HALIFAX, Nova Scotia--(BUSINESS WIRE)--On February 5, 2014 the Board of Directors of Nova Scotia Power Inc. (TSX: NSI.PR.D) approved a quarterly dividend of $0.36875 per Nova Scotia Power Incorporated Series D First Preferred Share payable on and after April 15, 2014 to Series D preferred shareholders of record April 1, 2014.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, Nova Scotia Power Inc. hereby notifies its Series D preferred shareholders that such dividends declared qualify as eligible dividends.
About Nova Scotia Power
NSPI was created in 1992 through the privatization of the crown corporation Nova Scotia Power Corporation (“NSPC”). NSPI is a fully-integrated regulated electric utility and is the primary electricity supplier in Nova Scotia, Canada. NSPI has $4.2 billion of assets and provides electricity generation, transmission and distribution services to approximately 501,000 customers. The Company owns 2,483 megawatts (“MW”) of generating capacity, of which approximately 50.1 percent is coal-fired; natural gas and/or oil comprise another 28.3 percent of capacity; hydro and wind total 19.2 percent and biomass-fueled generation of 2.4 percent. In addition, NSPI has contracts to purchase renewable energy from independent power producers (“IPP”). These IPPs own 273 MW, increasing to 373 MW in 2014 of wind and biomass-fueled generation capacity. A further 208 MW of renewable capacity is being built directly or purchased under long-term contracts by NSPI of which 100 MW is expected to be in service by the end of 2014 and the remainder is expected to be in service by the end of 2015. NSPI also owns approximately 5,000 kilometers of transmission facilities and 27,000 kilometers of distribution facilities. The Company has a workforce of approximately 1,735 people.
Nova Scotia Power is the largest wholly-owned subsidiary of Halifax-based Emera Inc., whose shares are listed on the Toronto Stock Exchange and trade under the symbols EMA, EMA.PR.A, EMA.PR.C, and EMA.PR.E.