Fortis budgets US$300mn for Caribbean
Planned gross consolidated capex of Fortis (TSX: FTS) in 2014-18 reaches Cdn$6.5bn (US$6bn) of which 5% or Cdn$325mn (US$300mn) 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 two wholly owned utilities in the Turks and Caicos Islands.
First quarter gross consolidated capex for the Caribbean utilities totaled Cdn$13mn, according to Fortis' latest MD&A.
The Canadian group reported 1Q14 net earnings from these utilities of Cdn$5mn compared to Cdn$3mn in the year-ago period. Electricity sales and revenue from the utilities increased 5.88% and 12% to 180GWh and Cdn$74mn.
Fortis also owns and operates a non-regulated generation asset in Belize.
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