November 3, 2003

News Release: Fortis Inc.: Exploits River Hydro Partnership Brings 30-Megawatt Beeton Unit On-line Two Months Ahead of Schedule

Central Newfoundland Energy (CNE), a non-regulated subsidiary of Fortis Inc. (TSX: FTS) and Abitibi-Consolidated Inc. (TSX: A; NYSE: ABY), announced today that the Exploits River Hydro Partnership has completed installation of the new 30-megawatt Beeton turbine unit at the Grand Falls-Windsor Hydroelectric Generating Station.

'The Beeton Unit was brought on-line two months ahead of the aggressive schedule which was set when the unit was ordered in October 2001,'explains Philip Hughes, Chair of the Exploits River Hydro Partnership. 'In July, the Partnership officially inaugurated the redevelopment of the Bishop's Falls hydroelectric plant which was completed in less than 12 months. We are very pleased with the success the Partnership has realized in developing a reliable source of renewable energy,'he adds.

The Exploits River Hydro Partnership was established between CNE and Abitibi-Consolidated Inc. in September 2001 to redevelop Abitibi-Consolidated's hydroelectric plant at Bishop's Falls and to construct a new plant at Grand Falls-Windsor in central Newfoundland to increase annual energy production by approximately 140 gigawatt hours. Abitibi-Consolidated will continue to use the existing annual generation at its newsprint mill in Grand Falls-Windsor while the additional energy produced will be sold to Newfoundland and Labrador Hydro under a long-term power purchase agreement.

Fortis is a diversified, international electric utility holding company with assets of $2 billion and annual revenues of approximately $800 million. The Company has investments in 5 companies which primarily operate regulated electric distribution utilities in Newfoundland, Prince Edward Island, Ontario, Belize and the Cayman Islands. It also has 3 subsidiaries engaged solely in electricity generation in Newfoundland, New York State and Belize. Through its wholly owned non-utility subsidiary, Fortis has investments in real estate and hotel operations.

Central Newfoundland Energy Inc. Monty Hunter Manager, Engineering &Operations (709) 737-2800


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