Fortis raises 2026-2030 capital plan to C$28.8B

The Corporation’s new 2026-2030 capital plan totals C$28.8B, C$2.8B higher than the previous five-year plan. The increase is primarily driven by higher transmission investments associated with new interconnections, the Midcontinent Independent System Operator long-range transmission plan and baseline reliability projects at ITC. It also includes incremental capital at UNS Energy, reflecting an increase in transmission and distribution investments to serve load growth, increase reliability, and provide a path for connecting future generation resources. Planned generation investments in Arizona have also been updated to reflect the recently announced Springerville Natural Gas Conversion project. Customer growth and reliability investments across our utilities, as well as a higher assumed U.S. dollar-to-Canadian dollar exchange also contributed to the increase in the five-year plan. The plan is low-risk and highly executable, with only 21% relating to major capital projects. The five-year capital plan is expected to be funded primarily by cash from operations and regulated debt. Common equity proceeds are expected to be provided by the Corporation’s dividend reinvestment plan, assuming current participation levels. The Corporation’s C$500M at-the-market common equity program has not been utilized to date and remains available for funding flexibility as required.