Fortis, Inc. (NYSE:FTS) Q2 2024 Earnings Conference Call July 31, 2024 8:30 AM ET

Company Participants

Stephanie Amaimo - Vice President of Investor Relations
David Hutchens - President and Chief Executive Officer
Jocelyn Perry - Executive Vice President and Chief Financial Officer
Linda Apsey - Chief Executive Officer, ITC Holdings Corp.
Susan Gray - President and Chief Executive Officer, UNS Energy Corporation

Conference Call Participants

Maurice Choy - RBC Capital Markets
Rob Hope - Scotia Capital
Mark Jarvi - CIBC Capital Markets

Operator

Good morning, everyone. Thank you for standing by. My name is Constantine, and I will be your conference operator today. Welcome to Fortis' Second Quarter 2024 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. [Operator Instructions]. At this time, I would like to turn the conference over to Stephanie Amaimo. Please go ahead, Ms. Amaimo.

Stephanie Amaimo

Thanks, Constantine and good morning, everyone. Welcome to Fortis' second quarter 2024 results conference call. I'm 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 slideshow.

Actual results can 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 second quarter 2024 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. Today we are pleased to report our second quarter results. Operationally, our teams delivered reliable service to our customers despite a variety of severe weather conditions experienced during the quarter. Through the end of June, we invested capital of approximately $2.3 billion focused on system reliability and resiliency, customer growth and economic development, as well as cleaner energy investments. These capital investments supported rate base and EPS growth. On the regulatory front, we had a number of key proceedings advance.

Notably at ITC, the Iowa Supreme Court granted a motion filed by ITC Midwest requesting a stay of the injunction issued by the Iowa District Court for Tranche 1 projects in Iowa. With this stay in place, ITC is now permitted to advance construction of all Iowa Tranche 1 projects originally awarded to the company in 2022. This is a positive development as ITC looks to invest in critical transmission infrastructure to support the clean energy transition and load growth in the region. And today we released our 2024 Sustainability Report.