Fortis (FTS) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 3, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning everyone. Thank you for standing by. My name is Brian and I will be your conference Operator today.

Welcome to the Fortis Q1 2023 earnings conference call and webcast. During the call, all participants will be in a listen-only mode. There will be a question and answer session following the presentation. At that time, those with questions should press star followed by one on their telephone. If at any time during the conference you need to reach an Operator, please press star, zero.

At this time, I would now like to turn the conference over to Stephanie Amaimo. Please go ahead, Ms. Amaimo.

Stephanie Amaimo

Thanks Brian and good morning everyone, and welcome to Fortis’ first quarter 2023 results conference call. I am joined by David Hutchens, President and CEO, Jocelyn Perry, Executive VP and CFO, other members of the senior management team as well as CEOs from certain subsidiaries.

Before we begin today’s call, I want to remind you that the discussion will include forward-looking information which is subject to the cautionary statement contained in the supporting slide show. Actual results could differ materially from the forecast projections included in the forward-looking information presented today. All non-GAAP financial measures referenced in our prepared remarks are reconciled to the related U.S. GAAP financial measures in our first quarter 2023 MD&A. Also, unless otherwise specified, all financial information referenced is in Canadian dollars.

With that, I will turn the call over to David.

David Hutchens

Thank you and good morning everyone.

Before getting started, I’d like to introduce Chris Capone to his first earnings call since being appointed President and CEO of Central Hudson in February following the retirement of Charlie Freni. For those of you who don’t know Chris, he has been with Central Hudson for over 20 years, serving for many years as Chief Financial Officer. Welcome, Chris. We look forward to working with you in this new capacity as you lead the team in New York.

Today we are pleased to report strong first quarter results which reflect the diversified nature of our business, favorable market conditions, and the continued delivery of our low risk capital plan. As we have talked about in the past, we remain keenly focused on meeting our clean energy goals while investing in the resiliency of our energy systems, all in a manner that ensures continued customer affordability. For example, Fortis BC received a milestone approval in April from the British Columbia Utilities Commission for a $155 million investment supporting their energy efficiency programs. This is just one of the many ways our utilities are taking the lead on climate action while offering practical options to customers to reduce emissions and their bills.