ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - Feb. 2, 2007) - Newfoundland Power Inc. (TSX:FTS) 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, 2007, be and is hereby declared payable May 1st, 2007 to the series A first preference shareholders of record at the close of business on April 13th, 2007;
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, 2007, be and is hereby declared payable May 1st, 2007 to the series B first preference shareholders of record at the close of business on April 13th, 2007;
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, 2007, be and is hereby declared payable June 1st, 2007 to the series D first preference shareholders of record at the close of business on May 11th, 2007;
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, 2007, be and is hereby declared payable April 1st, 2007 to the series G first preference shareholders of record at the close of business on March 16th, 2007; 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).
With a customer base of over 229,000 accounts, Newfoundland Power is dedicated to providing the highest level of customer service and reliability in the most cost-efficient manner possible. All the common shares of Newfoundland Power are owned by Fortis Inc., a diversified, international electric utility holding company with assets of approximately $5.0 billion and annual revenues of more than $1.4 billion. The Common Shares, First Preference Shares, Series C; First Preference Shares, Series E and First Preference Shares, Series F of Fortis are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C, FTS.PR.E and FTS.PR.F, respectively. Fortis information can be accessed at www.fortisinc.com. For more information on Newfoundland Power's programs and services, visit www.newfoundlandpower.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Newfoundland Power Inc.
Ms. Jocelyn Perry
Vice President, Finance & Chief Financial Officer
709-737-2812
709-737-5300 (FAX)
www.newfoundlandpower.com
