Fortis Inc. posts increase in second-quarter earnings over last year
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ST. JOHN’S – Fortis Inc. is reporting second-quarter net earnings attributable to common equity shareholders of $396 million, up from $384 million for the second quarter of last year.
The Newfoundland and Labrador-based company says the increase was driven by rate base growth across its utilities and higher electricity consumption at its Arizona-based UNS Energy holding company.
Last week, the government of British Columbia granted Fortis BC a permit exemption, allowing a $2-billion expansion to the company’s Tilbury LNG facility in Delta, B.C.
Fortis’ second-quarter update Friday says construction could begin mid-2027 and the project could be in service by 2031, but there are still regulatory approvals to be cleared.
Based in St. John’s, N.L., Fortis Inc. owns nine utilities in the United States, the Cayman Islands and Canada, including Newfoundland Power, which supplies electricity to the island of Newfoundland.
Rates for Newfoundland Power customers went up by an average of 2.3 per cent beginning this month, because of what the company said was an increase in the cost of the power, which is suppled by Newfoundland and Labrador Hydro.
This report by The Canadian Press was first published July 31, 2026.