Fortis sets record $32.2B five-year capital plan

St. John's-based Fortis Inc. unveiled its largest five-year capital plan yet alongside third-quarter results showing $474 million in net earnings. The 2027-2031 agenda totals $32.2 billion, $3.4 billion higher than the prior plan. Chief executive David Hutchens said growth is driven largely by transmission and liquefied natural gas investments while keeping customer affordability in mind. About 75 per cent of spending targets transmission and distribution, with 11 major regulated projects. Highlights include an Iowa transmission project by ITC Holdings and $1 billion toward FortisBC LNG expansion at Tilbury Island in Delta, B.C. Funding is expected mainly from cash and debt.