HALIFAX, Jan. 17 /CNW/ - The Board of Directors of Emera Inc. today
approved an increase in the annual common share dividend rate to $0.95 from
$0.91 per common share. "The board has decided to increase Emera's annual
dividend for the second time in six months," said Chris Huskilson, President
and Chief Executive Officer of Emera Inc. "Progress in the second half of 2007
including the start of construction of the Brunswick Pipeline, completion of
the Northeast Reliability Interconnect (NRI) transmission line and Bear
Swamp's growing contribution to earnings have contributed to the board's
confidence in the sustainability of earnings."
The Board of Directors also declared a quarterly dividend of $0.2375 per
common share. The dividend is payable on and after February 15, 2008 to common
shareholders of record at the close of business on February 1, 2008.
Pursuant to the Income Tax Act (Canada) and corresponding provincial
legislation, Emera Inc. hereby notifies its common shareholders that such
dividend declared qualifies as an eligible dividend.
Emera Inc. (EMA-TSX) is an energy and services company with $4.0 billion
in assets. Energy is Emera's core business. The company has two wholly-owned
regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor
Hydro-Electric Company, which together serve 590,000 customers. Emera also
owns 19% of St. Lucia Electricity Services Limited, which serves more than
50,000 customers on the Caribbean island of St. Lucia. In addition to its
electric utility investments, Emera has 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
Emera Energy Services which manages energy assets on behalf of third parties
and provides related services. Visit Emera on the web at www.emera.com.
For further information:
For further information: Nancy Tower FCA, Chief Financial Officer, (902)
428-6991; Jennifer Nicholson CA, Director, Investor Relations and Strategic
Development, (902) 428-6347