Fortis Inc. (FTS.TO), a diversified regulated electric and gas utility holding company, Thursday announced its new 2025-2029 capital outlook of C$26 billion, C$1 billion higher than the previous five-year plan.
"The increase is driven by projects associated with the Midcontinent Independent System Operator (MISO) long-range transmission plan (LRTP) and resiliency investments at ITC, as well as distribution investments largely due to customer growth at FortisAlberta," the company said in a statement.
About C$6.7 billion of the capital plan supports energy transition investments, while half of it enhances the company's infrastructure, and the balance aids customer growth, cybersecurity, and other investments.
Fortis's five-year capital plan is expected to increase midyear rate base to C$53.0 billion by 2029 from C$38.8 billion in 2024, resulting in a five-year compound annual growth rate of 6.5 percent on a constant foreign exchange basis.
The company expects to fund the capital plan primarily by cash from operations and regulated debt.
Further, Fortis's Board has declared a quarterly dividend of C$0.615 per share, 4.2 percent up from last year, payable on December 1, to shareholders of record on November 18.
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