Emera Incorporated and Algonquin Power & Utilities Corp. Announce Closing of California Pacific Electric Company Transaction

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Jan 01, 2011, 10:00 ET

HALIFAX AND OAKVILLE, ON, Jan. 1 /PRNewswire/ - (EMA-TSX, AQN-TSX): Emera Incorporated ("Emera") and Algonquin Power & Utilities Corp. ("APUC") announced that effective today they are closing their acquisition of the California-based electricity distribution and related generation assets of NV Energy, Inc.. Total consideration for this transaction is $131,789,563 USD, subject to final adjustments. Emera and APUC own and operate these assets through a newly formed utility company, California Pacific Electric Company, LLC. Also, as an element of the transaction, Emera has now exchanged certain previously announced subscription receipts into 8.523 million APUC common shares.

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About Emera Incorporated
(EMA and EMA.PR.A -TSX) is an energy and services company with $5.8 billion Canadian dollars in assets. Electricity is Emera's core business. Approximately 94% of Emera's revenues are earned by Nova Scotia Power Inc (NSPI), Bangor Hydro Electric Company (BHE) and the Brunswick Pipeline. NSPI and BHE are wholly-owned regulated electric utilities which together serve 603,000 customers. The Brunswick Pipeline is a 145 km gas pipeline in New Brunswick. Emera also owns Maine and Maritimes Corporation, the parent company of Maine Public Service Company, a regulated electric utility serving approximately 36,000 electricity customers in Northern Maine and MAM Services Group. In the Caribbean, Emera owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the island of St. Lucia, 80.4% of Grand Bahama Power Company which serves 19,000 customers on the island of Grand Bahama and 38% of Light & Power Holdings, which serves 120,000 customers on the island of Barbados through its regulated electric utility, The Barbados Light and Power Company. In addition to its electric utility investments, Emera owns Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; and an 8.2% interest in Open Hydro.

About Algonquin Power & Utilities Corp.
Through its distinct operating subsidiaries, APUC owns and operates a diversified portfolio of $1.1 billion of clean renewable electric generation and sustainable utility distribution businesses in North America. Liberty Water Co., APUC's water utility subsidiary, provides regulated water utility services to more than 70,000 customers with a portfolio of 19 water distribution and wastewater treatment utility systems. Through its wholly owned subsidiary Liberty Energy Utilities Co., APUC provides regulated electricity and natural gas distribution services, currently serving more than 47,000 electric customers in the Lake Tahoe, CA area. Pursuant to previously announced agreements, Liberty Energy Utilities Co. is committed to acquiring Granite State Electric Company, a New Hampshire electric distribution company, and EnergyNorth Natural Gas Inc., a regulated natural gas distribution utility, which together serve approximately 130,000 customers. Algonquin Power Co., APUC's electric generation subsidiary, includes 45 renewable energy facilities and 14 thermal energy facilities representing more than 480 MW of installed capacity. APUC and its operating subsidiaries deliver continuing growth through an expanding pipeline of greenfield and expansion renewable power and clean energy projects, organic growth within its regulated utilities and the pursuit of accretive acquisition opportunities. APUC's common shares and convertible debentures are traded on the Toronto Stock Exchange under the symbols AQN, AQN.DB, AQN.DB.A and AQN.DB.B. Visit Algonquin Power & Utilities Corp. on the web at www.AlgonquinPowerandUtilities.com.

SOURCE Algonquin Power & Utilities Corp.