St. John's, Newfoundland and Labrador (GLOBE NEWSWIRE) - Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE:FTS) announced today that its subsidiary, FortisBC, has set a greenhouse gas ("GHG") reduction target. The utility said earlier today it has set an ambitious goal to reduce GHG emissions associated with their customers’ energy use by 30 percent overall by the year 2030. This announcement, along with other developments at Fortis utilities, demonstrates our commitment to a lower carbon economy.
Tucson Electric Power ("TEP") had a goal to deliver 30 percent renewable power to customers by 2030. The utility is expecting to exceed 28 percent of its renewable generation retail sales by 2021 – close to nine years ahead of schedule. TEP is now setting its sights on new carbon emission reduction goals and has partnered with the University of Arizona to develop a carbon reduction target for the utility's 2020 Integrated Resource Plan.
"FortisBC and Tucson Electric Power, in particular, are setting targets that will have a positive effect on our environment," said Barry Perry, President and CEO, Fortis. "We are seeing good progress in our efforts to deliver cleaner energy to customers."
To achieve its objective, FortisBC will focus on tripling investment in energy efficiency projects, increasing renewable gas supply and focusing on low and zero-carbon vehicles and transportation infrastructure.
TEP recently expanded its partnership with the University of Arizona and is supporting the university's plan to provide 100 percent clean energy to its Tucson campus by the end of 2020. TEP will dedicate portions of its new wind and solar energy projects to serving the university's needs.
"Fortis utilities are showing their commitment to a cleaner energy future by setting targets, reducing GHG emissions and reducing carbon intensity," said Mr. Perry. "Our five-year $18.3 billion capital plan includes investments in sustainability initiatives supporting a green and resilient energy grid. We will continue to take the right steps for our customers, our communities and our environment."
For more information on these initiatives, visit www.fortisbc.com or www.tep.com.
Fortis is a leader in the North American regulated electric and gas utility industry with 2018 revenue of C$8.4 billion and total assets of approximately C$52 billion as at June 30, 2019. The Corporation's 8,800 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.
Fortis shares are listed on the 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.
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 U.S. Private Securities Litigation Reform Act of 1995, collectively referred to as "forward-looking information". Forward-looking information included in this media release reflects expectations of Fortis management regarding future growth, results of operations, performance and 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 the forward-looking information, which include, without limitation: forecast capital expenditures for the period 2020 through 2024 and statements related to renewable targets at FortisBC and TEP.
Forward-looking information involves significant risks, 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, without limitation: the implementation of the five-year capital investment plan; no material capital project and financing cost overrun related to any 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 Fortis 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 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.
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