Slides
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Q1 2025 EARNINGS CONFERENCE CALL May 7, 2025
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2 FORWARD LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would, and the negative of these terms, and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation: forecast capital expenditures for 2025-2029; forecast rate base in 2029 and forecast rate base growth rate for 2024-2029; the expected and potential impacts of tariffs on the supply chain and customer affordability, and the expectation that the imposition of tariffs will not have a material financial impact in 2025; the nature, timing, benefits and expected costs of additional opportunities beyond the Capital Plan, including ITC’s investments related to tranches 2.1 and 2.2 of the MISO LRTP , ITC customer connections, including investments related to the Big Cedar Load expansion project and data centers, MISO/SPP JTIQ, potential new retail load growth in Arizona, investment opportunities related to UNS Energy's 2023 IRP through 2038, transmission investments at UNS Energy, Tilbury LNG Expansion, renewable gases at FortisBC Energy, and Central Hudson’s regional transmission investments as minority partner in NY Transco; annual dividend growth guidance through 2029; the anticipated implementation of a public safety power shutoff at FortisBC in 2025; the expected impact of proposed wildfire legislation in Arizona on utility-related wildfire liability; expected sources of funding for the 2025-2029 Capital Plan, including the source of common equity proceeds; the expected timing, outcome and impact of legal and regulatory proceedings and decisions; forecast capital expenditures for 2025-2029 by business unit; the nature, timing, benefits and expected costs of certain capital projects, including ITC's transmission projects associated with the MISO LRTP tranches 1 and 2.1, UNS IRP Related Generation, UNS Roadrunner Reserve Battery Storage Projects 1 & 2, UNS Vail-to-Tortolita Transmission Project, FortisBC Eagle Mountain Pipeline Project, FortisBC Tilbury LNG Storage Expansion, FortisBC AMI Project and the FortisBC Tilbury 1B Project; forecast rate base for 2025-2029 and forecast rate base growth from 2024 through 2029 by business unit; the 2050 net-zero direct GHG emissions target and interim 2030 and 2035 GHG emissions reduction targets; the expectation to have a coal-free generation mix by 2032; FortisBC targets to support the energy transition and reduce GHG emissions; forecast debt maturities for 2025-2034; and scheduled preferred share dividend rate resets. Forward-looking information involves significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward- looking information including, without limitation: reasonable legal and regulatory decisions and the expectation of regulatory stability; the successful execution of the Capital Plan; no material capital project or financing cost overrun; sufficient human resources to deliver service and execute the Capital Plan; the realization of additional opportunities beyond the Capital Plan; no significant variability in interest rates; no material changes in the assumed U.S. dollar-to-Canadian dollar exchange rate; the continuation of current participation levels in the Corporation's DRIP; the Board exercising its discretion to declare dividends, taking into account the financial performance and condition of the Corporation; no significant operational disruptions or environmental liability or upset; the continued ability to maintain the performance of the electricity and gas systems; no severe and prolonged economic downturn; sufficient liquidity and capital resources; the ability to hedge exposures to fluctuations in foreign exchange rates, natural gas prices and electricity prices; the continued availability of natural gas, fuel, coal and electricity supply; continuation of power supply and capacity purchase contracts; no significant changes in government energy plans, environmental laws and regulations that could have a material negative impact; maintenance of adequate insurance coverage; the ability to obtain and maintain licenses and permits; retention of existing service areas; no significant changes in tax laws and the continued tax deferred treatment of earnings from the Corporation's foreign operations; continued maintenance of information technology infrastructure and no material breach of cybersecurity; continued favourable relations with Indigenous Peoples; and favourable labour relations. Unless otherwise specified, all financial information is in Canadian dollars and rate base refers to midyear rate base. Note: U.S. dollar-denominated 5-year Capital Plan and forecast rate base converted at a forecast USD:CAD foreign exchange rate of 1.30 for 2025-2029.
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David Hutchens President and Chief Executive Officer, Fortis Inc. Jocelyn Perry EVP and Chief Financial Officer, Fortis Inc. 3
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4 Delivered Safe & Reliable Service Capital Expenditures of $1.4B in Q1 2025 Constructive Regulatory Outcome in British Columbia Q1 2025 EPS $1.00 $0.07 over Q1 2024 Q1 2025 BUSINESS UPDATE
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HIGHLY EXECUTABLE CAPITAL PLAN SUPPORTS LOW-RISK ANNUAL RATE BASE GROWTH OF ~6.5% 5 Note: Capital Expenditures is a Non-U.S. GAAP Financial Measure. Refer to Slide 15 for Non-U.S GAAP Reconciliation. U.S. dollar-denominated rate base converted at a USD:CAD foreign exchange rate of 1.37 for 2024 and 1.30 for 2025-2029. CAGR is calculated on a constant foreign exchange rate basis. $1.4 Billion Capital Expenditures in Q1 2025 annual capital plan of $5.2B on track with major capital projects progressing $26 Billion 2025-2029 Capital Plan 23% major capital projects Virtually all regulated investments 6.5% 5-Year Rate Base CAGR Rate base forecast to grow from $39B in 2024 to $53B in 2029
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6 • MISO LRTP Tranche 2.1 ~US$3.7-$4.2B for projects in Michigan and Minnesota where ROFRs are in effect and system upgrades in Iowa; majority of investments are expected post-2029 • Customer Connections Includes ~1,600 MWs for Big Cedar Load Expansion Project and potential for over ~5,000 MWs of load growth for proposed data centers and economic development in preliminary stages of development • MISO/SPP JTIQ • MISO LRTP Tranche 2.2 Timing and scope unknown • Retail Load Growth Negotiations ongoing for 300+ MWs of new high load factor customers using existing and planned capacity ramping up in 2027; further negotiations ongoing for 600 MWs of new load beginning in 2030 with generation and transmission investments expected • 2023 IRP Investment opportunity of ~US$2.5-$5.0B through 2038 • Transmission Investments • Tilbury LNG Expansion Marine bunkering • Renewable Gases • Customer & Load Growth in electric service territory • Transmission Investments Regional transmission as minority partner in NY Transco OPPORTUNITIES TO EXPAND AND EXTEND GROWTH BEYOND THE PLAN
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73 76 79 82 85 88 91 94 97 00 03 06 09 12 15 18 21 24 4-6% Annual Dividend Growth Guidance through 2029 51 Years of Consecutive Increases in Dividends Paid DIVIDEND GUIDANCE SUPPORTED BY LONG-TERM GROWTH STRATEGY 7
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8 FIRST QUARTER RESULTS EPS $0.93 $1.00 Q1 2024 Q1 2025 Earnings $459M $499M Q1 2024 Q1 2025
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$0.93 $0.02 $0.01 $0.01 $0.01 $0.03 ($0.01) $1.00 Q1 2024 Basic EPS U.S. Electric & Gas U.S. Transmission (ITC) Western Canadian Electric & Gas Other Electric Foreign Exchange Weighted Average Shares Q1 2025 Basic EPS 9 Q1 2025 EPS DRIVERS (1) Includes UNS Energy and Central Hudson. (2) Includes FortisBC Energy, FortisAlberta and FortisBC Electric. (3) Reflects average foreign exchange rate of 1.43 in Q1 2025 compared to 1.35 in Q1 2024. Q1 2025 EPS $0.07 compared to Q1 2024 (1) (2) (3)
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10 LIQUIDITY, FUNDING & CREDIT RATINGS (1) Non-U.S. GAAP financial measure. Reflects cash from operating activities net of dividends and including customer contributions. (2) Net debt reflects regulated and non-regulated debt issuances, net of repayments. (3) Reflects common shares issued under the Corporation’s dividend reinvestment and employee share purchase plans. $500M ATM available for flexibility as needed. (4) S&P rating reflects the issuer credit rating. Fortis’ unsecured debt rating is BBB+. Q1 2025 Long-Term Debt Issuances Raised over $1B in Long-Term Debt in Q1 2025 Cash From Operations(1) 59% Net Debt(2) 30% Equity(3) 11% $26B Capital Plan 2025-2029 • Fortis Inc. ▪ $600M 7-year notes at 4.09% • UNS Energy ▪ US$300M 30-year notes at 5.90% Balanced Approach To Funding Growth Credit Ratings & Outlooks A-(4)Baa3 A (low) Stable Negative Stable
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RECENT REGULATORY ACTIVITY 11 2025-2027 Rate Framework • In March 2025, the BCUC issued its decision on FortisBC’s 2025-2027 rate framework application • The rate framework builds upon the previous multi-year rate plan • Includes: ▪ Updates to depreciation rates ▪ Similar approach to operating expenses and capital ▪ Continuation of innovation fund ▪ Earnings sharing mechanisms TEP General Rate Application • TEP expects to file its general rate application this summer with the ACC • Annual formulaic rate adjustment mechanism to be included • A formula rate mechanism, if approved by the ACC, would adjust rates annually based on a predetermined formula • Formula rate plans are expected to improve rate stability for customers, while also reducing regulatory lag • In August 2024, Central Hudson filed a general rate application with the PSC requesting new rates effective July 1, 2025 • Application seeks an allowed ROE of 10% and 48% common equity ratio • Settlement negotiations progressing • Timing and outcome of this proceeding are unknown Central Hudson General Rate Application
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12 WHY INVEST IN FORTIS? SUSTAINABLE GROWTH LOW-RISK Safe, Well-Run Utilities Focused on Executing Strong Rate Base Growth Robust Transmission Investment Pipeline Transparent Funding Plan Cleaner Energy Transition 4-6% Annual Dividend Growth Investment-Grade Credit Ratings Strong Governance Regulatory & Geographic Diversity Constructive Regulatory Relationships Local Business Model Virtually 100% Regulated Primarily Transmission & Distribution Assets
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13 UPCOMING EVENTS Expected Earnings Release Dates • Q2 2025 – August 1, 2025 • Q3 2025 – November 4, 2025
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Q1 2025 EARNINGS CONFERENCE CALL May 7, 2025
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15 NON-U.S. GAAP RECONCILIATION ($MILLIONS) Q1 2025 Q1 2024 VARIANCE Capital Expenditures Additions to property, plant and equipment 1,483 1,071 412 Additions to intangible assets 60 42 18 Adjusting items: Eagle Mountain Pipeline Project(1) (123) - (123) Wataynikaneyap Transmission Power Project(2) - 15 (15) Capital Expenditures 1,420 1,128 292 (1) Represents contributions in aid of construction received for the Eagle Mountain Pipeline project, included in the FortisBC Energy segment. (2) Represents Fortis' 39% share of capital spending for the Wataynikaneyap Transmission Power Project, included in the Other Electric segment. Construction was completed in Q2 2024.
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16 FIRST QUARTER RESULTS BY SEGMENT First Quarter Earnings Variance Analysis by Business Unit ($MILLIONS, EXCEPT WEIGHTED AVERAGE SHARES AND EPS) Q1 2025 Q1 2024 VARIANCE Regulated – Independent Electric Transmission ITC 150 138 12 Regulated – U.S. Electric & Gas UNS Energy 81 88 (7) Central Hudson 65 37 28 146 125 21 Regulated – Canadian & Caribbean Electric & Gas FortisBC Energy 156 146 10 FortisAlberta 37 45 (8) FortisBC Electric 21 20 1 Other Electric 42 34 8 256 245 11 Corporate and Other (53) (49) (4) Common Equity Earnings 499 459 40 Weighted Average Shares (# millions) 500.3 491.6 8.7 EPS $1.00 $0.93 $0.07
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Capital Plan ($MILLIONS) 2025F 2026F 2027F 2028F 2029F 2025-2029 TOTAL Regulated – Independent Electric Transmission ITC 1,403 1,488 1,523 1,600 1,573 7,587 Regulated – U.S. Electric & Gas UNS Energy 1,276 1,087 1,201 1,138 581 5,283 Central Hudson 462 480 440 486 462 2,330 Total Regulated – U.S. Electric & Gas 1,738 1,567 1,641 1,624 1,043 7,613 Regulated – Canadian & Caribbean Electric & Gas FortisBC Energy 687 785 1,080 804 564 3,920 FortisAlberta 624 683 681 701 743 3,432 FortisBC Electric 179 186 167 183 181 896 Other Electric 540 477 491 528 500 2,536 Total Regulated – Canadian & Caribbean Electric & Gas 2,030 2,131 2,419 2,216 1,988 10,784 Non-Regulated – Corporate & Other 7 6 5 3 2 23 Total Capital Plan 5,178 5,192 5,588 5,443 4,606 26,007 Note: U.S. dollar-denominated capital expenditures converted at a USD:CAD foreign exchange rate of 1.30. 17 2025-2029 CAPITAL PLAN BY BUSINESS UNIT
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($ Millions) 2024A 2025- 2029F Estimated Completion Date ITC MISO LRTP(1) 64 1,704 Various UNS IRP Related Generation(2) 1 1,620 Various UNS Roadrunner Reserve Battery Storage Project 1 286 51 2025 UNS Roadrunner Reserve Battery Storage Project 2 115 325 2026 UNS Vail-to-Tortolita Transmission Project 47 253 2027 FortisBC Eagle Mountain Pipeline Project(3) 386 314 2027 FortisBC Tilbury LNG Storage Expansion 6 585 2029 FortisBC AMI Project 30 733 2028 FortisBC Tilbury 1B Project 5 339 2029 Note: Projects, other than ongoing maintenance projects, individually costing $200M or more in the forecast/planning period. (1) Includes capital expenditures of ~US$1.2B for Tranche 1 and ~US$140M for Tranche 2.1 for the forecast period 2025-2029. (2) Includes capital expenditures for resource requirements, including renewable generation, energy storage systems and natural gas generation supporting the transition to cleaner energy as outlined in the 2023 IRPs for TEP and UNS Electric. (3) The project is net of customer contributions. Major Capital Projects 23% Smaller Projects 77% $26B Capital Plan 2025-2029 18 MAJOR CAPITAL PROJECTS
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Rate Base ($BILLIONS, EXCEPT FOR CAGR) 2024A 2025F 2026F 2027F 2028F 2029F 5-YEAR CAGR to 2029 Regulated – Independent Electric Transmission ITC(1) 12.5 12.8 13.9 14.8 15.7 16.5 6.8% Regulated – U.S. Electric & Gas UNS Energy (2) 7.6 7.7 8.3 8.8 9.8 10.7 6.7% Central Hudson 3.2 3.4 3.7 4.0 4.1 4.3 7.2% Total Regulated – U.S. Electric & Gas 10.8 11.1 12.0 12.8 13.9 15.0 6.8% Regulated – Canadian & Caribbean Electric & Gas FortisBC Energy (2) 5.8 6.3 6.7 7.4 8.1 8.7 6.4% FortisAlberta 4.4 4.7 4.9 5.2 5.4 5.7 5.3% FortisBC Electric 1.7 1.8 1.8 2.0 2.0 2.1 4.4% Other Electric 3.8 4.0 4.3 4.4 4.8 5.0 6.2% Total Regulated – Canadian & Caribbean Electric & Gas 15.7 16.8 17.7 19.0 20.3 21.5 5.8% Total Rate Base Forecast 39.0 40.7 43.6 46.6 49.9 53.0 6.5% (1) Fortis has an 80.1% controlling ownership interest in ITC; rate base represents 100% ownership. (2) CAGR includes CWIP balances at UNS Energy and FortisBC Energy due to significant construction projects in process in 2024 that become rate base later in the planning period. Rate base growth adjusted for CWIP balances of $1.0B at UNS Energy and $0.6B at FortisBC Energy, respectively, in 2024, as well as $0.5B at UNS Energy and $0.1B at FortisBC Energy, respectively, in 2029. Note: U.S. dollar-denominated rate base converted at a USD:CAD foreign exchange rate of 1.37 for 2024 and 1.30 for 2025-2029. CAGR is calculated on a constant foreign exchange rate basis. 19 2024-2029 RATE BASE BY BUSINESS UNIT
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20 SENSITIVITY EXPOSURE & HEDGING (1) Non-U.S. GAAP financial measure for year ended December 31, 2024. Excludes Net Expenses of Corporate and Other segment. (2) As of March 31, 2025, the contracts had a combined notional value of US$513M. Foreign Exchange ROE & Equity Ratio ROE +/- 25 bps Equity +/- 100 bps ITC $0.035 $0.030 UNS Energy $0.025 $0.015 FortisBC $0.020 $0.015 Central Hudson $0.010 $0.005 FortisAlberta $0.010 $0.010 • Assumed USD:CAD FX rate of 1.30 for 2025-2029 Capital Plan • ~65% of regulated earnings(1)/ 60% of capital plan in USD at U.S. & Caribbean utilities • +/- $0.05 change in USD:CAD ▪ Five-year capital plan: $600M ▪ EPS: ~$0.05, inclusive of hedging activities Hedging Activities • FX contracts (primarily forwards and collars)(2) • ~US$1.8B in U.S. dollar-denominated debt outstanding at Fortis Inc. as a natural hedge • ~US$400M cross-currency interest rate swaps
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Transmission Incentives In 2021, FERC issued a supplemental NOPR proposing to eliminate the 50-bps RTO adder for transmission owners that have been RTO members for longer than three years; the timing and outcome of this proceeding remain unknown UNS Gas General Rate Application In November 2024, UNS Gas filed a general rate application with the ACC requesting an increase in gas delivery rates effective February 1, 2026; the application seeks an allowed ROE of 10.25% and 56% common equity ratio; in January 2025, UNS Gas filed supplemental material proposing an annual rate adjustment mechanism following the ACC's approval of a formula rate policy statement; the timing and outcome of this proceeding are unknown 2025 General Rate Application In August 2024, Central Hudson filed a general rate application with the PSC requesting new rates effective July 1, 2025; application seeks an allowed ROE of 10% and 48% common equity ratio; timing and outcome of this proceeding are unknown Enforcement Proceeding Following a Show Cause Order issued in 2024, the PSC issued an order in March 2025 to commence an enforcement proceeding in connection with a gas-related explosion that occurred in November 2023; the timing and outcome of the proceeding are unknown Third PBR Term Decision In 2023, the AUC issued a decision establishing the parameters for the third PBR term for 2024-2028; FortisAlberta sought permission to appeal the decision to the Court of Appeal on the basis that the AUC erred in its decision to determine capital funding using 2018-2022 historical capital investments without consideration for funding of new capital programs included in the company's 2023 COS revenue requirement as approved by the AUC; in March 2025, the Court of Appeal granted FortisAlberta permission to appeal, and a decision is expected in Q1 2026 ONGOING REGULATORY PROCEEDINGS 2121
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SUSTAINABILITY LEADERSHIP Climate and Innovation • 2050 net-zero direct emissions goal with interim targets to reduce GHG emissions 50% by 2030 and 75% by 2035; the Corporation's ability to achieve the GHG targets may be impacted by federal, state and provincial energy policies, as well as external factors, including significant customer and load growth and the development of clean energy technology • Progress: Reduced scope 1 emissions by 34% to the end of 2024 relative to 2019 levels • 170 MW of coal generation capacity was retired at TEP in June 2022: expect to be coal-free by 2032; seasonal operations commenced at Springerville in 2023 • Pilot project formed to produce low-carbon hydrogen; FortisBC continues to partner with others, including local universities, to study safe and reliable hydrogen blending with natural gas • FortisBC increased RNG supply by 21% in 2023, and by more than 10 times since 2019 • FortisBC targets to support the energy transition and reduce GHG emissions: ▪ Reduce absolute scope 1 GHG emissions by 35% by 2035 from 2019 levels ▪ Reduce customers' GHG emissions by 200k tonnes through participation in conservation and energy management initiatives by the end of 2027 ▪ Invest $690M to help customers save 3.8M gigajoules of gas and 115 GWh of electricity by the end of 2027 • Building on our strong record of mutually beneficial partnerships with Indigenous peoples • FortisBC awarded silver-level designation in Progressive Aboriginal RelationsTM from the Canadian Council of Indigenous Business • 1,800 KM Wataynikaneyap transmission line connecting 17 remote First Nations communities to the Ontario power grid • ~$15M of community investment in 2024 • Ranked #1 out of 215 S&P/TSX companies in The Globe & Mail 2024 Board Games • Independent chair; 11 of 12 directors are independent • 50% of Fortis board members are women; 2 of 12 identify as a visible minority • Average board tenure of 6.4 years as of March 2025 • Women currently represent 57% of the Fortis Inc. executive leadership team • 73% of Fortis utilities have a female in the position of CEO or board chair • Executive compensation linked to climate and sustainability initiatives Community and Indigenous Relations Governance Leadership 22
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Q1 2025 SALES TRENDS (1) Excludes wholesale sales at UNS Energy. 23 Other Electric CHANGE IN RETAIL ENERGY SALES Q1 2025 vs. Q1 2024 SALES TRENDS N/A • Peak load up 3% primarily due to colder weather -2% • Decrease primarily due to lower heating load associated with milder temperatures +6% • Increase primarily due to higher average consumption by residential and commercial customers due to colder weather - • C&I sales up 1% due to customer additions and higher average consumption by industrial customers; residential sales down 2% due to lower average consumption associated with milder weather +4% • Increase in gas sales primarily due to higher average consumption by industrial, commercial and residential customers +4% • Increase in electric sales primarily due to higher average consumption by residential customers, reflecting colder weather, and higher average consumption by industrial customers +1% • Eastern Canadian residential sales up 2%; commercial sales flat • Caribbean sales up 3% primarily due to increased tourism activities and customer additions (1)
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$- $0.5 $1.0 $1.5 $2.0 $2.5 2025F 2026F 2027F 2028F 2029F 2030F 2031F 2032F 2033F 2034F Non-Regulated Regulated billions 10-Year Debt Maturities (1) Includes non-regulated debt maturities at Fortis Inc. and ITC Holdings. (2) The annual fixed rate dividend per share for Series H will be reset from $0.45875 to $1.04575 for the five-year period from June 1, 2025 up to but excluding June 1, 2030. (3) The quarterly floating rate dividend per share for Series I will be reset from $0.278016 to $0.258545 for the three-month period from June 1, 2025 up to and including August 31, 2025. (1) Note: U.S. dollar-denominated debt translated at March 31, 2025 USD:CAD closing foreign exchange rate of 1.44. LONG-TERM DEBT MATURITIES & PREFERENCE SHARE DIVIDENDS 24 2025 2026 Series H - $192M June 1, 2025(2) Series I - $58M June 1, 2025(3) Preference Share Rate Resets
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Company Fortis Inc. A-(1) Baa3 A (low) ITC Holdings Corp. A-(1) Baa2 n/a ITC Regulated Subsidiaries A+ A1 n/a TEP A- A3 n/a Central Hudson BBB+ Baa1 n/a FortisBC Energy n/a A3 A FortisBC Electric n/a Baa1 A (low) FortisAlberta A- Baa1 A (low) Newfoundland Power n/a A2 A (1) S&P credit ratings for Fortis Inc. and ITC Holdings Corp. reflect the issuer credit ratings. The unsecured debt rating for Fortis Inc. and ITC Holdings Corp. is BBB+. STRONG INVESTMENT-GRADE CREDIT RATINGS 25
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GLOSSARY 26 ACC Arizona Corporation Commission AMI Advanced Metering Infrastructure ATM At-the-market equity program AUC Alberta Utilities Commission BCUC British Columbia Utilities Commission Board Board of Directors of the Corporation CAGR compound average growth rate of a particular item. CAGR = (EV/BV) 1 -N -1, where: (i) EV is the ending value of the item; (ii) BV is the beginning value of the item; and (iii) N is the number of periods. Calculated on a constant U.S. dollar to Canadian dollar exchange rate Capital Expenditures cash outlay for additions to property, plant and equipment and intangible assets as shown in the Interim Financial Statements, less CIACs received by FortisBC Energy associated with the Eagle Mountain Pipeline project. Also includes Fortis' 39% share of capital spending for the Wataynikaneyap Transmission Power project in 2024. See "Non-US GAAP Financial Measures" in the Q1 2025 MD&A. Capital Plan forecast Capital Expenditures. Represents a non -U.S. GAAP financial measure calculated in the same manner as Capital Expenditures Central Hudson CH Energy Group, Inc., an indirect wholly owned subsidiary of Fortis, together with its subsidiaries, including Central Hudson Gas & Electric Corporation CEO Chief Executive Officer of Fortis Corporation Fortis Inc. COS Cost of Service Court of Appeal Court of Appeal of Alberta CWIP Construction work-in-progress C&I Commercial & Industrial DRIP dividend reinvestment plan EPS earnings per common share EVP Executive Vice President FERC Federal Energy Regulatory Commission Fortis Fortis Inc. FortisAlberta FortisAlberta Inc., an indirect wholly owned subsidiary of Fortis FortisBC FortisBC Energy and FortisBC Electric FortisBC Electric FortisBC Inc., an indirect wholly owned subsidiary of Fortis, together with its subsidiaries FortisBC Energy FortisBC Energy Inc., an indirect wholly owned subsidiary of Fortis, together with its subsidiaries FX foreign exchange associated with the translation of U.S. dollar -denominated amounts. Foreign exchange is calculated by applying the change in the U.S. -to-Canadian dollar FX rates to the prior period U.S. dollar balance. GHG greenhouse gas GWh Gigawatt hours IRP Integrated Resource Plan ITC ITC Investment Holdings Inc., an indirect 80.1%-owned subsidiary of Fortis, together with its subsidiaries, including International Transmission Company, Michigan Electric Transmission Company, LLC, ITC Midwest LLC, and ITC Great Plains, LLC JTIQ Joint Transmission Interconnection Queue Study Km Kilometers(s) LNG liquefied natural gas LRTP Long-Range Transmission Plan Major Capital Projects projects, other than ongoing maintenance projects, individually costing $200M or more MD&A the Corporation's management discussion and analysis MISO Midcontinent Independent System Operator, Inc. Moody's Moody's Investor Services, Inc. Morningstar DBRS DBRS Limited MW megawatt(s) Newfoundland Power Newfoundland Power Inc., a direct wholly owned subsidiary of Fortis Non-U.S. GAAP Financial Measure financial measures that do not have a standardized meaning prescribed by U.S. GAAP NOPR notice of proposed rulemaking NY Transco New York Transco LLC, a joint venture with affiliates of other investor -owned utilities in New York State, which was created to develop, own, and operate electric transmission projects in the state. PBR performance-based rate-setting PSC New York Public Service Commission Rate Base the stated value of property on which a regulated utility is permitted to earn a specified return in accordance with its regulatory construct RNG renewable natural gas ROE rate of return on common equity ROFR right of first refusal RTO regional transmission organization S&P Standard & Poor's Financial Services LLC SPP Southwest Power Pool TEP Tucson Electric Power Company, a direct wholly owned subsidiary of UNS Energy TSX Toronto Stock Exchange U.S. United States of America U.S. GAAP accounting principles generally accepted in the U.S. UNS UNS Energy Corporation, an indirect wholly owned subsidiary of Fortis, together with its subsidiaries, including TEP, UNS Electric, Inc. and UNS Gas, Inc. UNS Electric UNS Electric, Inc. UNS Gas UNS Gas, Inc. USD:CAD U.S. Dollar to Canadian Dollar foreign exchange rate