A Record Capital Plan

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Our utilities invested $4 billion in our energy systems in 2022 for system resiliency and modernization, including over $600 million to interconnect cleaner energy to our systems.

Our $22.3 billion five-year capital plan, the largest in our history, demonstrates our financial strength and our commitment to delivering a cleaner energy future. The increase is driven by organic growth, largely reflecting regional transmission projects associated with the Midcontinent Independent System Operator long-range transmission plan at ITC, additional cleaner energy investments in Arizona to support Tucson Electric Power's exit from coal by 2032, and enhancements to distribution reliability and capacity, as well as investments to support customer growth across our regulated utilities.

In total, Fortis expects to invest $5.9 billion in cleaner energy over the next five-years, with investments focused on connecting renewables to the grid in the U.S. mid-west, renewable and storage investments in Arizona and the Caribbean, and cleaner fuel solutions in British Columbia.

Cleaner Energy Investment
  • Transmission
  • Renewable Energy(2)
  • Distribution Supporting Cleaner Energy
  • Traditional Generation
  • Other
  • Transmission Supporting Cleaner Energy
  • Cleaner Energy Fuels(3)
  • Distribution
  • Information Technology

Note: The Capital Plan is a forward-looking Non-U.S. GAAP financial measure calculated in the same manner as Capital Expenditures. See "Non-US GAAP Financial Measures" in the Corporation’s Management Discussion & Analysis for the year ended December 31, 2022 for the Non-U.S. GAAP reconciliation. U.S. dollar-denominated capital expenditures converted at a forecast USD:CAD foreign exchange rate of 1.30 for 2023-2027.

(1) Direct cleaner energy investments defined as capital that supports reductions in air emissions, water usage and/or increases customer energy efficiency.

(2) Includes clean generation and energy storage.

(3) Includes renewable natural gas and liquefied natural gas.

Climate adaption and mitigation are key focuses in our industry.
Our Fortis Operating Group is evaluating grid resiliency and storm-hardening requirements under various climate scenarios and across geographies to enhance the readiness of our systems.

As operators of critical energy infrastructure, cybersecurity is a key component of our risk management program. With increasing cyber threats, our utilities continue to enhance security protection and work with industry and government partners.

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