Fortis Inc. Raises Dividend and Unveils C$32.2 Billion Plan

Fortis Inc. increased its fourth-quarter common dividend by 4% to C$0.665 per share, marking 53 consecutive years of dividend growth. The utility company reported third-quarter net earnings of C$474 million, or C$0.92 per share, an increase from C$409 million in the same period last year. Total net earnings for the first nine months of 2026 reached C$1.37 billion.

Contributing to these results, subsidiary FortisBC reported third-quarter net earnings of $15 million in its electricity sector and $6 million in its gas sector. While electricity sales declined due to lower average consumption, year-to-date earnings for FortisBC's gas sector rose to $226 million from $202 million in 2025.

CEO David Hutchens described the company's new C$32.2 billion capital plan for 2027 through 2031 as the largest in its history. The plan prioritizes FERC-regulated transmission investments through ITC Limited, including a competitive project in Iowa. To fund this expansion, the company is utilizing cash from operations, regulated utility debt, and a dividend reinvestment plan, supplemented by the recent issuance of US$1.0 billion in junior subordinated notes and common share sales.