British Columbia Natgas Exports to Washington Rise Slowly After Pipe Blast
The amount of natural gas moving from British Columbia to Washington state through the Sumas hub edged up over the weekend after Enbridge Inc last week returned a pipeline to service following a pipe blast in British Columbia.The reduction in the amount of gas flowing through the point, however, caused prices at the hub to rocket to their highest since 2014.Enbridge returned a 30-inch (76-centimeter) gas pipe in British Columbia that was shut after a fire on an adjacent 36-inch line on Oct.
California Wind Demand Energizes Transmission Firms
A firm controlled by Philip Anschutz, the billionaire entertainment and pro sports magnate, will soon build the largest wind farm in the United States to serve utilities in California, where officials have set ambitious green power goals. The $5 billion project, however, will be constructed 700 miles away in Wyoming, a state better known for coal mines and oil fields. The vast distance between the two states provides a different Anschutz-owned firm with…
Fortis, GIC Complete Acquition of ITC Holdings
Fortis Inc. and GIC Private Limited ("GIC") announced today the closing of the approximately US$11.3 billion acquisition of Novi, Michigan-based ITC Holdings Corp. ("ITC"). Fortis is now among the top 15 North American regulated investor-owned utilities ranked by enterprise value. Its 8,000 employees serve customers at utility operations in five Canadian provinces, nine U.S. states and three Caribbean countries. The Federal Energy Regulatory Commission sets rates for approximately 30% of the Corporation's regulated rate base.
Fortis Joins Energy Impact Partners Utility Coalition
Energy Impact Partners LP (EIP) today announced the addition of Fortis Inc. to its Nexus strategic partner network. Fortis joins Southern Company (NYSE:SO), National Grid plc (NYSE:NGG), Xcel Energy Inc. (NYSE:XEL), Ameren Corporation (NYSE:AEE) and Great Plains (NYSE:GXP) as strategic partners investing in innovative technologies to improve customer service, reduce costs and increase revenues. EIP is a private equity fund that invests in emerging technologies…
Fortis Earn $ 151 mln in 3Q
Fortis Inc. released its third quarter results today. Driven by its U.S. utility acquisitions, completion of the Waneta Expansion, and strong results from its other utilities, Fortis' net earnings attributable to common equity shareholders were $151 million, or $0.54 per common share, and $145 million, or $0.52 per common share, on an adjusted basis. "All of our businesses contributed to our strong third quarter earnings," said Barry Perry, President and Chief Executive Officer of Fortis.
Fortis Ink Belize Electricity Deal
Fortis Inc. announced today that it has agreed to terms of a settlement with the Government of Belize (the Government") regarding the Government’s expropriation of the Corporation’s approximate 70% interest in Belize Electricity Limited ("BEL") in June 2011. The terms of the Settlement include a one-time US$35 million cash payment to Fortis from the Government and a reduction of the Corporation’s common equity position in BEL to approximately 33%. "We look…
Central Hudson's 3-Yr Rate Plan Approved
The New York State Public Service Commission (the "PSC") today approved a new three-year rate plan for Central Hudson Gas & Electric Corporation, an indirect, wholly owned subsidiary of Fortis Inc. providing for critical system investments and customer service programs to meet the energy needs of the Mid-Hudson Valley. Covering the period July 1, 2015 through June 30, 2018, the Rate Plan takes effect following a two‑year rate freeze that was agreed to as part of the utility's acquisition by Fortis.
Fortis Shareholders Elect 11 Directors
Fortis Inc. announces that the nominees listed in the Corporation's Notice to Shareholders and Management Information Circular dated 20 March 2015 were elected as Directors of Fortis at the Corporation's Annual Meeting of Shareholders held earlier today in St. John's, NL. Tracey C. Pierre J. Paul J. Peter E. Maura J. Ida J. Douglas J. Ronald D. David G. Barry V. Fortis Inc. is a leader in the North American electric and gas utility business, with total assets of approximately $28 billion and fiscal 2014 revenue of $5.4 billion.
Fortis Delivers 1Q 2015 Earnings of $198 mi
The first quarter results of Fortis Inc.released today indicate that the company is positioned for a strong 2015 performance. In this regards Barry Perry, President and Chief Executive Officer, Fortis stated, "The $900 million, 335 megawatt Waneta Expansion hydroelectric generating facility in British Columbia came online early April, six weeks ahead of schedule and on budget, while maintaining an excellent safety and environmental protection record. Net earnings attributable to common equity shareholders for the first quarter were $198 million…
Waneta Hydroelectric Facility On-Line
The Waneta Expansion Limited Partnership, a partnership between Fortis Inc. Columbia Power Corporation and Columbia Basin Trust, announced that the $900 million, 335-megawatt Waneta Expansion hydroelectric generating facility near Trail, British Columbia is online and generating power. Fortis has a 51% controlling ownership interest in the Waneta Expansion. All of the output of the Waneta Expansion will be sold to BC Hydro and FortisBC Inc. under 40-year contracts.
Fortis Declares Q2 Dividends
The Board of Directors of Fortis Inc. $0.34 per share on the issued and outstanding fully paid Common Shares of the Corporation, payable on 1 June 2015 to the Common Shareholders of record at the close of business on 19 May 2015. Fortis has designated the common share dividend and preference share dividends as eligible dividends for federal and provincial dividend tax credit purposes.
TEP Solar Array at Fort Huachuca
Tucson Electric Power (TEP), an indirect wholly owned subsidiary of Fortis Inc. (TSX:FTS), joined military and federal officials today to dedicate a large solar array at Fort Huachuca that will help the U.S. Army achieve its renewable energy and energy security goals. The 17.2 megawatt (MW) array, completed in December, produces enough power to satisfy one-quarter of the base’s energy needs, equivalent to the annual electric usage of about 3,000 homes.
Fortis to Host Inaugural U.S. Investor Day on April 1
Fortis Inc. will host its inaugural U.S. Investor Day on Wednesday, April 1, 2015 in New York. The event will take place at The New York Palace hotel, 455 Madison Avenue at 50th Street (Spellman Room). Registration (and a continental breakfast) will begin at 7:30 a.m. (Eastern) on April 1, 2015 with management presentations scheduled from 8:30 a.m. to 11:00 a.m. (Eastern). Institutional investors, analysts and members of the financial community interested…
FortisBC Starts Expansion of Tilbury LNG Facility
FortisBC – a subsidiary of Fortis Inc. has officially started construction of its $400 million Tilbury LNG Facility expansion project today. The company is adding 1.1 million gigajoules of liquefied natural gas (LNG) to storage and 34,000 gigajoules per day of liquefaction capacity. FortisBC marked the occasion with a ground-breaking ceremony attended by The Honourable Christy Clark, Premier of British Columbia; Delta Mayor Lois Jackson; as well as Scott Hamilton, MLA North Delta; and Vicki Huntington, MLA South Delta. FortisBC Energy Inc.
Final Payment on Fortis Debentures
Fortis Inc. announced that holders of its 4% convertible unsecured subordinated debentures represented by instalment receipts that the final instalment payment of $667 per $1,000 principal amount of Debentures is due by October 27, 2014. Payment must be submitted by holders through their broker, investment advisor or other intermediary using the electronic payment system maintained by CDS Clearing and Depository Services Inc. ("CDS"). Brokers, investment…
Fortis Bags 39.7 MW Project in Grand Cayman
Fortis Inc. announced that the Electricity Regulatory Authority has selected the proposal of Caribbean Utilities Company, Ltd., the Corporation's operating utility on Grand Cayman, Cayman Islands, to build new generation capacity in response to the ERA's request for proposals issued on January 31, 2014. As a result, Caribbean Utilities will develop and operate a new 39.7‑megawatt diesel power plant, including a 2.7-MW waste heat recovery steam turbine. The project cost is estimated at US$85 million and the plant will be commissioned no later than June 2016.
Fortis Completes UNS Energy Acquisition
Fortis Inc. announced yesterday that it has completed the transaction to acquire all of the outstanding shares of UNS Energy Corporation for an aggregate purchase price of approximately US $4.5 billion, including the assumption of approximately US$2.0 billion of debt. UNS Energy is a vertically integrated utility services holding company, headquartered in Tucson, Arizona, engaged through three subsidiaries in the regulated electric generation and energy delivery business…
Fortis Acquisition of UNS Energy Approved
Fortis Inc. and UNS Energy Corporation announced today the issuance of the final written approval by the Arizona Corporation Commission of the Corporation's agreement to acquire UNS Energy. As a result, all conditions precedent to completing the Acquisition have been fulfilled other than those which by their nature cannot be satisfied until the closing date, which is expected to occur upon completion of the required documentation. Fortis will issue shortly…
Fortis to Hold Investor Day on October 1
Fortis Inc. will hold an Investor Day on Wednesday, October 1, 2014, in Toronto, Ontario. Barry Perry, President and incoming Chief Executive Officer, Fortis, along with the Corporation's Executive Vice Presidents and members of the senior management team, will provide an update on Fortis operations, recent developments and strategic outlook. The event will take place at St. Andrew's Club & Conference Centre (located in the Sun Life Building), 150 King Street West, 16th Floor (Garden Suite). Registration will begin at 8:00 a.m.
Fortis Earns $47 mi in the 2Q 2014
Fortis Inc. achieved second quarter net earnings attributable to common equity shareholders of $47 million, or $0.22 per common share, compared to $54 million, or $0.28 per common share, for the second quarter of 2013. For the first half of 2014, net earnings attributable to common equity shareholders were $190 million, or $0.89 per common share, compared to $205 million, or $1.06 per common share, for the first half of 2013. Earnings for the second quarter were impacted by a number of significant items.
