WHERE IS BANGOR HYDRO'S DEBT?

With the hope there will be a decent attendance TONIGHT at the PUC's Public Hearing re: Bangor Hydro Electric's attempt to raise rates for residential customers, the following NEWS BREAKING information is provided. (Remember, these rate increases - called Stranded Cost rates are to address BHE's outstanding debts. According to the BHE spokesperson on the WABI TV news last night stated go back to when BHE sold its energy generating abilities to Emera, the Canadian corporation, approximately 10 years ago.) The Public Hearing begins at 6pm - Richard E. Dyke Center for Family Business at Husson College in Bangor. (Access to the college is off Broadway.)
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Yesterday, March 16, Emera issued a Press Release out of HALIFAX, (with the notation in Bold Letters "NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES" -

"Emera Incorporated ("Emera") (TSX: EMA) is pleased to announce today that it has completed its bought deal offering of 6,359,500 common shares (the "Common Shares"), which includes the exercise in full over-allotment option of 829,500 Common Shares, at $31.70 per Common Share for aggregate gross proceeds to Emera of approximately $201.8 million (emphasis added by this writer) (the "Offering"). The syndicate of underwriters was led by CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc. and RBC Dominion Securities Inc., and also included BMO Nesbitt Burns Inc. and the National Bank Financial Inc.

The net proceeds of the Offering will be used for general corporate purposes, including repayment of the indebtedness under Emera's credit facility.

The Common Shares have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any province, state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

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

Emera Inc. is a growing energy and services company with $6.3 billion in assets and revenues of $1.6 billion. The company invests in electricity generation transmission and distribution as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of the clean energy to market. Emera operates throughout northeastern North America, in three Caribbean countries and in California. More than 80% of the company's earnings come from regulated investments. Emera shares are listed on the Toronto Stock Exchange and trade under the symbol EMA. Additional information can be accessed at www.emera.com - or - www.sedar.com"

Questions for BHE ratepayers:

(1) Who owns BHE? Emera Inc.?

(2) Why aren't/weren't any BHE debts delegated to Emera at the time BHE sold its energy generating capabilities to Emera?

(3) Since the proposed stranded cost rates will be applied to the Transmission & Delivery portion of ratepayers bills, and Transmission & Delivery is part of Emera's business - why shouldn't Emera being absorbing any outstanding BHE debts (instead of Maine ratepayers being burdened with those debts)?