ITC estimates transmission investments of US$1.4 billion to US$1.8 billion through 2030 associated with six of the 18 LRTP projects. (“MISO”) long-range transmission plan (“LRTP”) are advancing at ITC with stakeholder outreach, routing studies and design engineering underway. The first tranche of approved projects associated with the Midcontinent Independent System Operator, Inc. Approval from the BCUC is anticipated in May 2023, which will remove certain of FortisBC Energy’s conditions for commencing construction and bring the project one step closer to construction. In March 2023, FortisBC Energy filed amended transportation rate schedules with the British Columbia Utilities Commission (“BCUC”) for the Eagle Mountain Woodfibre Gas Line project. The Corporation’s major capital projects continue to progress. The increase was driven by the same factors discussed for Net Earnings.įortis’ $4.3 billion annual capital plan remains on track with $1.0 billion invested through March 2023. Adjusted Net Earnings of $439 million for the first quarter, or $0.91 per common share, were $70 million, or $0.13 per common share higher than the same period in 2022. Growth in earnings was partially offset by higher holding company finance costs.Īn increase in the weighted average number of common shares outstanding, largely associated with the Corporation’s dividend reinvestment plan, also impacted earnings per share for the quarter.Ī djusted Net Earnings 2 Adjusted net earnings attributable to common equity shareholders (“Adjusted Net Earnings”) excludes the impact of mark-to-market accounting of natural gas derivatives at Aitken Creek. Results for the quarter also reflected higher earnings at Aitken Creek, an increase in the market value of investments that support retirement benefits at UNS Energy and ITC, and a higher U.S.-to-Canadian dollar foreign exchange rate. This advertisement has not loaded yet, but your article continues below.
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