ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Jan. 8, 2018) -
Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS)(NYSE:FTS) has released its latest Environmental Report, detailing its commitment to environment and sustainability. Among other initiatives, the report outlines the shift to lower carbon energy resources in its business in Arizona, and highlights the capital investment plan that supports renewable energy resources and the delivery of cleaner energy.
"Delivering cleaner energy is a key strategic initiative for Fortis as we strive to meet the expectations of our customers and shareholders," said Barry Perry, President and Chief Executive Officer, Fortis. "As a result, we have elevated our focus on sustainability by recently announcing that Executive Vice President Nora Duke assumed responsibility for enterprise-wide sustainability and stewardship priorities. The Corporation has also increased its communication with investors on environment and sustainability matters, and produced a second Environmental Report in a 12-month period to accelerate and improve our environmental disclosure."
Transmission and distribution represents 91% of Fortis assets. The remaining 9% includes generation assets - 6% is fossil fuel-based generation and 3% is renewable generation.
"Fortis is primarily a transmission and distribution company with limited fossil fuel-based generation. As a result, our impact on the environment is limited," said Nora Duke, Executive Vice President, Sustainability and Chief Human Resource Officer, Fortis. "One of our priorities is facilitating more renewable energy onto the electricity grid while maintaining a safe, reliable system."
Environmental Initiatives and Accomplishments
Significant effort is being deployed to reduce fossil fuel-based generation and move to cleaner or renewable energy. Some of the highlights from the Environmental Report include:
A copy of the report is available online. To request a hard copy, please email media@fortisinc.com.
Forward-Looking Information
Fortis includes "forward-looking information" in this media release 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 included in this transcript reflects the expectations of Fortis management regarding future growth, results of operations, performance, 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 forward-looking information, which includes, without limitation: expected reduction in coal-fired generation at TEP resulting from planned plant retirements over the next five years; the expectation that total GHG emitted per million dollars of revenue will continue to decrease; plans at FortisBC to supply LNG to ship operators that convert from higher emitting fuels and the Corporation's consolidated capital spending for the five-year period from 2018 through 2022.
Forward-looking information involves significant risk, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. Such risk factors or assumptions include, but are not limited to: uncertainty regarding the outcome of regulatory proceedings of the Corporation's utilities and the expectation of regulatory stability; no material capital project and financing cost overrun related to any of the Corporation's capital projects; sufficient human resources to deliver service and execute the capital program; and no significant changes in laws and regulations that may materially negatively affect the Corporation and its subsidiaries. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors should be considered carefully and undue reliance should not be placed on the forward-looking information. For additional information with respect to certain of these risks or factors, reference should be made to the continuous disclosure materials filed from time to time by Fortis with Canadian securities regulatory authorities and the Securities and Exchange Commission. All forward-looking information included in this media release is given as of the date of this media release and Fortis disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
About Fortis
Fortis is a leader in the North American regulated electric and gas utility industry with total assets of approximately C$47 billion as of September 30, 2017. The Corporation's more than 8,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.
Fortis shares are listed on TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com, or www.sec.gov.
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