Freeport, Grand Bahama - Grand Bahama Power Company (GBPC) announced
today that approval was granted for a change to GBPC's rate structure. "We have
had extremely productive meetings with our regulator, the Grand Bahama Port
Authority," stated Ray Robinson, Executive Chairman of GBPC. "With the approval
of this new structure, we now have the necessary mechanism in place to make the
substantial capital investments necessary to provide our customers with
reliable and cost effective generation."

The new rate structure will allow for Emera to make
the capital investments required in the new plant without an increase in rates
for GBPC customers...