Q2 2025 Fortis Inc Earnings Call Transcript
Key Points
- Fortis Inc (FTS) reported a strong financial performance with a second-quarter earnings per share of $0.76, a $0.09 increase over the same period last year.
- The company made significant progress on the regulatory front, including Tucson Electric Power's general rate application and Central Hudson's multi-year rate settlement agreement.
- Fortis Inc (FTS) achieved a 34% reduction in scope one greenhouse gas emissions compared to 2019 levels, demonstrating progress in its sustainability efforts.
- The first phase of the Roadrunner reserve battery storage project was completed, enhancing renewable energy integration with a 200 megawatt energy storage system.
- The company is on track with its capital plans, expecting rate base growth to increase by approximately $14 billion to $53 billion by 2029, supporting an average annual rate-based growth of 6.5%.
- Regulatory lag offset transmission revenue increases at UNS Energy, impacting earnings growth.
- Fortis Alberta faced tempered growth due to the expiration of a PVR efficiency mechanism and a lower allowed ROE of 8.97% effective January 1, 2025.
- Higher finance costs and the timing of income tax recoveries negatively impacted the corporate and other segment.
- The company faces potential challenges in meeting its 2030 and 2035 interim greenhouse gas targets due to changes in resource planning.
- The conversion of coal-fired generation to natural gas at the Springerville generating station may not have a material impact on the five-year plan, but it requires careful management of costs and resources.
Thank you for standing by.
My name is Chuck and I'll be your conference operator.
Welcome to the Fortis Inc. 2nd quarter 2025 earnings conference call and webcast. As a reminder, all participants are in a listen-only mode and the conference call is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then 0.
I would now like to turn the conference over to Ms. Stephanie Amao, Vice President, Investor relations. Please go ahead, Miss Amaimo.
Thanks, Chuck, and good morning everyone. Welcome to Fortas's 2nd quarter 2025 results conference call. I'm joined by David Hutchins, President and CEO, Jocelyn Perry, executive VP and CFO, other members of the senior management team, as well as CEOs from certain subsidiaries.
Before we begin today's call, I
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