2004 News Releases

Joint Venture Partners Brascan Power and Emera to Acquire Additional Hydroelectric Assets in New England
Gatineau, Quebec and Halifax, Nova Scotia, December 23, 2004 – Brascan Power Inc. and Emera Inc., in a 50-50 joint venture, will acquire Bear Swamp, a 589 megawatt pumped storage hydro-electric generating facility in northern Massachusetts, for a total of US $92 million.
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Brascan Power and Emera To Partner To Lease Hydroelectric Generating Station in New England Gatineau, Quebec and Halifax, Nova Scotia, December 7, 2004, (TSX:EMA): Bellows Falls Power Company, a 50-50 joint venture between Brascan Power and Emera Inc., has entered into an agreement to lease the 49 megawatt Bellows Falls hydroelectric generating facility, located on the Connecticut River in Vermont, from the Town of Rockingham, following the Town's acquisition of the facility. The Company will pay US$72 million to lease the facility for up to 74 years.
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Emera Reports Third Quarter Earnings of $22.1 Million
HALIFAX, Nova Scotia, November 5, 2004, (TSX:EMA): Emera Inc.’s consolidated net earnings for the third quarter of 2004 were $22.1 million, or 20 cents per share, compared to $11.5 million, or 11 cents per share for the same period in 2003.
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Chris Huskilson new Emera CEO
HALIFAX, November 5, 2004 - The Board of Directors of Emera Inc. has appointed Chris Huskilson President and Chief Executive Officer, succeeding David Mann who has retired. Mr. Huskilson also joins the Board of Directors of Emera and Nova Scotia Power.
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Safety Accomplishments Recognized
HALIFAX, NS (November 5, 2004) - A Sydney powerline technician (PLT) who became a crusader for safety and a power restoration team who guided crews during Hurricane Juan were awarded top honors at Emera Inc.
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Emera Approves Quarterly Dividend 
Halifax, NS: October 8, 2004 (TSX: EMA): The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2200 per common share. The dividend is payable on and after November 15, 2004 to common shareholders of record at the close of business on October 29, 2004.
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Nova Scotia Power Inc. Approves Preferred Share Quarterly Dividends
Halifax, NS:October 8, 2004 (TSX: NSI.PR.C, NSI.PR.D): The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.30625 per Nova Scotia Power Incorporated Series C First Preferred Share for the quarter ending December 31, 2004, payable on and after January 1, 2005 to Series C preferred shareholders of record December17, 2004
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Emera Reports Q2 Earnings of $29.8 Million
HALIFAX, Nova Scotia, July 28, 2004, (TSX:EMA): Emera Inc.'s Q2, 2004 consolidated net earnings were $29.8 million, or 27 cents per share, compared to $15.5 million, or 14 cents per share for the same period in 2003. The increase primarily reflects a $14.9 million after-tax increase in electric margin, resulting from higher electric revenues and lower fuel costs in Nova Scotia Power ("NSPI"), the company's largest subsidiary. Much of the electric revenue increase arises from a charge against revenues taken in Q2, 2003 as a result of an adjustment to the company's unbilled revenue accrual.
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Emera Names Randy Henderson as Chief Financial Officer
HALIFAX, Nova Scotia, July 9, 2004, (TSX:EMA): David Mann, Chief Executive Officer of Emera Inc., today introduced Randy Henderson, CA, as Emera's Senior Vice-President and Chief Financial Officer. Mr. Henderson will replace Ron Smith, who is retiring.
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Emera Approves Quarterly Dividend
HALIFAX, Nova Scotia, July 9, 2004, (TSX:EMA): The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2200 per common share. The dividend is payable on and after August 16, 2004 to common shareholders of record at the close of business on July 30, 2004.
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Nova Scotia Power Inc. Approves Preferred Share Quarterly Dividends
Halifax, NS July 9, 2004 (TSX: NSI.PR.C, NSI.PR.D): The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.30625 per Nova Scotia Power Incorporated Series C First Preferred Share for the quarter ending September 30, 2004, payable on and after October 1, 2004 to Series C preferred shareholders of record September 17, 2004
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Nova Scotia Power Updates 2005 Rate Application
June 23, 2004 (Halifax, NS): Nova Scotia Power today updated its 2005 Rate Application, currently before the Nova Scotia Utility and Review Board. The update addresses the recent unfavourable Supreme Court of Canada ruling on NSPI's income tax filings for 1998 through 2002. The ruling created a $150 million tax liability for those years, which has not previously been included in power rates. NSPI is proposing the amount be recovered over the next seven years. Nova Scotia Power is a wholly-owned subsidiary of Emera Inc. (EMA-TSX).
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Nova Scotia Power's Tax Appeal Dismissed by Supreme Court Of Canada
June 11, 2004 (Halifax, NS): The Supreme Court of Canada today dismissed Nova Scotia Power Inc.'s (NSPI) appeal to allow approximately $150 million in income tax deductions the company claimed between 1998 and 2002. Nova Scotia Power is a wholly owned subsidiary of Emera Inc. (TSX:EMA)
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Nova Scotia Power Seeks Lower Tax Bill
June 10, 2004: Nova Scotia Power will appear before the Supreme Court of Canada tomorrow to argue against efforts by the Canada Revenue Agency (CRA) to disallow $160 million in tax deductions the company claimed between 1998 and 2002.
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Nova Scotia Power Files for New Rates for 2005
Thursday, May 28, 2004 (Halifax, NS): A sharply higher tax bill is the primary reason Nova Scotia Power (NSPI) is requesting an increase in power rates. The power company today made an application to the Nova Scotia Utility and Review Board for new rates for 2005. Nova Scotia Power is a wholly-owned subsidiary of Emera Inc. (EMA-TSX).
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Dalhousie and Emera to Partner on Emissions Research
Thursday, May 13, 2004: Halifax, NS: Dalhousie University and Emera Inc. will partner to work toward advances in solving the emission challenges arising from thermal power generation. Emera COO, Chris Huskilson made the announcement today during a speech at Nova Scotia's first Energy Research and Development Forum in Antigonish.
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Emera Reports Q1 Earnings of $46.5 Million
HALIFAX, Nova Scotia, May 4, 2004, (TSX:EMA): Emera Inc.'s consolidated net earnings were $46.5 million in Q1 2004 compared to $54.7 million in Q1 2003. Quarterly earnings per share were $0.43 compared to $0.51 in 2003. The decrease is substantially due to lower earnings in Nova Scotia Power, reflecting increasing pension costs, depreciation expense, amortization and grants in lieu of property taxes.
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Chris Huskilson to Succeed David Mann as Emera CEO
HALIFAX, Nova Scotia, April 29, 2004: The Board of Directors of Emera Inc. (TSX-EMA) today announced that Chris Huskilson will succeed David Mann as President and Chief Executive Officer of the company upon Mr. Mann's retirement in October of this year.
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Emera Approves Quarterly Dividend
HALIFAX, Nova Scotia, April 8, 2004 (TSX: EMA): The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2200 per common share. The dividend is payable on and after May 17, 2004 to common shareholders of record at the close of business on May 3, 2004.
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Nova Scotia Power Inc. Approves Preferred Share Quarterly Dividends
HALIFAX, Nova Scotia, April 8, 2004 (TSX: NSI.PR.C; NSI.PR.D): The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.30625 per Nova Scotia Power Incorporated Series C First Preferred Share for the quarter ending June 30, 2004 payable on and after July 1, 2004 to Series C preferred shareholders of record June 17, 2004
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Emera's Earnings Rebound to $129.2 Million
Consolidated Earnings Increase 54.5%
HALIFAX, Nova Scotia, February 6, 2004 (TSX: EMA): Emera Inc.'s consolidated net earnings increased 54.5% to $129.2 million for the year ended December 31, 2003, compared to $83.6 million in 2002. Earnings per share were $1.20 in 2003, compared to $0.85 in 2002.
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Nova Scotia Power Names Ralph Tedesco as Chief Operating Officer
HALIFAX, Nova Scotia, January 9, 2004: The Board of Directors of Nova Scotia Power announced today the appointment of Ralph R. Tedesco as Chief Operating Officer of the company.
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Emera Approves Quarterly Dividend
HALIFAX, Nova Scotia, January 9, 2003 (TSX: EMA): The Board of Directors of Emera Inc. today approved a quarterly dividend of $0.2200 per common share. The dividend is payable on and after February 16, 2004 to common shareholders of record at the close of business on February 2, 2004. On an annualized basis this represents a two cent per share increase in Emera's dividend.
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Nova Scotia Power Inc. Approves Preferred Share Quarterly Dividends
HALIFAX, Nova Scotia, January 9, 2003 (TSX: NSI.PR.C, NSI.PR.D): The Board of Directors of Nova Scotia Power Inc. today approved a quarterly dividend of $0.30625 per Nova Scotia Power Incorporated Series C First Preferred Share for the quarter ending March 31, 2004 payable on and after April 1, 2004 to Series C preferred shareholders of record March 18, 2004
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