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Fortis reports 2Q19 results

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LNG Industry,


Fortis Inc. has released its 2019 second quarter results.

Highlights

  • Second quarter 2019 net earnings of US$1.66 per common share. The results were impacted by weather.
  • After-tax gain on sale of Waneta Expansion Hydroelectric Project of US$484 million.
  • Adjusted net earnings of US$0.54 per common share.
  • 2019 capital expenditure plan increased by US$0.6 billion to US$4.3 billion.
  • Utilised US$142 million at-the-market common equity program to fund incremental 2019 capital plan.

CEO comments

“Fortis continues to deliver on its organic growth strategy with additional investment in renewable energy and electric transmission. The US$0.6 billion increase in our 2019 capital plan is driven by Tucson Electric Power’s investment in the Oso Grande Wind Project, which is the Corporation’s largest wind generation investment to date, and by ITC’s purchased and expected purchase of additional transmission assets in Michigan and Iowa,” said Barry Perry, President and Chief Executive Officer, Fortis.

“We are also pleased that FortisBC recently entered into its first term supply agreement to produce LNG for export to China. This agreement is an unprecedented development in Canada’s LNG export industry and was made possible by the completion of the Tilbury LNG expansion project in British Columbia.”

Read the article online at: https://www.lngindustry.com/liquefaction/05082019/fortis-reports-2q19-results/

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LNG project news Canada LNG news LNG export news Current LNG projects