OUTLOOK
Over the five years 2013 through 2017, the Corporation's consolidated capital expenditure program, including expenditures at Central Hudson, is expected to total approximately $6 billion and will support continuing growth in earnings and dividends. 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%.
Approval by the PSC of the Corporation's acquisition of CH Energy Group is the last significant regulatory matter required to close the transaction. While no assurance regarding a closing of the transaction can be given until an order is issued by the PSC, a final decision by the PSC and subsequent closing of the transaction is expected in June 2013. With the acquisition of CH Energy Group, the Corporation's regulated midyear rate base will increase to approximately $10 billion.
Fortis is focused on closing the CH Energy Group acquisition. The Corporation also remains disciplined and patient in its pursuit of additional electric and gas utility acquisitions in the United States and Canada that will add value for its shareholders. Fortis will also pursue growth in its non-regulated businesses in support of its regulated utility growth strategy.
OUTSTANDING SHARE DATA
As at May 6, 2013, the Corporation had issued and outstanding approximately 192.6 million common shares; 5.0 million First Preference Shares, Series C; 8.0 million First Preference Shares, Series E; 5.0 million First Preference Shares, Series F; 9.2 million First Preference Shares, Series G; 10.0 million First Preference Shares, Series H; 8.0 million First Preference Shares, Series J; and 18.5 million Subscription Receipts. Only the common shares of the Corporation have voting rights. The Corporation's First Preference Shares do not have voting rights unless and until Fortis fails to pay eight quarterly dividends, whether or not consecutive and whether or not such dividends have been declared.
The number of common shares of Fortis that would be issued if all outstanding stock options, First Preference Shares, Series C and E, and Subscription Receipts were converted as at May 6, 2013 is as follows.
----------------------------------------------------------------------------Conversion of Securities into Common Shares (Unaudited)As at May 6, 2013 Number of Common SharesSecurity (millions)--------------------------------------------------------------------------------------------------------------------------------------------------------Stock Options 5.2First Preference Shares, Series C 3.8First Preference Shares, Series E 6.0Subscription Receipts 18.5----------------------------------------------------------------------------Total 33.5--------------------------------------------------------------------------------------------------------------------------------------------------------
Additional information, including the Fortis 2012 Annual Information Form, Management Information Circular and Annual Report, is available on SEDAR at www.sedar.com and on the Corporation's website at www.fortisinc.com.
FORTIS INC.Interim Consolidated Financial StatementsFor the three months ended March 31, 2013 and 2012(Unaudited)
