Fortis Q2 EPS $0.78, Tilbury LNG Phase 1B Approved, $28.8B Capital Plan on Track

summarizeSummary

Fortis Inc. reported Q2 2026 EPS of $0.78, up from $0.76 a year ago, and announced British Columbia's approval of the ~$2.0 billion Tilbury LNG Phase 1B expansion, adding to its $28.8 billion five-year capital plan.

check_boxKey Events · Earnings and Guidance · FTS

• Q2 2026 EPS of $0.78

  Net earnings of $384 million, or $0.78 per share, up $0.02 from Q2 2025, driven by rate base growth and warmer weather, partially offset by dilution from 2025 asset dispositions.

• Tilbury LNG Phase 1B Approved

  The Province of British Columbia issued an Order in Council approving the ~$2.0 billion Phase 1B expansion of FortisBC Energy's Tilbury LNG facility, with construction potentially starting mid-2027 and in service by 2031.

• $28.8B Capital Plan Supports 7% Rate Base Growth

  Year-to-date capital expenditures reached $2.7 billion; the 2026-2030 plan targets a consolidated rate base CAGR of 7%, reaching $57.9 billion by 2030.

• Dividend Growth Guidance Reaffirmed

  Fortis reiterated its annual dividend growth guidance of 4-6% through 2030, marking 52 consecutive years of dividend increases.

auto_awesomeAnalysis · FTS · Energy & Transportation

Fortis delivered steady Q2 results with EPS of $0.78, up $0.02 from last year, while advancing a massive $28.8 billion five-year capital plan that supports 7% annual rate base growth. The real news is the British Columbia government's approval of the ~$2.0 billion Tilbury LNG Phase 1B expansion — a project that adds incremental growth beyond the current plan and strengthens Fortis's LNG marine fueling position. With all credit ratings reaffirmed and dividend growth guidance intact through 2030, the quarter reinforces the low-risk utility growth story, though the pending TEP rate case decision in November remains a key regulatory overhang.