ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Feb. 24, 2017) - 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, 2017, be and is hereby declared payable May 1st, 2017 to the series A first preference shareholders of record at the close of business on April 14th, 2017; |
| 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, 2017, be and is hereby declared payable May 1st, 2017 to the series B first preference shareholders of record at the close of business on April 14th, 2017; |
| 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, 2017, be and is hereby declared payable June 1st, 2017 to the series D first preference shareholders of record at the close of business on May 12th, 2017; |
| 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, 2017, be and is hereby declared payable April 3rd, 2017 to the series G first preference shareholders of record at the close of business on March 17th, 2017; 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/NYSE:FTS), a leader in the North American regulated electric and gas utility industry with total assets of approximately $48 billion. The Corporation's 8,400 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries. Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS.
Newfoundland Power is the primary distributer of electricity on the island portion of Newfoundland and Labrador, and purchases 93% of its energy needs from Newfoundland and Labrador Hydro. With a customer base of approximately 264,000 accounts, Newfoundland Power is committed to safety, dedicated to the highest level of customer service and delivers reliable electricity at the lowest possible cost. For more information on Newfoundland Power's programs, services and community partnerships, please visit newfoundlandpower.com
Contact Information:
Vice President, Finance & Chief Financial Officer
Newfoundland Power Inc.
(709) 737-5409
(709) 737-5300 (FAX)