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Nova Scotia Power Inc. Approves Preferred Share Quarterly Dividends

February 15, 2007
HALIFAX, Nova Scotia: The Board of Directors of Nova Scotia Power Inc. approved a quarterly dividend of $0.30625 per Nova Scotia Power Incorporated Series C First Preferred Share for the quarter ending March 31, 2007, payable on and after April 1, 2007 to Series C preferred shareholders of record March 16, 2007; and a quarterly dividend of $0.36875 per Nova Scotia Power Incorporated Series D First Preferred Share for the quarter ending March 31, 2007 payable on and after April 15, 2007 to Series D preferred shareholders of record March 30, 2007.

Pursuant to proposed subsection 89(14) of the Income Tax Act (Canada), Nova Scotia Power Inc. hereby notifies its Series C preferred shareholders and its Series D preferred shareholders that such dividends declared qualify as eligible dividends.

Nova Scotia Power Inc. is a wholly-owned subsidiary of Emera (TSX-EMA), a diversified regional energy company. Nova Scotia Power provides more than 97% of electric generation, transmission, and distribution to more than 460,000 customers across Nova Scotia. NSPI is committed to supporting Nova Scotian communities by providing safe, reliable power. Nova Scotia Power Inc. preferred shares are traded on the Toronto Stock Exchange under the symbols NSI.PR.C and NSI.PR.D.

For more information: Nancy Tower, Chief Financial Officer (902) 428-6991 or Judy Steele, CA, Director, External and Investor Relations (902) 428-6999.