Details of the clean energy targets are included in the utility's 2020 Integrated Resource Plan ('IRP' or the 'Plan') which will be filed today with the
Key elements of the Plan
2,457 megawatts ('MW') of new wind and solar power systems, including 457 MW that will be coming online over the next year 1,400 MW of new energy storage systems
A proposal to ramp down and ultimately retire TEP's two units at the coal fired
Eliminating the use of surface water for power generation and a 70% reduction in groundwater use Continued support for energy efficiency programs to reduce usage and peak power demands
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Fortis is a well-diversified leader in the North American regulated electric and gas utility industry, with 2019 revenue of
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Forward Looking Information
Fortis includes forward-looking information in this media release within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as 'forward-looking information'). Forwardlooking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opportunities. Wherever possible, words such as anticipates, believes, budgets, could, estimates, expects, forecasts, intends, may, might, plans, projects, schedule, should, target, will, would and the negative of these terms and other similar terminology or expressions have been used to identify the forward-looking information, which includes, without limitation: TEP's 2035 emission reduction target and details of its Integrated Resource Plan including new planned wind and solar power systems, scheduled retirements of coal-fired generation, reduction in groundwater use and associated benefits of implementing the Plan. Forward-looking information involves significant risks, uncertainties and assumptions. Certain material factors or assumptions have been applied in drawing the conclusions contained in the forward-looking information. These factors or assumptions are subject to inherent risks and uncertainties surrounding future expectations generally, including those identified from time to time in the forward-looking information. Such factors or assumptions include, but are not limited to: no material impact from the COVID-19 pandemic; reasonable outcomes for regulatory proceedings and the expectation of regulatory stability; the successful execution of the five-year capital plan; no material capital project and financing cost overrun and sufficient human resources to deliver service and execute the capital plan. Fortis cautions readers that a number of factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. For additional information with respect to certain risk factors, reference should be made to the continuous disclosure materials filed from time to time by the Corporation with Canadian securities regulatory authorities and the
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