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Nova Scotia Power Inc. announces redemption of preferred shares

HALIFAX, Feb. 27, 2009 (Canada NewsWire via COMTEX) -- Today, Nova Scotia Power Inc. (the "Company") announced that effective April 1, 2009 (the "redemption date") the Company will redeem all of its outstanding Cumulative Redeemable First Preferred Shares, Series C (the "Series C shares") for a redemption price of $25.00 per share.

The Notice of Redemption and associated documents are being sent to Registered holders of these shares today. Beneficial holders of the Series C shares should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.

After the redemption date, holders of the Series C shares will cease to be entitled to dividends or to exercise any rights of shareholders.

About Nova Scotia Power

Nova Scotia Power Inc. is the largest wholly-owned subsidiary of Emera Inc. (TSX-EMA), a diversified energy and services company. Nova Scotia Power provides more than 95% of the generation, transmission and distribution of electrical power to 480,000 customers in the province. The company is focused on new technologies to enhance customer service and reliability, reduce emissions and add renewable energy. Nova Scotia Power has 1,800 employees and $3.5 billion in assets.

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).

SOURCE: Nova Scotia Power Inc.

SOURCE: Emera Inc.

Nancy Tower, FCA, Chief Financial Officer, Emera Inc., (902) 429-6991,
nancy.tower@emera.com; Jennifer Nicholson, CA, Director, Investor Relations and
Strategic Development, Emera Inc., (902) 428-6347, jennifer.nicholson@emera.com