OTTAWA (dpa-AFX) - Fortis Inc. (FTS, FTS.TO) announced its five-year capital investment plan of $17.3 billion for the period 2019 to 2023, up $2.8 billion from the prior year's plan. Consolidated rate base is projected to increase from $26.1 billion in 2018 to approximately $32.0 billion in 2021 and $35.5 billion in 2023, translating into a three and five-year compound annual growth rate of 7.1% and 6.3%, respectively.
Fortis said, beyond the base capital investment plan, the company continues to pursue additional sustainable organic growth and near and long-term development projects. Key development projects not yet included in the capital investment plan include a small-scale LNG export terminal at the Tilbury facility in British Columbia; the fully permitted, cross-border, Lake Erie Connector electric transmission project in Ontario; and the Big Chino Valley Pumped Storage project in Arizona.
Fortis' Board also announced a $0.025 or 5.9% increase in the fourth quarter 2018 common share dividend. The Board declared a common share dividend of $0.45 per share on the issued and outstanding fully paid common shares of the Corporation, payable on December 1, 2018 to the common shareholders of record at the close of business on November 20, 2018. The Corporation has targeted average annual dividend per common share growth of approximately 6% through 2023 based on an annualized dividend of $1.70.
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