Emera Invests $75 Million More in NS Power

HALIFAX -- Emera Inc. announced today that it has invested $75.0 million in new equity in its subsidiary, Nova Scotia Power Inc.

NSPI is building a stronger balance sheet, and this additional equity is a major step in that process," said Ron Smith, Senior Vice-President and Chief Financial Officer. The equity infusion was funded by the proceeds of Emera's recent $156 million common share offering.

Emera Inc. is a diversified energy and services company, with 550,000 customers and $4.0 billion in assets. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95 per cent of the electric generation, transmission and distribution in Nova Scotia. Bangor Hydro provides electricity transmission and distribution service to 110,000 customers in eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north.

SOURCE: Canada News Wire