Nova Scotia Power Inc. approves preferred share quarterly dividends

HALIFAX, NS November 6, 2008 (EMA-TSX) - 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 December 31, 2008, payable on and after January 1, 2009 to Series C preferred shareholders of record December 18, 2008; and a quarterly dividend of $0.36875 per Nova Scotia Power Incorporated Series D First Preferred Share for the quarter ending December 31, 2008 payable on and after January 15, 2009 to Series D preferred shareholders of record January 1, 2009.

Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, 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.

About Nova Scotia Power

Nova Scotia Power Inc. is the largest wholly-owned subsidiary of Emera (TSX-EMA), a diversified energy company. Nova Scotia Power provides more than 95% of 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 1,700 employees and $3 billion in assets. 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 contact:

NancyTower, Chief Financial Officer, (902) 428-6991

Jennifer Nicholson, Director Investor Relations and Corporate Strategy, (902) 428-6347