HALIFAX, Oct. 20 /CNW/ - (EMA-TSX): The Board of Directors of Emera Inc.
today approved an increase in the annual common share dividend rate to $1.01
from $0.95 per common share. The first quarterly dividend payment, of
$0.2525 per common share, is payable on and after November 17, 2008 to common
shareholders of record at the close of business on November 3, 2008.
"This dividend increase reflects the Board's confidence in the strength
of our Company," said Chris Huskilson, President and Chief Executive Officer
of Emera Inc. "Our core businesses continue to produce solid results, the
Brunswick Pipeline is nearing completion, and our recent investment in Grand
Bahama Power Company demonstrates progress executing our growth agenda."
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.
Forward Looking Information
This news release contains forward looking information. Actual future
results may differ materially. Additional financial and operation information
is filed electronically with various securities commissions in Canada through
the System for Electronic Document Analysis and Retrieval (SEDAR).
Emera Inc. (EMA-TSX) is an energy and services company with $4.7 billion
in assets. Electricity 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 600,000 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 and 25% of
Grand Bahama Power Company which serves 19,000 customers on the Caribbean
island of Grand Bahama. 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; a 7.4% interest in Open Hydro and Emera Energy
Services which manages energy assets on behalf of third parties. Visit Emera
on the web at www.emera.com.
For further information:
For further information: Nancy Tower, FCA, Chief Financial Officer,