Over the five years 2013 through 2017, the Corporation's capital program, including expenditures at Central Hudson, is expected to total approximately $6 billion. Capital investment over that period is expected to allow utility rate base and hydroelectric generation investment to increase at a combined compound annual growth rate of approximately 6%.
"Serving our customers well is our utmost priority. We are also focused on closing the CH Energy Group acquisition," concludes Marshall.
Financial Highlights For the three and twelve months ended December 31, 2012 Dated February 7, 2013
The following Fortis Inc. ("Fortis" or the "Corporation") fourth quarter 2012 earnings release should be read in conjunction with the following: (i) the audited consolidated financial statements and notes thereto for the year ended December 31, 2011, prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") and voluntarily filed on the System for Electronic Document Analysis and Retrieval ("SEDAR") by Fortis on March 16, 2012; and (ii) the "Supplemental Interim Consolidated Financial Statements for the Year Ended December 31, 2011 (Unaudited)" contained in the above-noted voluntary filing, which provides a detailed reconciliation between the Corporation's interim unaudited consolidated 2011 financial statements prepared in accordance with Canadian generally accepted accounting principles ("Canadian GAAP") and interim unaudited consolidated 2011 financial statements prepared in accordance with US GAAP; (iii) the interim Management Discussion and Analysis ("MD&A") and unaudited consolidated financial statements and notes thereto for the three and nine months ended September 30, 2012, prepared in accordance with US GAAP; and (iv) the MD&A and audited consolidated financial statements and notes thereto for the year ended December 31, 2011, prepared in accordance with Canadian GAAP, included in the Corporation's 2011 Annual Report. Financial information for 2012 and comparative periods contained in this material have been prepared in accordance with US GAAP and are presented in Canadian dollars unless otherwise specified.
Fortis includes forward-looking information in this fourth quarter 2012 earnings release within the meaning of applicable securities laws in Canada ("forward-looking information"). The purpose of the forward-looking information is to provide management's expectations regarding the Corporation's future growth, results of operations, performance, business prospects and opportunities, and it may not be appropriate for other purposes. All forward-looking information is given pursuant to the safe harbour provisions of applicable Canadian securities legislation. The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. The forward-looking information reflects management's current beliefs and is based on information currently available to management. The forward-looking information in this fourth quarter 2012 earnings release includes, but is not limited to, statements regarding: the Corporation's consolidated forecasted gross capital expenditures for 2013; total gross capital expenditures over the five-year period 2013 through 2017 and average annual capital expenditures at Central Hudson Gas & Electric Corporation over the same time period; the nature, timing and amount of certain capital projects and their expected costs and time to complete; the expectation that the Corporation's significant capital expenditure program will support continuing growth in earnings and dividends; the expected timing of filing regulatory applications and of receipt of regulatory decisions; the expected timing of the closing of the acquisition of CH Energy Group, Inc. ("CH Energy Group") by Fortis and the expectation that the acquisition will be accretive to earnings per common share of Fortis within the first full year of ownership, excluding acquisition-related expenses; an expected favourable impact on the Corporation's earnings in future periods upon final enactment of legislative changes to Part VI.1 taxes; the expectation that the acquisition of the City of Kelowna's electrical utility assets by FortisBC Electric will close by the end of the first quarter of 2013; the expected combined compound annual growth rate of utility rate base and hydroelectric generation investment over the next five years; and the Corporation's expected regulated midyear rate base in 2013 upon closing of the CH Energy Group acquisition.