Fortis Inc. on Sept. 10 unveiled a five-year, C$18.3 billion capital investment plan for the period 2020 to 2024.
"Three years into our organic growth strategy, we are pleased to announce a (C)$1 billion increase in our five-year capital plan," President and CEO Barry Perry said in a news release. "The continuation of key industry trends including grid modernization, the delivery of cleaner energy and electrification are resulting in incremental investments in our U.S. and Caribbean businesses."
The company expects its consolidated rate base to increase from C$28 billion in 2019 to C$34.5 billion in 2022 and to C$38.4 billion in 2024.
Separately, Fortis declared a fourth-quarter 2019 common share dividend of 47.75 Canadian cents per common share, representing a 6.1% increase.
The dividend is payable Dec. 1 to common shareholders of record at the close of business Nov. 19.
