Fortis announces C$25B five-year capital plan

Fortis continues to enhance shareholder value through the execution of its capital plan, the balance and strength of its diversified portfolio of regulated utility businesses, and growth opportunities within and proximate to its service territories. The corporation’s C$25B five-year capital plan is expected to increase midyear rate base from C$37B in 2023 to C$49.4B by 2028, translating into a five-year compound annual growth rate of 6.3%. Beyond the five-year capital plan, additional opportunities to expand and extend growth include: further expansion of the electric transmission grid in the U.S. to facilitate the interconnection of cleaner energy, including infrastructure investments associated with the Inflation Reduction Act of 2022 and the MISO LRTP; climate adaptation and grid resiliency investments; renewable natural gas solutions and liquefied natural gas infrastructure in British Columbia; and the acceleration of cleaner energy infrastructure investments across our jurisdictions. Fortis expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4%-6% annually through 2028.