Mr. Scott Balfour reports

FINAL APPROVAL RECEIVED FOR EMERA'S SALE OF NEW MEXICO GAS COMPANY

Emera Inc. has received final approval from the New Mexico Public Regulation Commission (NMPRC) for the sale of New Mexico Gas Company (NMGC) to Bernhard Capital Partners.

"This approval marks an important milestone for Emera and supports our long-term growth objectives," said Scott Balfour, president and chief executive officer, Emera. "We appreciate the NMPRC's thorough review and decision and thank the New Mexico Gas team for their unwavering focus on customers. We are confident Bernhard is committed to building on that strong foundation and supporting the continued success of New Mexico Gas for customers, employees and communities across the state."

The sale, with an estimated aggregate transaction value of approximately $1.25-billion (U.S.), was first announced in August, 2024. The sale will result in after-tax net proceeds of between $650-million (U.S.) and $700-million (U.S.), which will be used to support investment opportunities, including across Emera's regulated utility businesses and repaying company debt.

Emera acquired NMGC as part of its acquisition of the TECO Energy group of companies in 2016. Under Emera's stewardship, as the largest natural gas utility in New Mexico, NMGC maintains more than 19,300 kilometres (12,000 miles) of pipeline serving more than 553,000 customers across the state.

The transaction is expected to be completed in August, 2026.

About Emera Inc.

Emera is a leading North American provider of energy services headquartered in Halifax, N.S., with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.6 million customers in the United States, Canada and the Caribbean. Emera's team of 7,600 employees is committed to the company's purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange, and its common shares are listed and trade on the New York Stock Exchange.

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