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Unfavourable
-- Higher corporate expenses due to: (i) the favourable impact in 2011 of the $11 million after-tax fee paid to Fortis in July 2011 following the termination of a Merger Agreement between Fortis and CVPS; (ii) approximately $7.5 million of after-tax costs incurred in 2012 related to the pending acquisition of CH Energy Group; (iii) a $2 million foreign exchange loss recognized in 2012 compared to a $1.5 million after-tax net foreign exchange gain recognized in 2011; (iv) the $3 million non-recurring provision recognized in the fourth quarter of 2012; and (v) lower effective income tax recoveries. The above items were partially offset by lower finance charges, primarily due to higher capitalized interest associated with financing of the construction of the Corporation's 51% controlling ownership interest in the Waneta Expansion.-- Decreased non-regulated hydroelectric production, mainly due to lower rainfall and a generating facility in Upstate New York being out of service in 2012, partially offset by an approximate $0.5 million after- tax gain recognized in the fourth quarter of 2012 on the involuntary disposition of generation assets in Upstate New York
SEGMENTED RESULTS OF OPERATIONS
----------------------------------------------------------------------------Segmented Net Earnings Attributable to Common Equity Shareholders (Unaudited)Periods Ended December 31 Quarter Annual($ millions) 2012 2011 Variance 2012 2011 Variance--------------------------------------------------------------------------------------------------------------------------------------------------------Regulated Gas Utilities - Canadian FortisBC Energy Companies 49 51 (2) 138 137 1----------------------------------------------------------------------------Regulated Electric Utilities - Canadian FortisAlberta 23 16 7 96 74 22 FortisBC Electric 12 10 2 50 48 2 Newfoundland Power 9 8 1 37 32 5 Other Canadian Electric Utilities 6 2 4 24 20 4---------------------------------------------------------------------------- 50 36 14 207 174 33----------------------------------------------------------------------------Regulated Electric Utilities - Caribbean 3 4 (1) 19 20 (1)Non-Regulated - Fortis Generation 2 5 (3) 17 18 (1)Non-Regulated - Fortis Properties 5 5 - 22 23 (1)Corporate and Other (22) (19) (3) (88) (61) (27)----------------------------------------------------------------------------Net Earnings Attributable to Common Equity Shareholders 87 82 5 315 311 4--------------------------------------------------------------------------------------------------------------------------------------------------------
For an update on material regulatory decisions and applications pertaining to the Corporation's regulated utilities, refer to the "Regulatory Highlights" section of this earnings release. A discussion of the financial results of the Corporation's reporting segments is as follows.
