Fortis Inc. Releases 2020 Sustainability Report
July 09 2020 - 6:00AM
Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) has
released its 2020 Sustainability Report. The document provides
detailed information on the Corporation's commitment to protect the
environment, ensure strong governance and support our people and
local communities.
The core business of Fortis is to deliver
electricity and natural gas to customers. Energy delivery
represents 93% of our assets with the remaining assets associated
with electricity generation.
"We continue to demonstrate our commitment to
delivering cleaner energy to customers and creating a more
sustainable future," said Barry Perry, President and CEO, Fortis.
"Two of our largest utilities, Tucson Electric Power and FortisBC
have recently established ambitious emission reduction goals. In
addition, more than 70% of the Fortis 2020 $4.3 billion capital
plan is dedicated to asset resiliency, modernization and cleaner
energy initiatives."
2020 Sustainability Report Highlights:
- Fortis and its utilities continue
to deliver an essential service and successfully maintain reliable
operations during the COVID-19 pandemic. Our focus is on employee
safety and local community needs, ensuring all customers, including
critical front-line essential workers, have the energy they
need.
- Tucson Electric Power ("TEP") in
Arizona recently announced a target to reduce its carbon emissions
by 80% by 2035. Renewable generation will comprise more than 70% of
TEP's power by that time and TEP will have exited coal-fired
electricity generation. Upon retirement of TEP's coal-fired
electricity generation, Fortis will have a coal-free generation
mix.
- FortisBC's 30BY30 goal is to reduce
greenhouse gas emissions associated with customer energy use by 30%
by 2030. This target at FortisBC, which is primarily a natural gas
distribution company, is one of the most ambitious reduction
targets amongst Canadian utilities.
- Fortis launched its inclusion and
diversity framework in the past 12 months, which was marked by
every Fortis utility CEO signing a declaration of their personal
commitment to advance inclusion and diversity efforts.
- 40% of the Fortis Board elected in
2020 and three of our ten utility Presidents are female.
- Fortis donated more than $12 million to communities in
2019.
Fortis increased its sustainability disclosures
in this latest report with the addition of the following new
indicators:
- Additional breakdown of the capital
expenditures to indicate the percentage of capital invested in
resiliency, modernization and cleaner energy.
- Increased disclosures on our
alignment with the recommendations of the Task Force on
Climate-Related Financial Disclosures.
- An expanded Fortis Sustainability
Commitment, which builds upon our previous Environmental Statement
to demonstrate our broader commitment to all aspects of
sustainability.
- Additional safety metrics for lost
workdays, days away and the recordable incident rate.
- Expanded metrics for human
resources, diversity, community investment and the economic value
generated by the Fortis group of companies.
- New demographic information on
Fortis boards, executive, management and employees.
"Our dialogue with shareholders and other
stakeholders has informed our approach to sustainability as well as
the new disclosures included in this latest report," said Nora
Duke, Executive Vice President, Sustainability and Chief Human
Resource Officer, Fortis. "We continue to make meaningful progress
to ensure Fortis remains a strong, sustainable company for
generations to come."
About Fortis
Fortis is a well-diversified leader in the North
American regulated electric and gas utility industry, with 2019
revenue of $8.8 billion and total assets of $57 billion as at March
31, 2020. The Corporation's 9,000 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.
A .pdf version of this press release is
available
at: http://ml.globenewswire.com/Resource/Download/4d020759-0ad9-4e2c-b5a1-bc7c9a6b6f38
For more information please contact |
|
|
Investor Enquiries:Ms. Stephanie AmaimoVice President, Investor
Relations Fortis Inc.
248.946.3572investorrelations@fortisinc.com |
Media Enquiries: Ms. Karen McCarthy Vice President, Communications
& Corporate Affairs Fortis Inc.
709.737.5323media@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 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 includes,
without limitation: TEP's renewable energy target and 2035
generation mix; FortisBC's 2030 GHG emission and renewable gas
targets; and forecast capital expenditures for 2020.
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 assumptions include,
but are not limited to: no material impact from the COVID-19
pandemic; reasonable outcomes for regulatory proceedings and the
expectation of regulatory stability; the successful execution of
the capital expenditure plan; and no significant changes in
government energy plans, environmental laws and regulations that
could have a material negative impact. 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 the Corporation with Canadian securities regulatory authorities
and the Securities and Exchange Commission. All forward-looking
information herein is given as of the date of this media release.
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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