Fortis Plans C$32.2 Billion Five-Year Investment
The utility's 2027-2031 capital plan is C$3.4 billion larger than its previous five-year program.
Updated on Nov. 4, 2026 in Utilities
Fortis Inc. announced a C$32.2 billion (US$23.9 billion) capital investment plan covering 2027 through 2031. The plan is C$3.4 billion larger than its prior 2026-2030 program.
Why it matters
The plan signals sustained spending on transmission and distribution infrastructure across North America, with the largest share of expenditure directed to the United States. Fortis expects to fund the program mainly through operating cash and regulated-utility debt.
Planned spending is C$6.3 billion in 2027, C$6.4 billion in 2028, C$6.8 billion in 2029, C$6.4 billion in 2030 and C$6.3 billion in 2031, with 62% expected in the United States. Fortis projects a 7.5% five-year compound annual rate-base growth rate, though the figures rely on a constant U.S.-to-Canadian dollar exchange rate.
The players
Fortis Inc.
Fortis Inc. is a Canadian electric and gas utility holding company with regulated operations across North America.
ITC Holdings
ITC is a Fortis subsidiary that owns and operates electric transmission infrastructure in the United States.
Midcontinent Independent System Operator
The Midcontinent Independent System Operator is a regional grid operator that oversees electricity transmission across a multi-state region of the central United States.
The details
Transmission projects tied to the Midcontinent Independent System Operator's Long-Range Transmission Plan tranche 2.1 are among the main drivers of the larger budget. Separately, the company declared a C$0.665-per-share common dividend for the fourth quarter of 2026, a 4% increase.
Timeline
October 2026: ITC subsidiary won a US$1 billion competitive transmission project in Iowa, with US$500 million included in the five-year plan.
Nov. 3, 2026: Fortis announced its 2027-2031 capital plan.
Nov. 17, 2026: Record date for the fourth-quarter dividend.
Dec. 1, 2026: Fourth-quarter dividend payable to shareholders.
Early 2027: Fortis plans to re-establish its at-the-market equity program.
Roadmap
The plan follows MISO's Long-Range Transmission Plan tranche 2.1, which has driven a wave of multi-billion-dollar regional transmission investment across the central United States. Fortis's spending extends that buildout, with transmission making up 47% of the new five-year budget.
Fortis's dividend increase of 4% to C$0.665 per share is payable to shareholders of record as of Nov. 17. The continued capital program signals ongoing rate-base growth that regulated utilities typically recover through customer rates over time.
The takeaway
Long-term utility capital plans like Fortis's can indicate where regulated infrastructure spending is concentrating, with transmission leading the way. Investors and observers tracking grid buildout may find the transmission share a useful indicator.
What happens next
Fortis expects to re-establish its at-the-market equity program in early 2027, and the fourth-quarter dividend is payable Dec. 1, 2026.
Further reading
Explore more on Utilities coverage for context on infrastructure spending trends.
