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The company states: “Today the Corporation announced its new 2025-2029 capital plan of $26.0 billion, $1.0 billion higher than the previous five-year plan. The increase is driven by projects associated with the Midcontinent Independent System Operator long-range transmission plan and resiliency investments at ITC, as well as distribution investments largely due to customer growth at FortisAlberta. The five-year capital plan is low-risk and highly executable, with nearly all investments being regulated and 23% relating to major capital projects. Approximately $6.7 billion of the five-year capital plan supports energy transition investments which focus on interconnecting renewables to the grid, renewable, storage and new natural gas investments, and cleaner fuel solutions. Additionally, half of the five-year capital plan enhances and strengthens our infrastructure through system adaptation, hardening, and modernization investments. The balance supports customer growth, cybersecurity and other investments. The Corporation’s five-year capital plan is expected to increase midyear rate base from $38.8 billion in 2024 to $53.0 billion by 2029, translating into a five-year compound annual growth rate of 6.5% on a constant foreign exchange basis. 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 $500 million at-the-market common equity program remains available and provides funding flexibility as required.”
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