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Favourable
-- Increased electricity sales at FortisTCI-- Excluding foreign exchange impacts, lower energy supply costs at FortisTCI, mainly due to more fuel-efficient production realized with the use of new generation units at the utility
FortisTCI acquired TCU in August 2012 for an aggregate purchase price of approximately $13 million (US$13 million), inclusive of debt assumed of $5 million (US$5 million). The utility serves more than 2,000 customers on Grand Turk and Salt Cay with a diesel-fired generating capacity of 9 MW.
NON-REGULATED - FORTIS GENERATION (1)
----------------------------------------------------------------------------Financial Highlights (Unaudited) Quarter AnnualPeriods Ended December 31 2012 2011 Variance 2012 2011 Variance--------------------------------------------------------------------------------------------------------------------------------------------------------Energy Sales (GWh) 50 112 (62) 306 389 (83)Revenue ($ millions) 5 9 (4) 31 34 (3)Earnings ($ millions) 2 5 (3) 17 18 (1)--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Includes the financial results of non-regulated generation assets in Belize, Ontario, central Newfoundland, British Columbia and Upstate New York, with a combined generating capacity of 139 MW, mainly hydroelectric Factor Contributing to Quarterly Energy Sales Variance
Unfavourable
-- Decreased production in Belize and Upstate New York, due to lower rainfall Factors Contributing to Annual Energy Sales Variance
Unfavourable
-- Decreased production in Upstate New York, due to a generating facility being out of service and lower rainfall-- Decreased production in Belize and Ontario, due to lower rainfall Factors Contributing to Quarterly and Annual Revenue Variances
Unfavourable
-- Decreased production in Belize and Upstate New York-- Decreased production in Ontario for the year Factors Contributing to Quarterly Earnings Variances
Unfavourable
-- Decreased production in Belize and Upstate New York
Favourable
-- An approximate $1 million ($0.5 million after-tax) gain recognized in the fourth quarter of 2012 on the involuntary disposition of assets, associated with damaged equipment at Moose River's hydroelectric generating facility in Upstate New York and related proceeds received under an insurance claim Factors Contributing to Annual Earnings Variance
Unfavourable
-- Decreased production in Upstate New York and Ontario-- Decreased production in Belize, partially offset by lower finance charges in Belize
Favourable
-- The approximate $1 million (0.5 million after-tax) gain on involuntary disposition of generation assets, for the same reason discussed above for the quarter
NON-REGULATED - FORTIS PROPERTIES (1)
----------------------------------------------------------------------------Financial Highlights (Unaudited) Quarter AnnualPeriods Ended December 31 2012 2011 Variance 2012 2011 Variance--------------------------------------------------------------------------------------------------------------------------------------------------------Hospitality - Revenue per Available Room ("RevPar") $ 73.94 $ 73.66 0.4% $ 80.00 $ 78.76 1.6%Real Estate - Occupancy Rate (as at) (2) 91.9% 93.2% (1.4)% 91.9% 93.2% (1.4)%----------------------------------------------------------------------------Hospitality Revenue ($ millions) 44 41 3 175 164 11Real Estate Revenue ($ millions) 17 17 - 67 67 ----------------------------------------------------------------------------- Total Revenue ($ millions) 61 58 3 242 231 11----------------------------------------------------------------------------Earnings ($ millions) 5 5 - 22 23 (1)--------------------------------------------------------------------------------------------------------------------------------------------------------(1) Fortis Properties owns and operates 23 hotels, collectively representing more than 4,400 rooms in eight Canadian provinces, and approximately 2.7 million square feet of commercial office and retail space primarily in Atlantic Canada.(2) Reduced occupancy rate is primarily due to increased vacancy in New Brunswick. Factors Contributing to Quarterly RevPar Variance
