HALIFAX, Sept. 25 /CNW/ - (EMA-TSX): The Board of Directors of Emera Inc. today approved an increase in the annual common share dividend rate to $1.09 from $1.01 per common share. "We are pleased that the Board has decided to increase the dividend again this year," said Chris Huskilson, President and Chief Executive Officer of Emera Inc. "Strong results in our core businesses, the completion of the Brunswick Pipeline, our investment in Bayside Power and our recent rating upgrade by S&P demonstrate the success of our strategy."
The Board of Directors also declared a quarterly dividend of $0.2725 per common share. The dividend is payable on and after November 16, 2009 to common shareholders of record at the close of business on November 2, 2009.
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 operational 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 $5.3 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 owns the Brunswick Pipeline, a 145 km gas pipeline in New Brunswick; Bayside Power, a 260 MW gas-fired power plant in Saint John, New Brunswick; Emera Energy Services, a physical natural gas and power marketing and asset management business; 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 8.1% interest in Open Hydro. Visit Emera on the web at www.emera.com.
SOURCE Emera Inc.
For further information: For further information: Jennifer Nicholson, CA, Director Investor Relations and Strategic Development, (902) 428-6347