Fortis budgets US$239mn for Caribbean through 2017
Bnamericas Published: Tuesday, May 07, 2013
Fortis' (TSX: FTS) gross consolidated capex in 2013-17 reaches Cdn$6bn (US$5.97bn) of which 4% or Cdn$240mn (US$239mn) is for Caribbean regulated power utilities. The company's Caribbean portfolio includes an approximate 60% stake in Caribbean Utilities on Grand Cayman, Cayman Islands; and three wholly owned utilities in the Turks and Caicos Islands. First quarter gross consolidated capex for the Caribbean regulated power utilities totaled Cdn$11mn, according to Fortis' latest earnings report. The Canadian group reported 1Q13 net earnings from these utilities of Cdn$3mn, flat from the year-ago quarter. January-March 2013 electricity sales and revenue from the utilities increase 2.41% and 4.76% to Cdn$170mn and Cdn$66mn year-on-year. Fortis also owns and operates a non-regulated generation asset in Belize that saw production dip on lower rainfall in the first three months this year.
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