Tucson Electric Power Receives Decision in General Rate Application
December 23 2020 - 6:00AM
Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) today
announced that the Arizona Corporation Commission ("ACC") has
approved new rates in Tucson Electric Power's ("TEP") general rate
application effective January 1, 2021.
The ACC approved rate base of US$2.7 billion,
including approximately US$1.2 billion invested since the last rate
order. The ACC also approved an allowed return on equity of 9.15%
and equity capital structure of 53% compared to an allowed return
on equity and equity capital structure previously of 9.75% and 50%,
respectively. The decision includes a 0.20% return on the fair
value increment.
TEP has been upgrading its transmission and
distribution systems to serve the Tucson area's expanding
population, support economic growth and meet its customers'
evolving energy needs. TEP investments provide safe and reliable
service to customers while transitioning to a cleaner, more
flexible and resilient energy portfolio.
Yesterday's decision supports reliable,
sustainable and affordable service to customers in Tucson, Arizona.
As TEP embarks on a cleaner energy future and shifts to renewable
generating resources, customers will benefit from this energy
transition while realizing continued reliability and
affordability.
About FortisFortis is a
well-diversified leader in the North American regulated electric
and gas utility industry, with 2019 revenue of $8.8 billion and
total assets of $56 billion as at September 30, 2020. The
Corporation's 9,000 employees serve utility customers in five
Canadian provinces, nine U.S. states and three Caribbean
countries.
Fortis shares are listed on the TSX and NYSE and
trade under the symbol FTS. Additional information can be accessed
at www.fortisinc.com, www.sedar.com, or www.sec.gov.For
further information contactInvestor Enquiries:Ms.
Stephanie Amaimo Vice President, Investor RelationsFortis
Inc.248.946.3572investorrelations@fortisinc.com
Media Enquiries:Ms. Karen McCarthyVice
President, Communications and Corporate AffairsFortis
Inc.709.737.5323media@fortisinc.com
A pdf version of this press release is available
at: http://ml.globenewswire.com/Resource/Download/6331a711-0e96-400a-ae4f-6a16dcd70767
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