Fortis Inc. reported net earnings attributable to common equity shareholders of $499 million, or $1.00 per common share, for the first quarter of 2025. This represents an increase of $40 million, or $0.07 per common share, compared to the first quarter of 2024. The increase was primarily driven by rate base growth across its utilities, the conclusion of Central Hudson's 2024 general rate application, and a higher U.S. dollar-to-Canadian dollar exchange rate.
The British Columbia Utilities Commission issued a decision in March 2025 on FortisBC's rate framework for 2025 through 2027, providing clarity and stability for the next three-year period. This framework includes a prescribed approach for operating expenses and capital investments, an innovation fund for cleaner energy, and continued earnings sharing mechanisms.
Credit ratings were reaffirmed, with Moody's Investor Services, Inc. confirming the Corporation's Baa3 issuer and senior unsecured debt credit ratings with a stable outlook in March 2025. In May 2025, DBRS Limited also confirmed Fortis's A (low) issuer and senior unsecured debt credit ratings with a stable outlook, reflecting the company's financial strength and stability.
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