Q: I'm a long term holder of Fortis (in the "hold forever" part of my portfolio). I have been seeing quite a few headlines regarding Fortis's commitment to moving into renewable energy, including wind and solar.
Here is one recent announcement: "FortisBC announced its energy conservation and efficiency program expenditures will increase substantially to $368.5 million over the 2019-2022 period. The new program represents a doubling of expenditure in 2019 and a tripling of expenditure by 2022. The new program will lower energy use, emissions and costs in everything from hospitals to homes. Customer benefits include extending the residential high-efficiency natural gas furnace rebate to be offered year-round and providing greater access to certified experts to help manage energy use."
How do you see this move impacting Fortis's earnings and share price (with the current investor interest in renewables)? Do you see this move as part of a broader trend with ultility/power companies increasing their stakes in renewable energy?
Here is one recent announcement: "FortisBC announced its energy conservation and efficiency program expenditures will increase substantially to $368.5 million over the 2019-2022 period. The new program represents a doubling of expenditure in 2019 and a tripling of expenditure by 2022. The new program will lower energy use, emissions and costs in everything from hospitals to homes. Customer benefits include extending the residential high-efficiency natural gas furnace rebate to be offered year-round and providing greater access to certified experts to help manage energy use."
How do you see this move impacting Fortis's earnings and share price (with the current investor interest in renewables)? Do you see this move as part of a broader trend with ultility/power companies increasing their stakes in renewable energy?