

• $200 million investment

• 400 GWh annually, representing approximately 3% of the province’s total electricity requirement

• Another important step toward meeting Nova Scotia’s renewable energy commitments

• Expected to create 150 new jobsin Nova Scotia

Lower Water Street OfficeConverting a building on the Halifax Waterfront that was previously a generating station into a new headquarters

$53.4M project – more cost effective than renewing the Barrington Tower lease

Environmentally sustainable project, targeting LEED platinum

Move in date – spring 2011

Tufts Cove Waste Heat ProjectNew Turbine

– $93 million investment – 50 MW – Capture waste heat from

natural gas turbines– Minimal consumption of

additional fuel– Little additional carbon

dioxide emission

Tidal Turbine Test Project

Tidal Project:• Launched in Minas Passage on

November 12, 2009

• Real potential: At mid-tide, more water moves in and out of the Minas Passage than all the rivers in the world

Size:• 1 MW• 10 metre diameter• 400 tonne base built in

Dartmouth

Hydro System Upgrades

• Spending $100 million over 5 years on repairs & upgrades

• We have more than 155 dams and 33 hydro units on 17 river systems

Ridge spillway at Bear River Hydro$1.6 million project

Reducing Emissions• Important for us to reduce the

environmental impact of our coal plants

• In 2009, completed $45 million worth of upgrades to our Trenton generating station

• New mercury regulations require us to reduce our mercury emissions to 65kg by 2014.

– We’re on track to meet this target

Transmission Interconnection• With increased dependence

on renewables, more transmission interconnection will be required

• Provides firm back up for days when there isn’t enough wind here

• New framework with New Brunswick

– Agreement to develop a transmission line from Colchester, NS to Southern NB

Financial Performance

Nancy Tower, EVP & CFO

September 7, 2010


Forward Looking Statements

Certain information provided in this presentation constitutes forward-looking statements.

The words “anticipate,” “expect,” or “project,” and similar expressions are intended to

identify such forward-looking statements. Although Emera believes such statements

are based on reasonable assumptions, such statements are subject to certain risks,

uncertainties and assumptions pertaining to operating performance, regulatory

parameters, weather, economic conditions, etc. Should one or more of these risks

or uncertainties materialize, or should underlying assumptions prove incorrect,

actual results may vary significantly from those expected.


Emera’s Strong Performance Mid-Year 2010 Update

• Record earnings of $110.8 million for the first half of 2010

6.52%$0.06$0.92$0.98EPS

7.39%$391 M*$5,290 M*$5,681 MTotal Assets

6.95%$7.2 M$103.6 M$110.8 MNet Earnings

4.57%$33.7 M$737.9 M$771.6 MRevenue

% ChangeChange

Six months ended

June 30, 2009

Six months ended

June 30, 2010

* As at June 30, 2010


Earnings per Share

2005 2006 2007 2008 2009 09/10*

Emera’s Strong PerformanceShareholder Return

$1.14 $1.36 $1.29 $1.56

• Increased EPS an average 9% for the last five years

• Surpassed growth targets of 4-6% annually

$1.12 $1.60

*Rolling twelve months

Dividends Paid per Common Share

$0.75

$0.85

$0.95

$1.05

$1.15

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10

• Increasing dividends per share an average of 4.5% annually over last five years

$1.13

$0.84


Emera’s Strong Performance 12 Month Share Price

•Total return to shareholders since September 1, 200 5 – approximately 13.0%

•Record closing share price of $27.37 on September 1 , 2010


Emera’s Strong PerformanceMarket Cap and Asset Growth

2005

2006

2007

2008

2009

2010

2005 2006 2007 2008 2009 2010**

$3.27 B**

$2.49 B

$2.44 B

$2.51 B

$2.32 B

$3,777 $3,850 $4,040 $5,269 $5,293

$2.80 B

$5,681**

Market Capitalization ($ Billions) Asset Growth ($ Mil lions)

For The Years Ended

** As at September 1, 2010 ** As at June 30, 2010


Strong Access to Capital Markets

$725 Million raised in 2009

• NSPI: $50 million Medium Term Notes maturing October 2013, all-in rate of 5.455%

• NSPI: $200 million Medium Term Notes maturing July 2039, at an all-in rate of 5.974%

• EMA: $475 million Medium Term notes• $250M 5-year coupon = 4.10%• $225M 10-year coupon = 4.83%

$450 Million raised to date in 2010

• EMA: $150M bought deal of Preferred Shares• 6 million, 5-year rate reset prefs• Yield: 4.4%

• NSPI: $300 million Medium Term notes maturing June 14, 2040, bearing interest at 5.6%

4.08

23.19

4.18

18.41

4.23

21.76

7.250

5

10

15

20

25

February May August November

Dividend Reinvestment Plan (DRIP)# of shares participating (millions)

2009 2010

• 5% discount introduced

• 19% participation rate in August 2010, up over 300% since implementation in November 2009


NSPI & BHE Equity Thickness & ROE Band

• Our regulated and contracted businesses make up 95% of our earnings. All of these businesses are low risk.

Transmission: 11.14% - 11.64%

Distribution: 10.2%

Stranded Cost: 8.5%

50% – 55%Bangor Hydro Electric

9.1% - 9.6%Up to 40%Nova Scotia Power Inc

Allowed Return on EquityEquity

ThicknessSubsidiary


Pipelines & Caribbean

Brunswick Pipeline

• 25-year send or pay contract with Repsol• Contract is negotiated to return 11 – 14% on 40% equity

Maritimes & Northeast Pipeline

• Regulated business• ROE – Approximately 12%

Caribbean

• Regulated businesses• ROE – Approximately 12.5% - 17%• Equity thickness – approximately 50%


NSPI & BHERate Base Investment

NSPI

• 2010 capital program approximates $600 million

• 5 year capital program: $1.5 - $2 billion

BHE

• 2010 capital program approximates $60 million

• 5 year capital program: $250 - $500 million


Outlook for 2010

• In line to earn our 4 – 6 % earnings growth target

• Do not expect to be in the equity markets during th e remainder of 2010


Investor Relations Contacts:

Jennifer Nicholson, CA

Senior Director, Stakeholder Relations

Direct: 902-428-6347

Email: [email protected]

Jill MacDonald, CA

Manager, Investor Relations

Direct: 902-428-6486

Email: [email protected]

Contact Information

Documents

Emera Overview Strategic Focus - SNL€¢ Ships natural gas from the Canaport™ LNG terminal in Saint John, NB to the US Border