Newfoundland Power Inc.

Newfoundland Power Inc.

February 10, 2011 14:51 ET

Newfoundland Power Declares Dividends on Series A, B, D and G First Preference Shares

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Feb. 10, 2011) - Newfoundland Power Inc. has declared regular quarterly dividends on its Series A, B, D and G First Preference Shares as follows:

  1. a dividend of $0.1375 per share on the issued and outstanding 5 1/2% cumulative redeemable first preference share series A of the Company for the quarter ending April 30th, 2011, be and is hereby declared payable May 1st, 2011 to the series A first preference shareholders of record at the close of business on April 15th, 2011;

  2. a dividend of $0.13125 per share on the issued and outstanding 5 1/4% cumulative redeemable first preference share series B of the Company for the quarter ending April 30th, 2011, be and is hereby declared payable May 1st, 2011 to the series B first preference shareholders of record at the close of business on April 15th, 2011;

  3. a dividend of $0.18125 per share on the issued and outstanding 7 1/4% cumulative redeemable first preference share series D of the Company for the quarter ending May 31st, 2011, be and is hereby declared payable June 1st, 2011 to the series D first preference shareholders of record at the close of business on May 13th, 2011;

  4. a dividend of $0.19 per share on the issued and outstanding 7.60% cumulative redeemable first preference share series G of the Company for the quarter ending March 31st, 2011, be and is hereby declared payable April 1st, 2011 to the series G first preference shareholders of record at the close of business on March 11th, 2011; and,

  5. the dividends hereby declared payable be and are hereby designated as eligible dividends within the meaning of s.89(1) of the Income Tax Act (Canada).

All the common shares of Newfoundland Power Inc. are owned by Fortis Inc. (TSX:FTS), the largest investor-owned distribution utility in Canada, with total assets of $12.9 billion, and fiscal 2010 revenue totalling $3.7 billion. Fortis serves approximately 2,100,000 gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and three Caribbean countries and a natural gas utility in British Columbia. Fortis owns and operates non-regulated generation assets across Canada and in Belize and Upper New York State. It also owns and operates hotels and commercial office and retail space primarily in Atlantic Canada. Fortis shares are listed on the Toronto Stock Exchange and trade under the symbol FTS.

With a customer base of over 243,000 customers, Newfoundland Power is committed to safety and dedicated to providing the highest level of customer service and reliability of electricity in the most cost-efficient manner possible. For more information on Newfoundland Power's programs, services and community partnerships, please visit www.newfoundlandpower.com.

Contact Information

  • Newfoundland Power Inc.
    Ms. Jocelyn Perry
    Vice President, Finance & Chief Financial Officer
    709-737-2812
    709-737-5300 (FAX)