Powering Results
In 2024, we continued our track record of consecutive dividend increases, delivered strong earnings per share and rate base growth, and invested a record $5.2 billion in capital.

In 2024, we continued our track record of consecutive dividend increases, delivered strong earnings per share and rate base growth, and invested a record $5.2 billion in capital.
Since 1973, Fortis has increased the annual dividends paid to our shareholders. We look to extend this record with annual dividend growth guidance of 4 to 6% through 2029.
Our long history of strong execution is also demonstrated by our shareholder returns. For 2024, we delivered a one-year total shareholder return of approximately 14%. Over a 20-year timeframe, Fortis delivered average annual total shareholder returns of approximately 10%, or 616% in total.
1-Year | 14.1% |
5-Year | 6.1% |
10-Year | 8.4% |
20-Year | 10.3% |
Note: Average annual and cumulative total shareholder returns reflect period ended December 31, 2024.
Earnings for 2024 reflect another year of solid growth supported by new rates and rate base growth across our utilities. We reported annual net earnings of $1.6 billion, and adjusted net earnings per common share grew by approximately 6%.
(1) Non-U.S. GAAP financial measure.
(2) Results were impacted by a favourable adjustment associated with a regulatory order at ITC. Adjusted earnings per common share excludes the favourable regulatory adjustment and certain non-operating items.
(3) Results were tempered by a lower U.S.-to-Canadian dollar exchange rate. Adjusted earnings per common share excludes certain non-operating items.
(4) Results were largely driven by rate base growth. Adjusted earnings per common share was consistent with reported earnings per common share as the adjustments associated with non-recurring and non-operating items largely offset each other.
(5) Results were largely driven by rate base growth and the conclusion of key regulatory applications. Adjusted earnings per common share excludes certain non-recurring and non-operating items, the impact of which largely offset each other.
(6) Results were largely driven by rate base growth across our utilities and new customer rates at Tucson Electric Power and Central Hudson. Adjusted earnings per common share excludes the unfavourable prior period impact associated with a regulatory order at ITC.
All financial information is presented in Canadian dollars. Information is for the fiscal years ended December 31.
Fortis invested a record $5.2 billion in capital in 2024. Our $26 billion five-year capital plan is low-risk, highly executable, and supports a 6.5% annualized rate base growth rate through 2029. Nearly all the investments are regulated, with only 23% consisting of major capital projects. The plan includes investments to enhance and strengthen our infrastructure, as well as support customer growth and the energy transition.
Our regulated growth platform is strong, and Fortis is well-positioned to secure additional investments beyond our capital plan to support load growth and facilitate the interconnection of cleaner energy. This includes transmission projects in the U.S. Midwest, regional transmission in New York, grid resiliency and climate adaptation investments, renewable gas solutions and LNG infrastructure in British Columbia, and load growth in Arizona.