UNS Energy

Fortis Inc. Reports Fourth Quarter & Annual 2023 Results

Retrieved on: 
Friday, February 9, 2024
ITC, UNS, File, Carbon, Transport, Electricity, Capital expenditure, Tucson Electric Power, Fortis, MISO, Arizona Corporation Commission, Growth, Investment, Retirement, Corporation, GAAP, Sale, FortisBC, UNS Energy, Safety, Depreciation, Coal, Legislation, GHG, FTS, Economic development, TEP, Renewable energy

ST. JOHN'S, Newfoundland and Labrador, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its 2023 fourth quarter and annual financial results1.

Key Points: 
  • ST. JOHN'S, Newfoundland and Labrador, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its 2023 fourth quarter and annual financial results1.
  • On November 1, 2023, the sale of Aitken Creek closed for approximately $470 million including working capital and closing adjustments.
  • Adjusted net earnings attributable to common equity shareholders2 ("Adjusted Net Earnings") reflects results for Aitken Creek through the March 31, 2023 effective date.
  • For the fourth quarter of 2023, Adjusted Net Earnings were $350 million, or $0.72 per common share, comparable with the same period in 2022.

New UniSource Electric Rates Support Investments in Safe, Reliable Service

Retrieved on: 
Thursday, January 18, 2024
Energy, Other Energy, Utilities, Oil, Gas, FTS, Weather, Reach Out Worldwide, UNS Energy, Investment, UniSource Energy Services, Arizona Corporation Commission, Fortis, Renewable energy

New electric rates for UniSource Energy Services customers will take effect Feb. 1 to help cover rising costs and support ongoing investments in safe, reliable service.

Key Points: 
  • New electric rates for UniSource Energy Services customers will take effect Feb. 1 to help cover rising costs and support ongoing investments in safe, reliable service.
  • The new rates reflect more than $330 million the company has invested since then to maintain reliable service.
  • “After more than seven and a half years without a base rate increase, we need new rates to support our ongoing investments in safe, reliable service,” said Susan Gray, UniSource’s President and CEO.
  • This new System Reliability Benefit mechanism will support investments that help preserve affordable, reliable service for customers.

UniSource Plans Resource Expansion to Preserve Reliable Electric Service for Customers

Retrieved on: 
Wednesday, November 1, 2023
Environment, Utilities, Oil, Gas, Alternative Energy, Energy, Climate Change, Weather, Integrated Resource Plan, FTS, UNS Energy, UniSource Energy Services, IRP, Face, Carbon, Arizona Corporation Commission, Wind, UNS, Growth, Reach Out Worldwide, Natural gas, Fortis, ACC, Renewable energy

UniSource Energy Services plans to more than double its electric energy resources over the next 15 years with new wind, solar, natural gas and storage systems that can support continued reliability amid increasing resource constraints on the regional electric grid.

Key Points: 
  • UniSource Energy Services plans to more than double its electric energy resources over the next 15 years with new wind, solar, natural gas and storage systems that can support continued reliability amid increasing resource constraints on the regional electric grid.
  • UniSource’s 2023 Integrated Resource Plan (IRP), filed today with the Arizona Corporation Commission (ACC), describes how the company expects to satisfy customers’ increasing energy needs over the next 15 years.
  • Reliable energy is becoming increasingly unavailable in the desert Southwest during extreme summer heat, requiring UniSource to develop its own dedicated resources to ensure continued service when customers most need it.
  • UniSource provides electric service to more than 101,000 customers in Mohave and Santa Cruz Counties.

TEP Targets Net Zero Carbon Emissions, Faster Clean Energy Expansion in New Resource Plan

Retrieved on: 
Wednesday, November 1, 2023
Environment, Utilities, Sustainability, Alternative Energy, Environmental Health, Energy, TEP, Solar energy, Weather, Integrated Resource Plan, FTS, UNS Energy, Coal, IRP, Climate, Carbon, Arizona Corporation Commission, Wind, UNS, Fortis Inc., Growth, Electric power, Tucson Electric Power, CO2, Investment, ACC, Renewable energy

Tucson Electric Power (TEP) will accelerate its clean energy expansion to support anticipated growth and maintain affordable, reliable service as the company works toward a new aspirational goal: net zero direct greenhouse gas emissions by 2050.

Key Points: 
  • Tucson Electric Power (TEP) will accelerate its clean energy expansion to support anticipated growth and maintain affordable, reliable service as the company works toward a new aspirational goal: net zero direct greenhouse gas emissions by 2050.
  • “Our new resource plan strikes the right balance for our customers, our community and our planet,” said Susan Gray, TEP’s President and CEO.
  • The new timeline also capitalizes on the availability of federal clean energy tax credits that could reduce long-term costs for customers.
  • TEP projects that its customers’ peak energy demands will increase by more than 1 percent per year, on average, over the next 15 years.

New TEP Battery System Will Support Transition to a Cleaner, Greener Grid

Retrieved on: 
Tuesday, October 3, 2023
Other Energy, Utilities, Batteries, Sustainability, Environment, Alternative Energy, Energy, Technology, Integrated Resource Plan, TEP, Tucson International Airport, Interstate 10, Carbon, Wind, IRP, Tucson Electric Power, Fortis Inc., Battery, Electric power, UNS Energy, Interstate Highway System, FTS, Lithium, Electric battery, Renewable energy

Tucson Electric Power (TEP) will build a large battery energy storage system in southeast Tucson to help satisfy customers’ everyday energy needs with abundant, low-cost solar energy.

Key Points: 
  • Tucson Electric Power (TEP) will build a large battery energy storage system in southeast Tucson to help satisfy customers’ everyday energy needs with abundant, low-cost solar energy.
  • TEP’s Roadrunner Reserve system will serve as the largest energy storage system in our portfolio and among the largest in Arizona.
  • The new system will use lithium iron phosphate battery units, a newer technology that offers longer life and safer operation than other types of battery systems.
  • The Wilmot Energy Center, which includes a 100-MW solar array and a 30-MW battery energy storage system south of Tucson International Airport.

New Tucson Electric Power Rates Support Investments in Safe, Reliable Service

Retrieved on: 
Wednesday, August 9, 2023
Utilities, Energy, Maintenance, TEP, Arizona Corporation Commission, Carbon, Wind, Tucson Electric Power, Fortis Inc., Investment, UNS Energy, FTS, Renewable energy, Health insurance

New rates for Tucson Electric Power customers will take effect Sept. 1 to help cover rising costs and support recent investments in safe, reliable service.

Key Points: 
  • New rates for Tucson Electric Power customers will take effect Sept. 1 to help cover rising costs and support recent investments in safe, reliable service.
  • TEP’s current rates took effect in January 2021 and do not reflect investments made since 2018.
  • For example, upgraded systems allow more efficient dispatch of power generation resources and support participation in the Western Energy Imbalance Market.
  • TEP provides safe, reliable electric service to more than 445,000 customers in Southern Arizona.

Fortis Inc. Reports Fourth Quarter & Annual 2022 Results

Retrieved on: 
Friday, February 10, 2023
Personal income in the United States, Corporation, UNS Energy, GAAP, Growth, Capital expenditure, Safety, Midcontinent Independent System Operator, Capital, Carbon, EPS, ITC, FTS, Lake Erie, Fortis Inc., Investment, Fortis, UNS, Tranche, MISO, Renewable energy, Bank, Central Hudson, Non-U.S. operators of the M60 Patton

ST. JOHN'S, Newfoundland and Labrador, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its 2022 fourth quarter and annual financial results1.

Key Points: 
  • ST. JOHN'S, Newfoundland and Labrador, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, released its 2022 fourth quarter and annual financial results1.
  • "We appreciate the dedication and hard work of our people to make 2022 another successful year."
  • For the fourth quarter of 2022, Net Earnings were $370 million, or $0.77 per common share, compared to $328 million or $0.69 per common share for the same period in 2021.
  • The increase in adjusted earnings for the fourth quarter and the year was driven by the same factors discussed for Net Earnings.

UniSource Seeks Updated Electric Rates in 2024 to Support Reliable Service

Retrieved on: 
Friday, November 18, 2022
Oil, Gas, Hardware, Energy, Technology, Utilities, Investment, Fortis Inc., Building material, Miller v. Arizona Corporation Commission, UNS, Weather, ACC, FTS, Small business, Maintenance, Energy, UniSource Energy Services, Arizona Corporation Commission, UNS Energy, Reach Out Worldwide, Renewable energy, Health insurance, Risk management

UniSource Energy Services is seeking updated electric rates that would take effect in early 2024, its first such request in seven years.

Key Points: 
  • UniSource Energy Services is seeking updated electric rates that would take effect in early 2024, its first such request in seven years.
  • The new rates also would reflect higher fuel and energy prices UniSource has paid to help serve customers energy needs.
  • Were doing everything we can to keep service affordable for customers, but we will need higher rates in 2024 to cover the increased cost of providing safe, reliable service for customers.
  • UniSource provides electric service to more than 100,000 customers in Mohave and Santa Cruz counties through UNS Electric, Inc., a wholly owned subsidiary.

Fortis Inc. Releases Third Quarter 2022 Results and New Five-Year Capital Outlook

Retrieved on: 
Friday, October 28, 2022
Coal, Acceleration, Ministry of Energy (Alberta), Consolidated, Security (finance), U.S. Securities and Exchange Commission, Income tax, Budget, Growth, FERC, Securities & Exchange Commission of Pakistan, Tranche, Terminology, UNS Energy, Corporation, Webcast, File, Tucson Electric Power, Inflation, Private Securities Litigation Reform Act, Board, Lake Erie, EPS, Industry, MISO, Nature, Risk, Midcontinent Independent System Operator, ITC, AUC, GHG, List, District, Investment, Federal Energy Regulatory Commission, Intention, Renewable energy, Fortis, ROE

Although any potential impact to Fortis is uncertain, every 10-basis point change in ROE at ITC impacts Fortis' annual EPS by approximately $0.01.

Key Points: 
  • Although any potential impact to Fortis is uncertain, every 10-basis point change in ROE at ITC impacts Fortis' annual EPS by approximately $0.01.
  • In July 2022, the Alberta Utilities Commission ("AUC") issued a decision largely accepting the forecast in FortisAlberta's 2023 cost of service application.
  • The AUC directed FortisAlberta to update and refile its 2023 revenue requirement, which was filed in September 2022.
  • A final decision on this filing is expected in the fourth quarter of 2022.

TEP Seeks New 2023 Rates to Support Reliable Service, Cleaner Energy

Retrieved on: 
Friday, June 17, 2022
Alternative Energy, Energy, Other Energy, Utilities, Wind, ACC, Carbon, Arizona Corporation Commission, Weather, Technology, Miller v. Arizona Corporation Commission, Tucson Electric Power, Fortis Inc., CEO, Springerville, Arizona, Building material, Lifeline, TEP, O&M, Investment, Coal, Maintenance, Farm, UNS Energy, Small business, Electric power, FTS, Renewable energy, Electric power industry, Airline

Tucson Electric Power (TEP) is seeking updated rates in late 2023 to support safe, reliable service and its transition to cleaner energy.

Key Points: 
  • Tucson Electric Power (TEP) is seeking updated rates in late 2023 to support safe, reliable service and its transition to cleaner energy.
  • Safer, more secure facilities that provide enhanced protection against increasing physical- and cyber-security threats and support efficient operations.
  • Our proposed rates are needed to support systems and infrastructure that protect and upgrade our grid, expand our use of cleaner energy and help us serve the expanding energy needs of our growing community.
  • TEP also is proposing more gradual recovery of anticipated costs related to its transition to cleaner energy.