Fortis Inc. posts increase in second-quarter earnings over last year

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.