Fortis Inc. reported second-quarter net earnings of $396 million. Earnings per share reached $0.78. This figure rose from $0.76 per share in the prior year. Rate base growth and higher retail electricity sales at UNS Energy supported the results.
The company remains on track with its $5.6 billion annual capital plan. British Columbia approved the Phase 1B expansion of the Tilbury LNG facility. This project carries a cost allowance of up to $2.2 billion. The expansion represents a capital opportunity beyond the current five-year plan.
Fortis reaffirmed its $28.8 billion five-year capital plan. The strategy projects a 7% compound annual rate base growth through 2030. Management targets annual dividend growth between 4% and 6%.