Fortis announces new investment plan of 26 billion Canadian dollars over five years

The company states: “Today, the Company announced its new 2025-2029 investment plan of $26.0 billion, which is $1.0 billion more than the previous five-year plan. The increase was driven by projects associated with the Midcontinent Independent System Operator’s long-term transmission plan and resiliency investments at ITC, as well as distribution investments largely driven by customer growth at FortisAlberta. The five-year investment plan is low risk and highly enforceable, with almost all investments being regulated and 23% being linked to major capital projects. Approximately $6.7 billion of the five-year investment plan supports energy transition investments that focus on renewable energy interconnection to the grid, investments in renewable energy, storage and new natural gas, as well as cleaner fuel solutions. Additionally, half of the five-year investment plan improves and strengthens our infrastructure through investments in system adaptation, strengthening and modernization. The balance supports customer growth, cybersecurity and other investments. The Company’s five-year investment plan is expected to increase the mid-year rate base from $38.8 billion in 2024 to $53.0 billion by 2029, resulting in an annual growth rate compounded over five years by 6.5% on a constant exchange rate basis. The five-year investment plan is expected to be financed primarily by cash from operations and regulated debt. Proceeds from the common stock are expected to come from the Company’s dividend reinvestment plan, assuming current participation levels. The Company’s $500 million at-market common stock program remains available and provides funding flexibility as needed.

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