Emera Inc. (TSX/NYSE: EMA) today announced it 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 (Bernhard).

“This approval marks an important milestone for Emera and supports our long-term growth objectives,” said Scott Balfour, President and Chief Executive Officer, Emera Inc. “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 USD, was first announced in August 2024. The sale will result in after-tax net proceeds of between $650-$700 million USD, 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 km (12,000 miles) of pipeline serving more than 553,000 customers across the state.

The transaction is expected to be completed in August 2026.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of applicable U.S. securities laws including, without limitation, the U.S. Private Securities Litigation Reform Act of 1995, (collectively referred to as “forward-looking information”) with respect to Emera, including without limitation, statements about the expected amount of after-tax net proceeds, intended use of proceeds, and timing of transaction closing. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. This forward-looking information reflects Emera management’s current beliefs and is based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from those expressed or implied by such forward-looking information. The forward-looking information in this news release is made only as of the date hereof, and except as required by law, Emera disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, future events or otherwise. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Enterprise Risk and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Financial Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov.

About Emera Inc.

Emera (TSX/NYSE: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, 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. Our team of 7,600 employees is committed to our 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. Additional information can be accessed at www.emera.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

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