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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; and a quarterly dividend of $0.36875 per Nova Scotia Power Incorporated Series D First Preferred Share for the quarter ending September 30, 2004 payable on and after October 15, 2004 to Series D preferred shareholders of record September 30, 2004.

Nova Scotia Power Inc. is wholly-owned subsidiary of Emera Inc. (EMA-TSX). It is a regulated company with more than 450,000 customers across Nova Scotia. Its system is province wide and provides over 97% of the generation, transmission, and distribution of electric power throughout Nova Scotia. Nova Scotia Power Inc. preferred shares are traded on the Toronto Stock Exchange under the symbols NSI.PR.C and NSI.PR.D.