Welcome to our dedicated page for Fortis news (Ticker: FTS), a resource for investors and traders seeking the latest updates and insights on Fortis stock.
Fortis Inc. reports developments as a North American regulated electric and gas utility company with operations serving customers in Canada, the United States and the Caribbean. News about FTS commonly covers quarterly and annual results, regulated utility rate matters, capital spending plans, transmission and distribution investments, utility debt funding, and dividend declarations on common and preference shares.
Recurring Fortis updates also include annual meeting matters, director elections, auditor appointments, advisory compensation votes, disclosure-document filings, and investor presentations. Company releases often connect operating results to regulated rate base growth, service-territory investment, reliability projects and the financing needs of its utility portfolio.
Tucson Electric Power (TEP) is proposing a rate increase of 11.7%, effective September 2023, to support its transition to cleaner energy and improve service reliability. The average residential bill would rise by $14.22 as TEP invests in new wind and solar projects, grid improvements, and enhanced security measures. Despite rising operational costs, TEP has managed an average annual O&M cost increase of only 2.4% since 2018. The planned changes also include a higher Lifeline discount and removal of credit card transaction fees, reflecting TEP's commitment to assist customers.
Four Arizona energy providers, alongside three public universities, formed a coalition to drive towards a carbon-neutral economy. The initiative includes launching the 'Center for an Arizona Carbon-Neutral Economy' at Arizona State University to establish a regional clean hydrogen hub. This hub aims to mitigate carbon emissions and stimulate economic growth by creating high-quality jobs. The coalition seeks to align hydrogen production with consumer demand while engaging a diverse range of stakeholders, ultimately fostering a sustainable energy ecosystem in Arizona.
Archaea Energy Inc. (NYSE: LFG) reported preliminary Q1 2022 results, posting revenues of $56.9 million and a net loss of $33.2 million. The company increased its estimated long-term annual earnings power by 50% to approximately $600 million, attributed to adding 53 RNG development projects to its backlog. Key strategic moves include the $215 million acquisition of INGENCO, adding 14 LFGTE plants, and a landmark joint venture with Republic Services (NYSE: RSG) to invest $1.1 billion in developing 39 RNG facilities.
Fortis Inc. (TSX/NYSE: FTS) held its Annual and Special Meeting of Shareholders on May 5, 2022, where shareholders approved all agenda items. Key outcomes included the election of 13 directors, the appointment of Deloitte LLP as auditors, and the acceptance of the executive compensation approach. Shareholders also approved the amendment of the employee share purchase plan, increasing the share reserve by 3 million common shares. In 2021, Fortis reported revenue of $9.4 billion and total assets of $58 billion.
Fortis Inc. announced the retirement of Nora Duke, EVP of Sustainability and CHRO, after a 36-year career. Effective July 1, 2022, Jim Reid will take on the role of EVP, Sustainability and Chief Legal Officer, managing sustainability, HR, communications, and government relations. Under Reid's leadership, the corporation aims for net zero direct emissions by 2050. Fortis is a diversified leader in the North American utility sector, recording $9.4 billion in revenue and $58 billion in assets as of March 31, 2022.
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Fortis Inc. (TSX/NYSE: FTS) will release its first quarter 2022 financial results on May 4, 2022, followed by a teleconference at 8:30 a.m. (Eastern). President David Hutchens and CFO Jocelyn Perry will discuss the results. Stakeholders can join by calling 1.877.223.4471 (North America) or 647.788.4922 (International). Additionally, Fortis will hold its Annual and Special Meeting of Shareholders on May 5, 2022, at 9:00 a.m. (Eastern). With 2021 revenue of $9.4 billion and total assets of $58 billion, Fortis serves utility customers across Canada, the U.S., and the Caribbean.
Fortis Inc. (TSX/NYSE: FTS) will release its Q1 2022 financial results on May 4, 2022, followed by a teleconference at 8:30 a.m. (Eastern). Executives David Hutchens and Jocelyn Perry will discuss these results, with participation available for interested parties via phone or webcast. Additionally, the Annual and Special Meeting of Shareholders is scheduled for May 5, 2022, at 9:00 a.m. (Eastern), both in-person and online. Fortis reported 2021 revenues of $9.4 billion and boasts total assets of $58 billion, serving utility customers across North America.
Tucson Electric Power (TEP) plans to issue an All-Source Request for Proposals (ASRFP) on April 19, 2022, seeking new wind, solar, and energy storage resources. The goal is to support TEP's 2020 Integrated Resource Plan, which targets an 80% reduction in carbon emissions by 2035 and over 70% of energy from renewable sources. Proposals are due by July 1, 2022. TEP aims for increased renewable capacity, including 250 MW of renewable resources and 300 MW of firm capacity services. Successful bids will be announced later this year, with service commencement expected by May 2024.
UniSource Energy Services is set to issue an All-Source Request for Proposals (ASRFP) on April 19, 2022, to enhance its renewable energy generation and energy storage systems. Proposals are due by July 1, 2022. This initiative is part of UniSource’s 2020 Integrated Resource Plan, which aims to provide 50% of its energy from renewable sources by 2035. The ASRFP seeks up to 170 MW of renewable resources and 150 MW of firm capacity resources, targeting projects to begin operation by May 1, 2024. This move reflects a growing demand for energy and a commitment to a cleaner energy grid.