4-6%
Annual dividend growth
guidance through 2029
6.5%
5-Year Rate Base CAGR
$26B
2025-2029 Capital Plan
Average Annual Total Shareholder Returns
Total Shareholder Returns
| 1-Year | 24.1% |
| 5-Year | 5.8% |
| 10-Year | 10.0% |
| 20-Year | 11.2% |
Our Value Proposition
51 Years of Consecutive Dividend Increases
Year
Why Invest?
A Premium North American Utility
Delivering a Cleaner Energy Future
Fortis has ten regulated utilities in Canada, the U.S., and the Caribbean.
Our 9,600 employees serve 3.5 million electricity and natural gas customers.
Our sustainable regulated growth strategy is focused on delivering cleaner energy that remains affordable and reliable for our customers while supporting annual dividend growth of 4-6% through 2029.
Low-Risk
Safe, Well-Run Utilities
Strong Governance
Regulatory & Geographic Diversity
Constructive Regulatory Relationships
Local Business Model
Virtually 100% Regulated
Primarily Transmission & Distribution Assets
Sustainable Growth
Focused on Execution
Strong Rate Base Growth
Robust Transmission Investment Pipeline
Transparent Funding Plan
Cleaner Energy Transition
4-6% Annual Dividend Growth Through 2029
Investment-Grade Credit Ratings
Cumulative 20-Year Total
Shareholder Return
Fortis has yielded a total annualized shareholder return of 11.2% over 20 years, or 734% in total.
Note: Cumulative 20-year total shareholder return as at September 30, 2024.
As at September 30, 2024
Financial Highlights
| $ millions, except as indicated | 2023 | 2022 | Variance |
|---|---|---|---|
| Common Equity Earnings | |||
| Actual | 1,506 | 1,330 | 176 |
| Adjusted (1) | 1,502 | 1,329 | 173 |
| Basic EPS ($) | |||
| Actual | 3.10 | 2.78 | 0.32 |
| Adjusted (1) | 3.09 | 2.78 | 0.31 |
| Dividends | |||
| Paid per common share ($) | 2.29 | 2.17 | 0.12 |
| Actual Payout Ratio (%) | 73.7 | 78.1 | (4.4) |
| Adjusted Payout Ratio (%) (1) | 73.9 | 78.1 | (4.2) |
| Weighted average number of common shares outstanding (# millions) | 486.3 | 478.6 | 7.7 |
| Operating Cash Flow | 3,545 | 3,074 | 471 |
| Capital expenditures (1) | 4,329 | 4,034 | 295 |
(1) Non-GAAP financial measure as disclosed in the Corporation's Annual Management Discussion and Analysis