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Released September 20, 2023 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Fortis Incorporated (NYSE:FTS) (St. Johns, Newfoundland) is increasing its planned capital investment for the next five years, as it adds gas-fired and renewable generation in the U.S. and Canada and works on transmission and distribution (T&D) improvements. Industrial Info is tracking US$9.3 billion worth of active projects from Fortis, about US$5.9 billion of which is attributed to Power Industry projects.
Fortis plans to invest C$25 billion (US$18.6 billion) in capital projects from 2024 through 2028, the largest five-year capital expenditure (capex) plan in the company's history. It marks an increase from the previous record of C$22.3 billion (US$16.6 billion) from 2023 through 2027.
The updated capital plan includes C$6.75 billion (US$5.03 billion) in cleaner energy projects, such as adding a waste-to-energy unit at a power plant in Charlottetown, Prince Edward Island. Maritime Electric Company Limited, a subsidiary of Fortis, is seeking permits to add a steam turbine and associates facilities across the street from the Charlottetown Thermal Generating Station, a natural diesel oil power station. The last two oil-fired generators were decommissioned earlier this year.
The waste-to-energy unit would utilize 46,000 tons of municipal solid waste per year, from wood chips, scrap wood and other harvesting operations. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report.
In a press release announcing the capex increase, Fortis said the jump "reflects regional transmission projects" from its subsidiary ITC Holdings (Novi, Michigan), "associated with tranche one of the Midcontinent Independent System Operator (MISO) long-range transmission plan," as well as investments in Arizona to support Tucson Electric Power's (TEP) exit from coal. Fortis said the Inflation Reduction Act has supported these efforts.
The majority of Fortis' U.S. activity is geared toward the TEP efforts. These include its involvement in the Southline Transmission Project, a 280-mile, high-voltage transmission line that will allow more wind and solar resources to reach key markets, while improving the grid reliability.
The full project runs from El Paso, Texas, to Tucson, Arizona, and is owned by Grid United (Houston, Texas) and Black Forest Partners LP (The Woodlands, Texas). Major components within Arizona include:
The 2.1 million-metric-ton-per-year facility would utilize hydropower from BC Hydro (Vancouver, Canada). Earlier this month, Fortis announced it reached an agreement with BP plc (NYSE:BP) (London, England) to buy all the LNG output. Construction is expected to begin in September, with operations planned to begin in 2027.
Fortis also expects to begin construction on the supporting Eagle Mountain-Woodfibre Gas Pipeline Project, which would carry natural gas about 30 miles from an area north of Vancouver to the Woodfibre facility. The pipeline would have an initial transmission capacity of 150 million to 200 million standard cubic feet per day. Subscribers to the GMI Production and Pipelines project databases can read detailed reports on the LNG complex and pipeline, and related compressor-station projects in Coquitlam, Squamish and Port Mellon.
Subscribers to Industrial Info's GMI Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Fortis.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Fortis plans to invest C$25 billion (US$18.6 billion) in capital projects from 2024 through 2028, the largest five-year capital expenditure (capex) plan in the company's history. It marks an increase from the previous record of C$22.3 billion (US$16.6 billion) from 2023 through 2027.
The updated capital plan includes C$6.75 billion (US$5.03 billion) in cleaner energy projects, such as adding a waste-to-energy unit at a power plant in Charlottetown, Prince Edward Island. Maritime Electric Company Limited, a subsidiary of Fortis, is seeking permits to add a steam turbine and associates facilities across the street from the Charlottetown Thermal Generating Station, a natural diesel oil power station. The last two oil-fired generators were decommissioned earlier this year.
The waste-to-energy unit would utilize 46,000 tons of municipal solid waste per year, from wood chips, scrap wood and other harvesting operations. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can learn more from a detailed project report.
In a press release announcing the capex increase, Fortis said the jump "reflects regional transmission projects" from its subsidiary ITC Holdings (Novi, Michigan), "associated with tranche one of the Midcontinent Independent System Operator (MISO) long-range transmission plan," as well as investments in Arizona to support Tucson Electric Power's (TEP) exit from coal. Fortis said the Inflation Reduction Act has supported these efforts.
The majority of Fortis' U.S. activity is geared toward the TEP efforts. These include its involvement in the Southline Transmission Project, a 280-mile, high-voltage transmission line that will allow more wind and solar resources to reach key markets, while improving the grid reliability.
The full project runs from El Paso, Texas, to Tucson, Arizona, and is owned by Grid United (Houston, Texas) and Black Forest Partners LP (The Woodlands, Texas). Major components within Arizona include:
- the rebuild of 64 miles of line within the Tucson area; see project report
- the replacement of 26.5 miles of outdated line and supporting structures from Red Rock to Tucson, Arizona; see project report
- an upgrade to 37.7 miles within the Tucson area; see project report
The 2.1 million-metric-ton-per-year facility would utilize hydropower from BC Hydro (Vancouver, Canada). Earlier this month, Fortis announced it reached an agreement with BP plc (NYSE:BP) (London, England) to buy all the LNG output. Construction is expected to begin in September, with operations planned to begin in 2027.
Fortis also expects to begin construction on the supporting Eagle Mountain-Woodfibre Gas Pipeline Project, which would carry natural gas about 30 miles from an area north of Vancouver to the Woodfibre facility. The pipeline would have an initial transmission capacity of 150 million to 200 million standard cubic feet per day. Subscribers to the GMI Production and Pipelines project databases can read detailed reports on the LNG complex and pipeline, and related compressor-station projects in Coquitlam, Squamish and Port Mellon.
Subscribers to Industrial Info's GMI Database can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active projects from Fortis.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
