Emera increases annual dividend

HALIFAX, Oct. 20 /CNW/ - (EMA-TSX): The Board of Directors of Emera Inc. today approved an increase in the annual common share dividend rate to $1.01 from $0.95 per common share. The first quarterly dividend payment, of $0.2525 per common share, is payable on and after November 17, 2008 to common shareholders of record at the close of business on November 3, 2008.

"This dividend increase reflects the Board's confidence in the strength of our Company," said Chris Huskilson, President and Chief Executive Officer of Emera Inc. "Our core businesses continue to produce solid results, the Brunswick Pipeline is nearing completion, and our recent investment in Grand Bahama Power Company demonstrates progress executing our growth agenda."

Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, Emera Inc. hereby notifies its common shareholders that such dividend declared qualifies as an eligible dividend.

Forward Looking Information

This news release contains forward looking information. Actual future results may differ materially. Additional financial and operation information is filed electronically with various securities commissions in Canada through the System for Electronic Document Analysis and Retrieval (SEDAR).

About Emera

Emera Inc. (EMA-TSX) is an energy and services company with $4.7 billion in assets. Electricity is Emera's core business. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company, which together serve 600,000 customers. Emera also owns 19% of St. Lucia Electricity Services Limited, which serves more than 50,000 customers on the Caribbean island of St. Lucia and 25% of Grand Bahama Power Company which serves 19,000 customers on the Caribbean island of Grand Bahama. In addition to its electric utility investments, Emera has a joint venture interest in Bear Swamp, a 600 megawatt pumped storage hydro-electric facility in northern Massachusetts; a 12.9% interest in the Maritimes & Northeast Pipeline; a 7.4% interest in Open Hydro and Emera Energy Services which manages energy assets on behalf of third parties. Visit Emera on the web at www.emera.com.