Fortis Hits Capex High with Arizona T&D, Canadian Pipeline Plans

February 14, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Fortis Incorporated (NYSE:FTS) (St. Johns, Newfoundland) is beefing up its capital-investment program for the next five years, as it adds gas-fired and renewable generation across the U.S. and Canada, while keeping pace with increasingly necessary transmission and distribution (T&D) improvements. This includes growth in Arizona, where the company expects to see some of its heaviest investments.

Industrial Info is tracking US$9.8 billion worth of active projects from Fortis, about US$5.7 billion of which is attributed to Power Industry projects. Fortis plans to invest C$22.3 billion (US$16.72 billion) in capital projects from 2023 through 2027, the largest five-year capital expenditure (capex) plan in the company's history. This includes C$5.9 billion (US$4.42 billion) in cleaner energy projects, such as a waste-to-energy unit at a power plant in Charlottetown, Prince Edward Island, as well as the Southline Transmission Project, a 280-mile line that will allow more wind and solar resources to reach key markets in Arizona and New Mexico.

Other companies featured: Grid United, Black Forest Partners LP and Pacific Oil & Gas Limited