Fortis budgets US$69mn for Caribbean utilities
Bnamericas Published: Thursday, February 07, 2013
Fortis' (TSX: FTS) 2013 forecast gross capital expenditure for its Caribbean utilities reaches Cdn$69mn (US$69mn) compared to Cdn$48mn last year. 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. In its latest earnings report, the Canadian group reported net earnings from these utilities in 2012 of Cdn$19mn versus Cdn$20mn the year before. And Fortis saw 2012 electricity sales and revenue from the Caribbean utilities dip 20.7% and 10.5% to Cdn$728mn and Cdn$273mn compared to the year. Fortis also owns and operates a non-regulated generation asset in Belize.
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