Fortis Inc.
TSX : FTS

Fortis Inc.

October 06, 2014 07:07 ET

Caribbean Utilities Company, Ltd. Successful Bidder to Build New Generation on Grand Cayman

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Oct. 6, 2014) - Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS) announced that the Electricity Regulatory Authority ("ERA") has selected the proposal of Caribbean Utilities Company, Ltd. ("Caribbean Utilities") (TSX:CUP.U), the Corporation's operating utility on Grand Cayman, Cayman Islands, to build new generation capacity in response to the ERA's request for proposals issued on January 31, 2014. As a result, Caribbean Utilities will develop and operate a new 39.7-megawatt ("MW") diesel power plant, including a 2.7-MW waste heat recovery steam turbine. The project cost is estimated at US$85 million and the plant will be commissioned no later than June 2016.

About Caribbean Utilities

Caribbean Utilities provides electricity to Grand Cayman, Cayman Islands, under an Electricity Generation Licence expiring in 2029 and an exclusive Electricity Transmission and Distribution Licence expiring in 2028. Further information is available at www.cuc-cayman.com. Fortis holds an approximate 60% controlling ownership interest in Caribbean Utilities.

About Fortis

Fortis is a leader in the North American electric and gas utility business, with total assets approaching $25 billion and fiscal 2013 revenue exceeding $4 billion. Its regulated utilities account for approximately 93% of total assets and serve more than 3 million customers across Canada and in the United States and the Caribbean. Fortis owns non-regulated hydroelectric generation assets in Canada, Belize and Upstate New York. The Corporation's non-utility investment is comprised of hotels and commercial real estate in Canada. For more information, visit www.fortisinc.com or www.sedar.com.

Forward-Looking Information

Fortis includes forward-looking information in this media release within the meaning of applicable securities laws in Canada ("forward-looking information"). The purpose of the forward-looking information is to provide management's expectations regarding results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on assumptions developed using information currently available to the Corporation's management. Although Fortis believes that the forward-looking statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of risks and uncertainties. For additional information on risk factors that have the potential to affect the Corporation, reference should be made to the Corporation's continuous disclosure materials filed from time to time with Canadian securities regulatory authorities and to the heading "Business Risk Management" in the Corporation's annual and quarterly Management Discussion and Analysis. Except as required by law, the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.

Contact Information

  • Fortis Inc.
    Mr. Karl Smith
    Executive Vice President, Chief Financial Officer
    (709) 737-2822