Fortis Inc. Reports Q2 Earnings Growth and LNG Expansion Plans
Fortis Inc. achieved net earnings of $396 million in Q2, reflecting a rise from $384 million year-over-year. The increase is primarily attributed to growth in the utility rate base and higher electricity consumption in Arizona.
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Fortis Inc. reported net earnings of $396 million for the second quarter, an increase from $384 million the previous year. This growth is linked to utility rate base expansion and increased electricity demand from UNS Energy.
Additionally, Fortis BC received a permit exemption for a $2 billion expansion of its Tilbury LNG facility, with construction projected to start in mid-2027 and the project expected to be operational by 2031, pending regulatory approvals. Starting this month, Newfoundland Power customers are facing a 2.3% rate increase due to higher power costs from Newfoundland and Labrador Hydro. The expansion of LNG facilities may help Fortis diversify its energy portfolio but could also face scrutiny from regulatory bodies.
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