New Mexico Hearing Examiner Issues Certification Of Stipulation in Support of Emera’s Proposed Acquisition of TECO Energy

Emera Inc. (“Emera”) (TSX:EMA) and TECO Energy, Inc. (“TECO Energy”) (NYSE:TE) today announced that the New Mexico Public Regulation Commission (“NMPRC”) Hearing Examiner has issued the Certification of Stipulation to the NMPRC concerning the approval of Emera’s proposed acquisition of TECO Energy and the indirect acquisition of New Mexico Gas Co (“NMGC”) (“Acquisition”). The Hearing Examiner recommends that the NMPRC adopt the Certification of Stipulation in support of the Acquisition, and states that the Acquisition is in the public interest and has quantifiable and unquantifiable benefits to NMGC customers.

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The Certification of Stipulation filed with the NMPRC can be found at www.nmgco.com/pdf/Certification_of_Stipulation.pdf or on the NMPRC’s website at www.nmprc.state.nm.us (Case No. 15-00327-UT).

The Certification of Stipulation is another key milestone in Emera’s acquisition of TECO Energy, and the parties look forward to working through the important remaining steps in the New Mexico regulatory process. The closing of the acquisition is subject to regulatory approval by the NMPRC and the satisfaction of customary closing conditions, and remains on track to close in mid-2016.

The acquisition received TECO Energy shareholder approval in December 2015, approval from the Federal Energy Regulatory Commission in January 2016, the expiration of Hart-Scott-Rodino waiting period in February 2016 and CFIUS clearance in March 2016.

About TECO Energy, Inc.

TECO Energy Inc. (NYSE:TE) is an energy-related holding company with regulated electric and gas utilities in Florida and New Mexico. Tampa Electric serves nearly 725,000 customers in West Central Florida; Peoples Gas serves nearly 365,000 customers across Florida; and New Mexico Gas Co. serves more than 515,000 customers across New Mexico.

About Emera Inc.

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $11.5 billion in assets and 2015 revenues of $2.79 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout northeastern North America, and in four Caribbean countries. Emera continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F and instalment receipts are listed and trade under the symbol EMA.IR. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR. Additional Information can be accessed at www.emera.com or at www.sedar.com.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws with respect to, among other things, the completion of the acquisition of TECO Energy. Important factors that could cause actual performance and results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to the following: (i) the risk that TECO Energy and Emera may be unable to obtain governmental and regulatory approval required for the proposed acquisition; (ii) the risk that other conditions to the closing of the proposed acquisition may not be satisfied; and (iii) the timing to consummate the acquisition. There can be no assurance that the proposed acquisition will be completed, or if it is completed, that it will close within the anticipated time period. These factors should be considered carefully, and undue reliance should not be placed on the forward-looking statements. By its nature, forward-looking information requires the use of assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera’s and TECO Energy’s current beliefs and are based on information currently available to them. There is risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that the assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in (i) Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements which can be found on SEDAR at www.sedar.comand (ii) under the heading “Risk Factors” in TECO Energy’s Annual Report on Form 10-K for the year ended December 31, 2015, as updated in subsequent filings with the U.S. Securities and Exchange Commission. Except as required by law, Emera and TECO Energy disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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