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Fortis offers five-year $17.2B capital spending plan, hikes quarterly dividend

Published 10/15/2018, 11:20 AM
© Reuters.  Fortis offers five-year $17.2B capital spending plan, hikes quarterly dividend
FTS
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  • Fortis (FTS +0.7%) unveils a $17.3B capital investment plan for 2019-23, up $2.8B from the previous five-year plan.
  • FTS projects its consolidated rate base to increase from $26B in 2018 to ~$32B in 2021 and $35.5B in 2023, translating into a respective 7.1% and 6.3% three- and five-year compound annual growth rate.
  • Beyond the base capital investment plan, FTS says it will pursue additional sustainable organic growth and near and long-term development projects.
  • Key development projects not yet included in the capex plan include a small-scale LNG export terminal at the Tilbury facility in B.C.; the fully permitted Lake Erie Connector electric transmission project in Ontario; and the Big Chino Valley Pumped Storage project in Arizona.
  • Also: Fortis declares CAD0.45 dividend (Oct. 15)
  • Now read: Canadian Dividend All-Stars Expected To Announce Dividend Increases - Week Of Oct. 15


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