Fortis Delivers Record Second Quarter Earnings of $244 Million
Sale of Commercial Real Estate and Non-Regulated Generation Assets in New York Complete $1.2 Billion in Capital Invested in the First Half of 2015
(firmenpresse) - ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 07/31/15 -- Fortis Inc. ("Fortis" or the "Corporation") (TSX: FTS) released its second quarter results today. Net earnings attributable to common equity shareholders for the second quarter were $244 million, or $0.88 per common share, compared to $47 million, or $0.22 per common share, for the second quarter of 2014.
"Performance in the second quarter was bolstered by one-time gains associated with the sale of Fortis Properties' commercial real estate assets and non-regulated hydroelectric generation assets in New York," says Barry Perry, President and Chief Executive Officer, Fortis.
In June 2015 the Corporation completed the sale of the commercial real estate assets of Fortis Properties Corporation ("Fortis Properties") for gross proceeds of $430 million and non-regulated generation assets in Upstate New York for gross proceeds of approximately $77 million (US$63 million). In July 2015 the Corporation closed the sale of its non-regulated generation assets in Ontario for gross proceeds of $16 million and signed an agreement with a private investor group for the sale of the hotel assets of Fortis Properties for $365 million. The hotel transaction is subject to typical closing conditions and is expected to be completed in the fall of 2015. As a result of these sale transactions, the Corporation recognized an overall after-tax gain of approximately $123 million, net of expenses. Net proceeds from the sales will be used by the Corporation to repay credit facility borrowings, largely associated with the acquisition of UNS Energy Corporation ("UNS Energy"), and for other general corporate purposes.
"The sale of the commercial real estate and hotel assets, and non-regulated generation assets in New York and Ontario, is consistent with the Corporation's focus on its core utility business," says Perry. "Post closing of the hotel transaction, virtually all of the Corporation's assets will be comprised of regulated utilities and long-term contracted energy infrastructure."
Excluding the impact of the sale transactions and other one-time items, adjusted net earnings attributable to common equity shareholders for the second quarter were $123 million, or $0.44 per common share, an increase of $58 million, or $0.14 per common share, from the second quarter of 2014. Performance was driven by UNS Energy and contribution from the Waneta Expansion hydroelectric generating facility ("Waneta Expansion") in British Columbia. UNS Energy contributed $52 million to earnings for the second quarter and, after considering the common share offering and finance charges associated with the acquisition, had a $0.09 accretive impact on earnings per common share. The Waneta Expansion came online early April 2015 and contributed $12 million to the Corporation's earnings for the second quarter. The Corporation's other regulated utilities also reported strong results.
"Fortis has come through a period of transformative change. Our successful expansion into the U.S. regulated utility market through the acquisitions of Central Hudson and UNS Energy, and the completion of the Waneta Expansion, have positioned Fortis for a strong 2015," says Perry. "Performance for the second quarter demonstrates the benefits of these changes."
The second quarter of 2015 marked the completion of the $900 million, 335-megawatt Waneta Expansion in British Columbia, the Corporation's largest capital project to date, six weeks ahead of schedule and on budget, while maintaining an excellent safety and environmental protection record. Construction continues on FortisBC's Tilbury liquefied natural gas ("LNG") expansion (known as Tilbury 1A), at an estimated total cost of approximately $440 million, which is the largest capital project ongoing. Tilbury 1A will add 950,000 mmBtus of storage and 34,000 mmBtus daily of liquefaction when the second LNG tank and new liquefier come in service, which is expected to occur by the end of 2016.
In June the New York State Public Service Commission issued a Rate Order for Central Hudson covering a three-year period, with new electricity and gas delivery rates effective July 1, 2015. Central Hudson's approved Rate Order reflects an allowed rate of return on common shareholders' equity of 9.0% and a 48% common equity component of capital structure, and includes continuation of revenue decoupling and earnings sharing mechanisms. It also includes a major storm reserve for electric operations, and provides for continuation of recovery of various operating expenses, including environmental site investigation and remediation costs. The Rate Order includes capital investments of approximately US$490 million during the three-year period targeted at making the electric and gas systems stronger.
Later this year, Tucson Electric Power Company ("TEP"), UNS Energy's largest utility, will file a general rate application requesting new retail rates to be effective January 1, 2017, using June 30, 2015 as a historical test year. Since its last approved rate order in 2013, which used a 2011 historical test year, TEP's total rate base has increased by approximately US$0.8 billion.
Fortis continues to be one of the highest-rated utility holding companies in North America, with its corporate debt rated A- by Standard and Poor's and A(low) by DBRS, which helps ensure efficient access to capital. In the first half of 2015, the Corporation's regulated utilities raised more than $600 million in long-term debt at attractive interest rates. Net proceeds from the debt offerings were primarily used to repay maturing long-term debt and credit facility borrowings and to finance capital expenditures.
In June 2015 Fortis injected US$180 million of equity into TEP. Proceeds were used to repay credit facility borrowings and the balance will be used to repay upcoming debt maturities. This equity injection fulfilled one of the commitments made by Fortis in order to receive regulatory approval for the acquisition of UNS Energy, and increased TEP's equity thickness to almost 50%, which is comparable with other regulated utilities in Arizona.
"We are more than half way towards our enterprise-wide capital program for the year, with almost $1.2 billion invested in energy infrastructure in the first half of 2015," says Perry. "Our consolidated capital program is expected to surpass $2 billion this year."
Over the five-year period through 2019, the Corporation's capital program is expected to exceed $9 billion. This investment in energy infrastructure is expected to increase midyear rate base by approximately 40% from $14 billion in 2014 to approximately $19.5 billion in 2019 and produce a five-year compound annual growth rate ("CAGR") of approximately 6.5%. Two new natural gas infrastructure investments in British Columbia that Fortis is pursuing - Tilbury 1B and the pipeline expansion to the Woodfibre LNG site - could increase the five-year CAGR in rate base to 7.5%.
"Looking out over the five-year horizon, we expect our capital investment to support continuing growth in earnings and dividends," concludes Perry.
Teleconference to Discuss Second Quarter 2015 Results
A teleconference and webcast will be held on July 31 at 10:00 a.m. (Eastern). Barry Perry, President and Chief Executive Officer, Fortis, and Karl Smith, Executive Vice President, Chief Financial Officer, Fortis, will discuss the Corporation's second quarter 2015 results.
Analysts, members of the media and other interested parties in North America are invited to participate by calling 1.877.223.4471. International participants may participate by calling 647.788.4922. Please dial in 10 minutes prior to the start of the call. No pass code is required.
A live and archived audio webcast of the teleconference will be available on the Corporation's website, .
A replay of the conference will be available two hours after the conclusion of the call until August 10, 2015. Please call 1.800.585.8367 or 416.621.4642 and enter pass code 63361893.
FORWARD-LOOKING INFORMATION
The following Fortis Inc. ("Fortis" or the "Corporation") Management Discussion and Analysis ("MD&A") has been prepared in accordance with National Instrument 51-102 - Continuous Disclosure Obligations. The MD&A should be read in conjunction with the interim unaudited consolidated financial statements and notes thereto for the three and six months ended June 30, 2015 and the MD&A and audited consolidated financial statements for the year ended December 31, 2014 included in the Corporation's 2014 Annual Report. Financial information contained in the MD&A has been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP") and is presented in Canadian dollars unless otherwise specified.
Fortis includes forward-looking information in the MD&A 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 based on information currently available.
The forward-looking information in the MD&A includes, but is not limited to, statements regarding: the expected sale of the Corporation's hotel assets; the expected timing of filing of regulatory applications and receipt and outcome of regulatory decisions; the Corporation's forecast gross consolidated capital expenditures for 2015 and total capital spending over the five-year period from 2015 through 2019; forecast midyear rate base and the associated compound annual growth rate through 2019; the nature, timing and expected costs of certain capital projects including, without limitation, the Tilbury liquefied natural gas ("LNG") facility expansion, the pipeline expansion to the Woodfibre LNG site, the development of a diesel power plant in Grand Cayman, and the Pinal transmission project in Arizona; the expectation that the Corporation's significant capital expenditure program will support continuing growth in earnings and dividends; the expectation that cash required to complete subsidiary capital expenditure programs will be sourced from a combination of cash from operations, borrowings under credit facilities, equity injections from Fortis and long-term debt offerings; the expectation that the Corporation's subsidiaries will be able to source the cash required to fund their 2015 capital expenditure programs, operating and interest costs, and dividend payments; the expected consolidated fixed-term debt maturities and repayments in 2015 and on average annually over the next five years; the expectation that long-term debt will not be settled prior to maturity;
the expectation that the Corporation and its subsidiaries will continue to have reasonable access to capital in the near to long terms; the expectation that the combination of available credit facilities and relatively low annual debt maturities and repayments will provide the Corporation and its subsidiaries with flexibility in the timing of access to capital markets; the expectation that the Corporation and its subsidiaries will remain compliant with debt covenants during 2015; the expectation that there will be no material change in the Corporation's consolidated contractual obligations; the intent of management to hedge future exchange rate fluctuations and monitor its foreign currency exposure; the impact of advances in technology and new energy efficiency standards on the Corporation's results of operations; the impact of new or revised environmental laws and regulations on the Corporation's results of operations; the expectation that any liability from current legal proceedings will not have a material adverse effect on the Corporation's consolidated financial position and results of operations; the belief that the Corporation has a strong, well-positioned case supporting the unconstitutionality of the expropriation of the Corporation's investment in Belize; and the expectation that the adoption of future accounting pronouncements will not have a material impact on the Corporation's consolidated financial statements.
The forecasts and projections that make up the forward-looking information are based on assumptions which include, but are not limited to: the expected sale of the Corporation's hotel assets; the receipt of applicable regulatory approvals and requested rate orders, no material adverse regulatory decisions being received, and the expectation of regulatory stability; no significant variability in interest rates; no significant operational disruptions or environmental liability due to a catastrophic event or environmental upset caused by severe weather, other acts of nature or other major events; the continued ability to maintain the electricity and gas systems to ensure their continued performance; no severe and prolonged downturn in economic conditions; no significant decline in capital spending; sufficient liquidity and capital resources; the continuation of regulator-approved mechanisms to flow through the cost of natural gas and energy supply costs in customer rates; the ability to hedge exposures to fluctuations in foreign exchange rates, natural gas prices and electricity prices; no significant counterparty defaults; the continued competitiveness of natural gas pricing when compared with electricity and other alternative sources of energy; the continued availability of natural gas, fuel, coal and electricity supply; continuation and regulatory approval of power supply and capacity purchase contracts; the ability to fund defined benefit pension plans, earn the assumed long-term rates of return on the related assets and recover net pension costs in customer rates; no significant changes in government energy plans and environmental laws that may materially negatively affect the operations and cash flows of the Corporation and its subsidiaries; no material change in public policies and directions by governments that could materially negatively affect the Corporation and its subsidiaries; new or revised environmental laws and regulations will not severely affect the results of operations; maintenance of adequate insurance coverage; the ability to obtain and maintain licences and permits; retention of existing service areas; the ability to report under US GAAP beyond 2018 or the adoption of International Financial Reporting Standards after 2018 that allows for the recognition of regulatory assets and liabilities; the continued tax-deferred treatment of earnings from the Corporation's Caribbean operations; no significant changes in tax legislation; continued maintenance of information technology infrastructure; continued favourable relations with First Nations; favourable labour relations; that the Corporation can reasonably assess the merit of and potential liability attributable to ongoing legal proceedings; and sufficient human resources to deliver service and execute the capital program.
The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. Risk factors which could cause results or events to differ from current expectations are detailed under the heading "Business Risk Management" in this MD&A and in continuous disclosure materials filed from time to time with Canadian securities regulatory authorities. Key risk factors for 2015 include, but are not limited to: uncertainty of the impact a continuation of a low interest rate environment may have on the allowed rate of return on common shareholders' equity at the Corporation's regulated utilities; uncertainty related to litigation; and risk associated with the amount of compensation to be paid to Fortis and the ability of the Government of Belize ("GOB") to pay compensation owing to Fortis for its investment in Belize Electricity Limited that was expropriated by the GOB.
All forward-looking information in the MD&A is qualified in its entirety by the above cautionary statements and, except as required by law, the Corporation undertakes no obligation to revise or update any forward-looking information as a result of new information, future events or otherwise after the date hereof.
CORPORATE OVERVIEW
Fortis is a leader in the North American electric and gas utility business, with total assets of approximately $28 billion and fiscal 2014 revenue of $5.4 billion. Its regulated utilities serve more than 3 million customers across Canada and in the United States and the Caribbean. Fortis also owns long-term contracted hydroelectric generation assets in British Columbia and Belize.
Year-to-date June 30, 2015, the Corporation's electricity distribution systems met a combined peak demand of 9,518 megawatts ("MW") and its gas distribution system met a peak day demand of 1,198 terajoules. For additional information on the Corporation's business segments, refer to Note 1 to the Corporation's interim unaudited consolidated financial statements for the three and six months ended June 30, 2015 and to the "Corporate Overview" section of the 2014 Annual MD&A.
The Corporation's main business, utility operations, is highly regulated and the earnings of the Corporation's regulated utilities are determined under cost of service ("COS") regulation and, in certain circumstances, performance-based rate-setting ("PBR") mechanisms. Generally, under COS regulation the respective regulatory authority sets customer electricity and/or gas rates to permit a reasonable opportunity for the utility to recover, on a timely basis, estimated costs of providing service to customers, including a fair rate of return on a regulatory deemed or targeted capital structure applied to an approved regulatory asset value ("rate base"). The ability of a regulated utility to recover prudently incurred costs of providing service and earn the regulator-approved rate of return on common shareholders' equity ("ROE") and/or rate of return on rate base assets ("ROA") depends on the utility achieving the forecasts established in the rate-setting processes. When PBR mechanisms are utilized in determining annual revenue requirements and resulting customer rates, a formula is generally applied that incorporates inflation and assumed productivity improvements. The use of PBR mechanisms should allow a utility a reasonable opportunity to recover prudently incurred costs and earn its allowed ROE or ROA.
Earnings of regulated utilities may be impacted by: (i) changes in the regulator-approved allowed ROE and/or ROA and common equity component of capital structure; (ii) changes in rate base; (iii) changes in energy sales or gas delivery volumes; (iv) changes in the number and composition of customers; (v) variances between actual expenses incurred and forecast expenses used to determine revenue requirements and set customer rates; and (vi) timing differences within an annual financial reporting period between when actual expenses are incurred and when they are recovered from customers in rates. When future test years are used to establish revenue requirements and set base customer rates, these rates are not adjusted as a result of the actual COS being different from that which is estimated, other than for certain prescribed costs that are eligible to be deferred on the balance sheet. In addition, the Corporation's regulated utilities, where applicable, are permitted by their respective regulatory authority to flow through to customers, without markup, the cost of natural gas, fuel and/or purchased power through base customer rates and/or the use of rate stabilization and other mechanisms.
SIGNIFICANT ITEMS
Sale of Commercial Real Estate and Hotel Assets: In June 2015 the Corporation completed the sale of the commercial real estate assets of Fortis Properties Corporation ("Fortis Properties") for gross proceeds of $430 million. As a result of the sale, the Corporation recognized an after-tax gain of approximately $109 million, net of expenses, in the second quarter. As part of the transaction, Fortis subscribed to $35 million in trust units of Slate Office REIT in conjunction with the REIT's public offering. Net proceeds from the sale were used by the Corporation to repay credit facility borrowings in July 2015, the majority of which were used to finance a portion of the acquisition of UNS Energy Corporation ("UNS Energy").
In July 2015 the Corporation signed an agreement with a private investor group for the sale of the hotel assets of Fortis Properties for $365 million. As at June 30, 2015, the associated assets have been classified as held for sale on the Corporation's interim unaudited consolidated balance sheet and, as a result, the Corporation recognized an approximate $13 million after-tax loss, which includes an impairment loss and expenses associated with the pending sale transaction. The hotel transaction is subject to typical closing conditions and is expected to be completed in the fall of 2015. Proceeds from the sale will be used by the Corporation to repay credit facility borrowings and for other general corporate purposes.
The sale of the commercial real estate and hotel assets is consistent with the Corporation's focus on its core utility business. Post closing of the hotel transaction, virtually all of the Corporation's assets will be comprised of regulated utilities and long-term contracted energy infrastructure.
Sale of Non-Regulated Generation Assets in New York and Ontario: In June 2015 the Corporation sold its non-regulated generation assets in Upstate New York for gross proceeds of approximately $77 million (US$63 million). As a result of the sale, the Corporation recognized an after-tax gain of approximately $27 million (US$22 million), net of expenses and foreign exchange impacts, in the second quarter. Net proceeds from the sale were used by the Corporation to partially finance an equity injection into UNS Energy.
In July 2015 the Corporation closed the sale of its non-regulated generation assets in Ontario for gross proceeds of $16 million. As at June 30, 2015, the associated assets have been classified as held for sale on the Corporation's interim unaudited consolidated balance sheet. The sale is not expected to have a material impact on earnings in the third quarter of 2015.
Completion of the Waneta Expansion Hydroelectric Generating Facility: On April 1, 2015, the Corporation completed construction of the $900 million, 335-MW Waneta Expansion hydroelectric generating facility (the "Waneta Expansion") ahead of schedule and on budget. Fortis has a 51% controlling ownership interest in the Waneta Expansion, with Columbia Power Corporation and Columbia Basin Trust holding the remaining 49% interest. The Waneta Expansion contributed $12 million in earnings to the Corporation in the second quarter of 2015. For further information regarding the Waneta Expansion, refer to the "Non-Regulated - Fortis Generation" and "Capital Expenditure Program" sections of this MD&A.
Regulatory Decisions: In March 2015 regulatory decisions were received on FortisAlberta Inc.'s ("FortisAlberta") Capital Tracker Applications and the Generic Cost of Capital ("GCOC") Proceeding in Alberta. As a result of these regulatory decisions, in the first half of 2015, FortisAlberta recognized a positive $9 million capital tracker revenue adjustment associated with 2013 and 2014.
In June 2015 the New York State Public Service Commission ("PSC") issued a Rate Order for Central Hudson covering a three-year period, with new electricity and natural gas delivery rates effective July 1, 2015. A delivery rate freeze was implemented for electricity and natural gas delivery rates through June 30, 2015 as part of the regulatory approval of the acquisition of Central Hudson by Fortis. Central Hudson invested approximately US$250 million in energy infrastructure during the two-year delivery rate freeze period ending June 30, 2015. The approved Rate Order reflects an allowed ROE of 9.0% and a 48% common equity component of capital structure and includes continuation of revenue decoupling and earnings sharing mechanisms.
For further details on these regulatory decisions, refer to the "Material Regulatory Decisions and Applications" section of this MD&A.
FINANCIAL HIGHLIGHTS
Fortis has adopted a strategy of profitable growth with the primary measures of performance being earnings per common share and total shareholder return. The Corporation's business is segmented by franchise area and, depending on regulatory requirements, by the nature of the assets. Key financial highlights for the second quarter and year-to-date periods ended June 30, 2015 and 2014 are provided in the following table.
Revenue
The increase in revenue for the quarter and year to date was driven by the acquisition of UNS Energy in August 2014. Favourable foreign exchange associated with the translation of US dollar-denominated revenue, contribution from the Waneta Expansion and higher revenue at FortisAlberta also contributed to the increase. The increase was partially offset by a decrease in the commodity cost of natural gas charged to customers at FortisBC Energy.
Energy Supply Costs
The increase in energy supply costs for the quarter and year to date was primarily due to the acquisition of UNS Energy and unfavourable foreign exchange associated with the translation of US dollar-denominated energy supply costs. The increase was partially offset by a lower commodity cost of natural gas at FortisBC Energy.
Operating Expenses
The increase in operating expenses for the quarter and year to date was primarily due to the acquisition of UNS Energy, unfavourable foreign exchange associated with the translation of US dollar-denominated operating expenses and general inflationary and employee-related cost increases.
Depreciation and Amortization
The increase in depreciation and amortization for the quarter and year to date was primarily due to the acquisition of UNS Energy and continued investment in energy infrastructure at the Corporation's regulated utilities.
Other Income (Expenses), Net
The increase in other income, net of expenses, for the quarter and year to date was primarily due to a gain of approximately $129 million, net of expenses, on the sale of Fortis Properties' commercial real estate assets and a gain of approximately $51 million (US$41 million), net of expenses and foreign exchange impacts, on the sale of generation assets in Upstate New York in June 2015. Favourable foreign exchange on the translation of the Corporation's US dollar-denominated long-term other asset representing the book value of the Corporation's expropriated investment in Belize Electricity Limited ("Belize Electricity") also contributed to the increase year to date. The increase was partially offset by a loss of approximately $18 million associated with the pending sale of Fortis Properties' hotel assets.
Finance Charges
The increase in finance charges for the quarter and year to date was primarily due to the acquisition of UNS Energy, including interest expense on debt issued to complete the financing of the acquisition, and unfavorable foreign exchange associated with the translation of US-dollar denominated interest expense. The increase was partially offset by lower interest on convertible debentures. Approximately $18 million ($13 million after tax) and $34 million ($24 million after tax) in interest expense for the quarter and year to date, respectively, was recognized in 2014 associated with convertible debentures issued to finance a portion of the acquisition of UNS Energy. In October 2014 the convertible debentures were substantially all converted into common shares of the Corporation.
Income Tax Expense
The increase in income tax expense for the quarter and year to date was primarily due to higher earnings before income taxes, driven by the acquisition of UNS Energy and gains on the sale of Fortis Properties' commercial real estate assets and generation assets in Upstate New York.
Net Earnings Attributable to Common Equity Shareholders and Basic Earnings Per Common Share
Net earnings attributable to common equity shareholders were impacted by a number of non-recurring items or non-operating factors. These factors, referred to as adjusting items, are reconciled below and discussed in the segmented results of operations for the respective reporting segments. Management believes that adjusted net earnings attributable to common equity shareholders and adjusted basic earnings per common share provides useful information to investors and shareholders as it provides increased transparency and predictive value. The adjusting items do not have a standardized meaning as prescribed under US GAAP and are not considered US GAAP measures. Therefore, these adjusting items may not be comparable with similar measures presented by other companies.
The increase in adjusted net earnings attributable to common equity shareholders for the quarter and year to date was driven by earnings contribution of $52 million and $72 million, respectively, at UNS Energy. Earnings contribution of $12 million for the quarter and year to date from the Waneta Expansion, which represents the Corporation's 51% controlling ownership, also contributed to the increase. Performance for the quarter and year to date was also driven by the Corporation's regulated utilities, including higher capital tracker revenue for 2015, customer growth and a decrease in depreciation and amortization at FortisAlberta; increases at FortisBC Electric, largely due to timing of quarterly earnings compared to the same periods last year, resulting from the impact of regulatory deferral mechanisms; and improved performance at Central Hudson. Earnings at FortisBC Energy were $5 million lower for the quarter and $4 million higher year to date compared to the same periods last year, mainly due to the timing of regulatory flow-through deferral amounts. The increase in earnings for the quarter and year to date was partially offset by higher preference share dividends and finance charges in the Corporate and Other segment associated with the acquisition of UNS Energy in August 2014.
The increase in adjusted earnings per common share for the quarter was driven by $0.09 accretion associated with the acquisition of UNS Energy, after considering the finance charges associated with the acquisition and the increase in the weighted average number of common shares outstanding. Performance at the Corporation's regulated utilities, as discussed above, and contribution from the Waneta Expansion also contributed to the increase.
The increase in adjusted earnings per common share year to date was driven by performance at the Corporation's regulated utilities, as discussed above, and contribution from the Waneta Expansion. The increase was partially offset by a $0.03 dilutive impact of the acquisition of UNS Energy, due to the highly seasonal earnings. In 2014 approximately 75% of UNS Energy's earnings were recognized in the second and third quarters.
SEGMENTED RESULTS OF OPERATIONS
The following is a discussion of the financial results of the Corporation's reporting segments. Refer to the "Material Regulatory Decisions and Applications" section of this MD&A for a discussion pertaining to the Corporation's regulated utilities.
REGULATED ELECTRIC & GAS UTILITIES - UNITED STATES
UNS ENERGY (1)
Electricity Sales & Gas Volumes
Electricity sales for the quarter were 3,981 gigawatt hours ("GWh") compared to 3,558 GWh for the same period last year and 7,378 GWh for the first half of 2015 compared to 6,757 GWh for the same period last year. The increase was primarily due to higher short-term wholesale sales. The majority of short-term wholesale sales are flowed through to customers and have no impact on earnings. The increase was partially offset by lower retail sales as a result of cooler temperatures, which reduced the use of air conditioning and other cooling equipment.
Gas volumes for the quarter and year to date were comparable with the same periods last year.
Seasonality impacts the earnings of UNS Energy. Earnings for the electric utilities are generally highest in the second and third quarters due to the use of air conditioning and other cooling equipment and earnings for the gas utility are generally highest in the first and fourth quarters due to space-heating requirements. In 2014 approximately 75% of UNS Energy's earnings were recognized in the second and third quarters, excluding acquisition-related expenses.
Revenue
Revenue for the quarter and year to date was US$402 million and US$752 million, respectively, compared to US$387 million and US$720 million, respectively, for the same periods last year. The increase was primarily due to the flow through to customers of higher purchased power and fuel supply costs, higher wholesale electricity sales and higher transmission revenue. The increase was partially offset by lower retail electricity sales.
Earnings
Earnings for the quarter and year to date were US$42 million and US$58 million, respectively, and were comparable with the same periods last year. The impact of lower retail electricity sales and higher operating expenses was largely offset by higher transmission revenue and a decrease in interest expense due to the expiry of leasing arrangements.
CENTRAL HUDSON
Electricity Sales & Gas Volumes
The increase in electricity sales for the quarter and year to date was due to higher average consumption as a result of warmer temperatures in the second quarter. Gas volumes for the quarter and year to date were comparable with the same periods last year.
Changes in electricity sales and gas volumes at Central Hudson are subject to regulatory revenue decoupling mechanisms and, as a result, do not have a material impact on revenue and earnings.
Seasonality impacts delivery revenue at Central Hudson, as electricity sales are highest during the summer months, primarily due to the use of air conditioning and other cooling equipment, and gas volumes are highest during the winter months, primarily due to space-heating usage.
Revenue
The increase in revenue for the quarter and year to date was primarily due to approximately $20 million and $51 million, respectively, of favourable foreign exchange associated with the translation of US dollar-denominated revenue. The recovery from customers of previously deferred electricity costs, higher gas revenue associated with a new contract in late 2014, as well as energy-efficiency incentives earned during the first half of 2015 upon achieving energy saving targets established by the regulator, also contributed to the increase in revenue. The increase was partially offset by the recovery from customers of lower commodity costs, which were mainly due to lower wholesale prices.
Earnings
The increase in earnings for the quarter and year to date was primarily due to approximately $1 million and $4 million, respectively, of favourable foreign exchange associated with the translation of US dollar-denominated earnings. A new gas contract in late 2014 and energy-efficiency incentives earned during the first half of 2015, as discussed above, also contributed to the increase in earnings. The increase was partially offset by the impact of higher expenses during the two-year rate freeze period post acquisition, which ended on June 30, 2015.
REGULATED GAS UTILITY - CANADIAN
FORTISBC ENERGY (1)
Gas Volumes
Gas volumes for the quarter were comparable with the same period last year. The decrease in gas volumes year to date was primarily due to lower average consumption in the first quarter as a result of warmer temperatures.
FortisBC Energy earns approximately the same margin regardless of whether a customer contracts for the purchase and delivery of natural gas or only for the delivery of natural gas. As a result of the operation of regulatory deferral mechanisms, changes in consumption levels and the cost of natural gas do not materially affect earnings.
Seasonality has a material impact on the earnings of FortisBC Energy as a major portion of the gas distributed is used for space heating. Most of the annual earnings of FortisBC Energy are realized in the first and fourth quarters.
Revenue
The decrease in revenue for the quarter was primarily due to a lower commodity cost of natural gas charged to customers and the timing of regulatory flow-through deferral amounts. Prior to the amalgamation of FortisBC Energy Inc. ("FEI"), FortisBC Energy (Vancouver Island) Inc. ("FEVI"), and FortisBC Energy (Whistler) Inc. ("FEWI") on December 31, 2014, FEVI was subject to a rate stabilization mechanism which accumulated the difference between revenue received and actual cost of service, thereby reducing the seasonality of revenue and earnings. As a result of the amalgamation, effective January 1, 2015, this rate stabilization mechanism ceased, resulting in greater seasonality whereby revenue and earnings will be higher in the first and fourth quarters and lower in the second and third quarters.
The decrease in revenue year to date was primarily due to a lower commodity cost of natural gas charged to customers and lower gas volumes, partially offset by the timing of regulatory flow-through deferral amounts, as discussed above.
Earnings
The decrease in earnings for the quarter was mainly due to approximately $8 million associated with the timing of regulatory flow-through deferral amounts, as discussed above, and a decrease in the allowed ROE and equity component of capital structure as a result of the amalgamation of FEVI and FEWI with FEI, effective December 31, 2014. Prior to the amalgamation, the allowed ROEs for FEVI and FEWI were 9.25% and 9.50%, respectively, on a common equity component of capital structure of 41.5%. Effective January 1, 2015, the allowed ROE and common equity component of capital structure reverted to those of FEI, which are 8.75% and 38.5%, respectively. The decrease was partially offset by lower operating expenses, net of the regulatory earnings sharing mechanism, and a higher equity component of allowance for funds used during construction ("AFUDC").
The increase in earnings year to date was primarily due to approximately $4 million associated with the timing of regulatory flow-through deferral amounts, as discussed above, lower operating expenses, net of the regulatory earnings sharing mechanism, and a higher equity component of AFUDC. The increase was partially offset by the decrease in the allowed ROE and equity component of capital structure as a result of the amalgamation of FEVI and FEWI with FEI, and other timing differences.
REGULATED ELECTRIC UTILITIES - CANADIAN
FORTISALBERTA
Energy Deliveries
The decrease in energy deliveries for the quarter and year to date was primarily due to lower average consumption by residential and commercial customers due to warmer temperatures and lower deliveries to oil and gas customers as a result of lower rig activity. The decrease was partially offset by growth in the number of customers. The total number of customers increased by approximately 12,000 year over year as at June 30, 2015, driven by residential customers as a result of favorable economic conditions in Alberta in 2014.
As a significant portion of FortisAlberta's distribution revenue is derived from fixed or largely fixed billing determinants, changes in quantities of energy delivered are not entirely correlated with changes in revenue. Revenue is a function of numerous variables, many of which are independent of actual energy deliveries.
Revenue
The increase in revenue for the quarter was primarily due to higher revenue resulting from the operation of the PBR formula, including an increase in customer rates based on a combined inflation and productivity factor of 1.49%, higher 2015 capital tracker revenue and growth in the number of customers.
The increase in revenue year to date was due to the same factors discussed above for the quarter, combined with a positive $9 million capital tracker revenue adjustment recognized in the first half of 2015 associated with 2013 and 2014, as discussed below, and higher revenue related to flow-through costs to customers.
In March 2015 regulatory decisions were received on FortisAlberta's Capital Tracker Applications and the GCOC Proceeding in Alberta. The Capital Tracker Decision approved revenue for substantially all of FortisAlberta's capital programs as filed; previously, revenue was recognized on an interim basis at 60% of the applied for amounts. The GCOC Proceeding set the utility's allowed ROE for 2013 through 2015 at 8.30%, down from the interim allowed ROE of 8.75%, and set the common equity component of capital structure at 40%, down from 41% approved on an interim basis. The impact of the decreases in the allowed ROE and common equity component of capital structure only applies to the portion of FortisAlberta's revenue that is funded by capital tracker revenue throughout the term of the PBR regulation. The $9 million capital tracker revenue adjustment associated with 2013 and 2014 reflects the combined impact of the Capital Tracker Decision and the GCOC Decision, taking into consideration the capital tracker revenue previously recognized on an interim basis for 2013 and 2014 at 60% of the applied for amounts. For further details on these regulatory decisions, refer to the "Material Regulatory Decisions and Applications" section of this MD&A.
Earnings
The increase in earnings for the quarter and year to date was primarily due to rate base growth and associated 2015 capital tracker revenue, growth in the number of customers and a decrease in depreciation and amortization as a result of a technical update to FortisAlberta's last depreciation study. Also contributing to the increase in earnings year to date was capital tracker revenue of approximately $9 million recognized in the first half of 2015 associated with 2013 and 2014, as discussed above.
FORTISBC ELECTRIC (1)
Electricity Sales
The increase in electricity sales for the quarter was mainly due to higher average consumption as a result of warmer temperatures. The decrease in electricity sales year to date was primarily due to lower average consumption in the first quarter as a result of warmer temperatures.
Revenue
The increase in revenue for the quarter was driven by an increase in base electricity rates, effective January 1, 2015, electricity sales growth, surplus capacity sales and increases associated with regulatory deferral mechanisms.
The increase in revenue year to date was due to the same factors discussed above for the quarter, partially offset by a decrease in electricity sales.
Earnings
The increase in earnings for the quarter and year to date was primarily due to the timing of earnings compared to the same periods last year as a result of the impact of regulatory deferral mechanisms. Also contributing to the increase in earnings year to date was the timing of power purchase costs and rate base growth. The increase in base electricity rates, effective January 1, 2015, was mainly established to recover higher power purchase costs, which commenced in the second quarter of 2015.
EASTERN CANADIAN ELECTRIC UTILITIES (1)
Electricity Sales
The decrease in electricity sales for the quarter was primarily due to lower average consumption in Ontario and Newfoundland. The decrease was partially offset by customer growth in Newfoundland and higher average consumption on Prince Edward Island, mainly due to an increase in the number of customers using electricity for home heating.
The increase in electricity sales year to date was mainly due to customer growth in Newfoundland and higher average consumption on Prince Edward Island, as discussed above, partially offset by lower average consumption in Ontario.
Revenue
Revenue for the quarter was consistent with the same period last year. The flow through in customer electricity rates of higher energy supply costs at FortisOntario was largely offset by lower electricity sales.
The increase in revenue year to date was primarily due to the flow through in customer electricity rates of higher energy supply costs at FortisOntario and electricity sales growth.
Earnings
The decrease in earnings for the quarter was primarily due to $1 million in business development costs in Ontario.
The increase in earnings year to date was primarily due to electricity sales growth and lower operating costs, mainly due to restoration efforts at Newfoundland Power following the loss of energy supply from Newfoundland and Labrador Hydro and related power interruptions in January 2014. The increase was partially offset by $1 million in business development costs in Ontario.
REGULATED ELECTRIC UTILITIES - CARIBBEAN (1)
Electricity Sales
The increase in electricity sales for the quarter and year to date was primarily due to growth in the number of customers and warmer temperatures on the Turks and Caicos Islands. Higher average consumption by commercial customers on Grand Cayman also contributed to the increase in electricity sales for the quarter.
Revenue
The decrease in revenue for the quarter was mainly due to the flow through in customer electricity rates of lower fuel costs at Caribbean Utilities, partially offset by approximately $8 million of favourable foreign exchange associated with the translation of US dollar-denominated revenue and electricity sales growth.
Revenue year to date was consistent with the same period last year. The impact of approximately $17 million in favorable foreign exchange associated with the translation of US dollar-denominated revenue and electricity sales growth was offset by the flow through in customer electricity rates of lower fuel costs at Caribbean Utilities.
Earnings
Earnings for the quarter and year to date were comparable with the same periods last year. Favorable foreign exchange associated with the translation of US dollar-denominated earnings and electricity sales growth were partially offset by higher depreciation.
NON-REGULATED - FORTIS GENERATION (1)
Energy Sales
The increase in energy sales for the quarter and year to date was driven by the Waneta Expansion, which commenced production on April 2, 2015 and reported 397 GWh in energy sales for the second quarter. The increase was partially offset by decreased production in Belize, Upstate New York and Ontario, due to lower rainfall and generating units taken out of service for repairs.
Revenue
The increase in revenue for the quarter and year to date was driven by the Waneta Expansion, which recognized $31 million of revenue in the second quarter. The increase was partially offset by decreased production in Belize, Upstate New York and Ontario.
Earnings
The increase in earnings for the quarter and year to date was primarily due to an after-tax gain of approximately $27 million (US$22 million), net of expenses and foreign exchange impacts, on the sale of generation assets in Upstate New York in June 2015. Excluding the gain, earnings for the quarter and year to date increased by $12 million and $9 million, respectively. The increase was driven by earnings contribution of $12 million from the Waneta Expansion, which represents the Corporation's 51% controlling ownership interest. The impact of decreased production in Belize, Upstate New York and Ontario was partially offset by lower business development costs.
NON-REGULATED - NON-UTILITY (1)
Revenue
Revenue at Fortis Properties for the quarter and year to date was comparable to the same periods last year.
Earnings
The increase in earnings for the quarter and year to date was primarily due to an after-tax gain of approximately $109 million, net of expenses, on the sale of Fortis Properties' commercial real estate assets. The increase was partially offset by an after-tax loss of approximately $13 million associated with the pending sale of Fortis Properties' hotel assets. For further information, refer to the "Significant Items" section of this MD&A. Earnings for the first quarter of 2014 include $5 million associated with Griffith from normal operations to the date of sale in March 2014.
CORPORATE AND OTHER (1)
Net Corporate and Other expenses were impacted by the following items:
Excluding the above-noted items, net Corporate and Other expenses were $39 million and $69 million for the quarter and year to date, respectively, compared to $24 million and $45 million, respectively, for the same periods last year. The increase was primarily due to higher preference share dividends and finance charges associated with the acquisition of UNS Energy in August 2014. Finance charges were also impacted by unfavorable foreign exchange associated with the translation of US-dollar denominated interest expense. Higher operating expenses also contributed to the increase, which was partially offset by a higher income tax recovery.
The increase in operating expenses was mainly due to a $3 million ($2 million after tax) corporate donation in the second quarter of 2015. Retirement expenses of approximately $2 million ($1 million after tax) were recognized in the second quarter of 2015, compared to approximately $4 million ($3 million after tax) for the same period last year.
MATERIAL REGULATORY DECISIONS AND APPLICATIONS
The nature of regulation associated with each of the Corporation's regulated electric and gas utilities is generally consistent with that disclosed in the 2014 Annual MD&A. The following summarizes the significant regulatory decisions and applications for the Corporation's regulated utilities in the first half of 2015.
UNS Energy
In June 2015 Tucson Electric Power Company ("TEP"), UNS Energy's largest utility, announced its plan to file a general rate application ("GRA") before the end of this year requesting new retail rates to be effective January 1, 2017, using June 30, 2015 as a historical test year. Since its last approved rate order in 2013, which used a 2011 historical test year, TEP's total rate base has increased by approximately US$0.8 billion.
Central Hudson
In June 2015 the PSC issued a Rate Order for Central Hudson covering a three-year period, with new electricity and natural gas delivery rates effective July 1, 2015. A delivery rate freeze was implemented for electricity and natural gas delivery rates through June 30, 2015 as part of the regulatory approval of the acquisition of Central Hudson by Fortis. Central Hudson invested approximately US$250 million in energy infrastructure during the two-year delivery rate freeze period ending June 30, 2015. The approved Rate Order reflects an allowed ROE of 9.0% and a 48% common equity component of capital structure. The Rate Order includes capital investments of approximately US$490 million during the three-year period targeted at making the electric and gas systems stronger.
The approved Rate Order includes continuation of certain mechanisms currently in place, including revenue decoupling and earnings sharing mechanisms. In the approved earnings sharing mechanism, the Company and customers share equally earnings in excess of 50 basis points above the allowed ROE up to an achieved ROE that is 100 basis points above the allowed ROE. In addition, the Rate Order includes a major storm reserve for electric operations and provides for continuation of recovery of various operating expenses, including environmental site investigation and remediation costs. To the extent that Central Hudson receives gas delivery revenue associated with a new contract in late 2014, beginning July 1, 2015, associated revenue will be used to mitigate future gas customer rate increases.
FortisBC Energy and FortisBC Electric
On December 31, 2014, FEI, FEVI and FEWI were amalgamated, as approved by the British Columbia Utilities Commission ("BCUC") in February 2014, and FEI is the resulting Company. Prior to the amalgamation, the allowed ROEs for FEVI and FEWI were 9.25% and 9.50%, respectively, on a common equity component of capital structure of 41.5%. Effective January 1, 2015, the allowed ROE and common equity component of capital structure reverted to those of FEI, which are 8.75% and 38.5%, respectively.
In May 2015 and June 2015, the BCUC issued its decisions on FEI and FortisBC Electric's 2015 rates in compliance with the PBR decisions issued in September 2014. The decisions approved 2015 midyear rate base of approximately $3,661 million and $1,249 million for FEI and FortisBC Electric, respectively, and approved customer rate increases for 2015 of 0.7% and 4.2% over 2014 rates, respectively. For FortisBC Electric, this decision results in the Company applying a 3.5% rate increase from January 1, 2015 to July 31, 2015, and a 5.1% rate increase effective August 1, 2015, both as compared to 2014 rates.
FEI is required to file an application to review the 2016 benchmark allowed ROE and common equity component of capital structure no later than November 30, 2015. As FEI is the benchmark utility, the review of the application could also have an impact on FortisBC Electric.
FortisAlberta
In March 2015 the Alberta Utilities Commission ("AUC") issued its decision on the GCOC Proceeding in Alberta. The GCOC Proceeding set FortisAlberta's allowed ROE for 2013 through 2015 at 8.30%, down from the interim allowed ROE of 8.75%, and set the common equity component of capital structure at 40%, down from 41% approved on an interim basis. The AUC also decided that it will not re-establish a formula-based approach to setting the allowed ROE on an annual basis. The allowed ROE of 8.30% and common equity component of capital structure of 40% will remain in effect for 2016 and beyond on an interim basis. For regulated utilities in Alberta under PBR mechanisms, including FortisAlberta, the allowed ROE and common equity component of capital structure resulting from the GCOC Proceeding applies only to the portion of revenue that is associated with capital tracker amounts throughout the term of the PBR regulation.
In March 2015 the AUC also issued its decision related to FortisAlberta's 2013, 2014 and 2015 Capital Tracker Applications. The decision: (i) indicated that the majority of the Company's applied for capital trackers met the criteria established in the original PBR decision and were, therefore, approved for collection from customers; (ii) approved FortisAlberta's accounting test; and (iii) confirmed certain inputs to be used in the accounting test, including the conclusion that the weighted average cost of capital used in the accounting test is to be based on actual debt rates and the allowed ROE and capital structure approved in the GCOC Proceeding. Substantially all of FortisAlberta's capital programs were approved as filed.
FortisAlberta completed the required Capital Tracker Compliance Filing in April 2015, requesting that the adjustments to capital tracker revenue be considered in the 2016 Annual Rates Application to be filed in September 2015 and reflected in customer rates effective January 1, 2016. A decision on the Capital Tracker Compliance Filing is expected in the second half of 2015.
Additional capital tracker revenue of approximately $9 million was recognized in the first half of 2015 related to 2013 and 2014 capital expenditures. This adjustment reflects the combined impact of the Capital Tracker Decision and the GCOC Decision, taking into consideration the capital tracker revenue previously recognized on an interim basis for 2013 and 2014 at 60% of the applied for amounts. Capital tracker revenue for 2015 also reflects the impact of both decisions, taking into consideration the estimated 2015 capital expenditures reflected in current customer rates.
In May 2015 FortisAlberta filed an application with the AUC seeking capital tracker revenue for 2016 and 2017, as well as a true-up to the 2014 capital tracker revenue for actual capital expenditures. As part of this application, the Company provided additional information on the capital tracker components that were not fully approved in the Capital Tracker Decision, seeking approval of the related capital expenditures incurred in 2013 and 2014, and forecast for 2015. A hearing related to this proceeding is scheduled for October 2015, with a decision from the regulator expected in the first quarter of 2016.
In April 2015 the AUC initiated a GCOC Proceeding to set the allowed ROE and capital structure for 2016 and 2017. The AUC will hold a pre-hearing conference in the third quarter of 2015 to establish scope and process matters. With the current PBR term expiring in 2017, the AUC has also initiated a generic proceeding to establish parameters for the next generation of PBR plans. Further information from the AUC with respect to this proceeding is expected in the second half of 2015.
Eastern Canadian Electric Utilities
In April 2015 Newfoundland Power filed an application with the Newfoundland and Labrador Board of Commissioners of Public Utilities ("PUB") to defer the filing of its next GRA to on or before June 1, 2016 and to request a 2016 cost recovery deferral of $4 million. In July 2015 the PUB issued an order denying the Company's application. Newfoundland Power will file its GRA with the PUB on or before October 16, 2015 to establish customer rates for 2016.
Significant Regulatory Proceedings
The following table summarizes ongoing regulatory proceedings, including filing dates and expected timing of decisions for the Corporation's largest regulated utilities.
CONSOLIDATED FINANCIAL POSITION
The following table outlines the significant changes in the consolidated balance sheets between June 30, 2015 and December 31, 2014.
LIQUIDITY AND CAPITAL RESOURCES
The table below outlines the Corporation's sources and uses of cash for the three and six months ended June 30, 2015, as compared to the same periods in 2014, followed by a discussion of the nature of the variances in cash flows.
Operating Activities: Cash flow from operating activities was $147 million higher for the quarter and $332 million higher year to date compared to the same periods last year. The increase was primarily due to higher cash earnings, largely due to the acquisition of UNS Energy in August 2014. The increase for the quarter was partially offset by unfavourable changes in working capital, mainly associated with accounts receivable at FortisBC Energy, FortisBC Electric and UNS Energy, and current regulatory deferrals at FortisBC Energy and Central Hudson. Favourable changes in working capital, mainly associated with accounts receivable and current regulatory deferrals at FortisBC Energy, contributed to the year-to-date increase in cash flow from operating activities.
Investing Activities: Cash used in investing activities was $153 million lower quarter over quarter. The decrease was primarily due to the sale of Fortis Properties' commercial real estate assets and generation assets in Upstate New York in June 2015 for proceeds of approximately $430 million and $77 million (US$63 million), respectively. The decrease was partially offset by capital expenditures at UNS Energy and higher capital spending at FortisBC Energy, FortisAlberta and FortisBC Electric.
Cash used in investing activities was $290 million higher year to date compared to the same period last year. The increase was driven by capital expenditures at UNS Energy and higher capital spending at FortisBC Energy, FortisAlberta and FortisBC Electric, partially offset by lower capital spending at the non-regulated Waneta Expansion. The increase was partially offset by proceeds received on the sale of Fortis Properties' commercial real estate assets and generation assets in Upstate New York, as discussed above, compared to proceeds of approximately $105 million (US$95 million) on the sale of Griffith for the same period last year.
Financing Activities: Cash provided by financing activities was $111 million higher quarter over quarter. The increase was primarily due to higher net proceeds from committed credit facility borrowings, partially offset by higher repayments of short-term borrowings at FortisBC Energy.
Cash provided by financing activities was $34 million lower year to date compared to the same period last year. The decrease was primarily due to lower proceeds from the Corporation's convertible debentures and higher repayments of long-term debt and short-term borrowings, partially offset by higher net proceeds from committed credit facility borrowings and higher proceeds from the issuance of long-term debt.
In January 2014 proceeds of approximately $599 million, or $561 million net of issue costs, were received from the first installment of the convertible debentures issued to finance a portion of the acquisition of UNS Energy. Initially, a portion of the net proceeds were cash on hand, while a portion was used to repay borrowings under the Corporation's committed credit facility and for other general corporate purposes, including intercompany loan advances to subsidiaries.
Proceeds from long-term debt, net of issue costs, repayments of long-term debt and capital lease and finance obligations, and net (repayments) borrowings under committed credit facilities for the quarter and year to date compared to the same periods last year are summarized in the following tables.
Borrowings under credit facilities by the utilities are primarily in support of their respective capital expenditure programs and/or for working capital requirements. Repayments are primarily financed through the issuance of long-term debt, cash from operations and/or equity injections from Fortis. From time to time, proceeds from preference share, common share and long-term debt offerings are used to repay borrowings under the Corporation's committed credit facility.
Common share dividends paid in the second quarter of 2015 were $55 million, net of $40 million of dividends reinvested, compared to $48 million, net of $20 million of dividends reinvested, paid in the same quarter of 2014. Common share dividends paid year-to-date 2015 were $115 million, net of $74 million in dividends reinvested, compared to $95 million, net of $42 million in dividends reinvested, paid year-to-date 2014. The dividend paid per common share for the first and second quarters of 2015 was $0.34 compared to $0.32 for the first and second quarters of 2014. The weighted average number of common shares outstanding for the second quarter and year-to-date 2015 was 277.9 million and 277.3 million, respectively, compared to 214.8 million and 214.2 million for the same periods in 2014.
CONTRACTUAL OBLIGATIONS
The Corporation's consolidated contractual obligations with external third parties in each of the ne
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