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Operator
Good morning, everyone. Thank you for standing by. My name is Constantine, and I will be your conference operator today. Welcome to 40's second quarter 2024 earnings conference call and webcast. During the call, all participants will be in a listen-only mode. There will be a question and answer session following the presentation. At that time, those with questions should press star followed by one on their telephone. If at any time during the conference you need to reach an operator, please press star zero. At this time, I would like to turn the conference over to Stephanie Amaymo. Please go ahead, Ms. Amaymo.
Amaymo
Thanks, Konstantin, and good morning, everyone. Welcome to Fortis' second quarter 2024 results conference call. I'm joined by David Hutchins, President and CEO, Jocelyn Perry, Executive VP and CFO, other members of the senior management team, as well as CEOs from certain subsidiaries. Before we begin today's call, I want to remind you that the discussion will include forward-looking information which is subject to the cautionary statement contained in the supporting slideshow. Actual results can differ materially from the forecast projections included in the forward-looking information presented today. All non-GAAP financial measures referenced in our prepared remarks are reconciled to the related U.S. GAAP financial measures in our second quarter 2024 MD&A. Also, unless otherwise specified, all financial information referenced is in Canadian dollars. With that, I will turn the call over to David.
David
Thank you, and good morning, everyone. Today, we are pleased to report our second quarter results. Operationally, our teams delivered reliable service to our customers despite a variety of severe weather conditions experienced during the quarter. Through the end of June, we invested capital of approximately $2.3 billion focused on system reliability and resiliency, customer growth and economic development, as well as cleaner energy investments. These capital investments supported rate base and EPS growth. On the regulatory front, we had a number of key proceedings advance. Notably at ITC, the Iowa Supreme Court granted a motion filed by ITC Midwest requesting a stay of the injunction issued by the Iowa District Court for Trunch One projects in Iowa. With this stay in place, ITC is now permitted to advance construction of all Iowa Trunch One projects originally awarded to the company in 2022. This is a positive development as ITC looks to invest in critical transmission infrastructure to support the clean energy transition and load growth in the region.
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And today, we released our 2024 Sustainability Report. It includes new information on resiliency efforts, biodiversity programs, and actions to support energy efficiency and lower emissions. mission project was completed.
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We are proud to be a part of this project that is a majority owned by 24 First Nations, provides socioeconomic benefits, and reduces greenhouse gas by $29 billion by 2028, supporting average annual rate base growth of 6.3%.
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projects, with transmission investments now estimated in the range of 23 to 27 billion U.S. dollars, up from an earlier estimate of 17 to 23 billion U.S. dollars. While it is still too early to estimate the investment opportunities within ITC's footprint, MISO Board approval is anticipated in late 2024. In June, MISO also confirmed that transmission projects included in tranche 2.1 would be insufficient to meet the demand and needs of the MISO Midwest subregion under the future 2a scenario. As a result, MISO expects additional transmission will be required likely through a tranche 2.2 portfolio. While MISO has not provided any firm details regarding timing or scope of this new tranche, it certainly underscores both the need and opportunity associated with transmission investments in the Midwest considering decarbonization and load growth trends. In British Columbia, the Federal Environmental Assessment Certificate was issued in the quarter for the Tilbury Marine Jetty Project. The construction of the jetty supports further expansion of FortisBC's Tilbury LNG facility, The site is scalable and can accommodate additional storage and liquefaction equipment and is close to international shipping lanes. Once constructed, the jetty will utilize FortisBC's assets at the Tilbury site, including the future Phase 1B expansion project to serve marine bunkering and reduce greenhouse gas and other emissions. In addition to the developments at ITC and FortisBC, our utilities across North America are focused on expanding and extending growth opportunities in their jurisdictions
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restrictions, especially in areas of clean energy, continued electrification, and low growth. With a strong track record of increasing dividends for the past 50 consecutive years,
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Coupled with our low-risk growth strategy, we remain confident in our four to six years. Increased and adjusted EPS of $0.07 year over year. And retroactive to January 1st.
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2023. The chart on slide 9 highlights the EPS drivers for the second quarter by segment. Our U.S. electric and gas utilities contributed a $0.05 EPS increase quarter over quarter.
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In Arizona, EPS was up $0.07 due to the favorite
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impacts of new customer rates and higher retail revenues due to warmer weather. Weather impacts were $0.02 quarter over quarter.
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At Central Hudson, EPS decreased $0.02 quarter over quarter. Temperature was tempered by higher holding company finance costs our Western Canadian utilities increase corporate another segment the decrease mainly reflects the disposition of a week in 2023 and higher holding company for the quarter are the same for the year-to-date period there are a few items to note for the year-to-date results weather, higher margins on wholesale sales, tempered by higher operating costs, and higher holding company finance costs were the main drivers of EPS.
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And while negative for the quarter and year-to-date periods, on an annual basis, the disposition of Aiken Creek will be neutral to EPS. And finally, higher weighted average shares outstanding reduced EPS 3 cents through year-to-date June. Through June, we have raised approximately $1.4 billion of debt to repay borrowings and to fund our capital program. We remain in a strong liquidity position as we execute our five-year capital plan and maintain our investment grade credit ratings. As I mentioned last quarter, we expect to have further engagement with S&P in the fall particularly on Fortis' mitigation plans around physical and climate risks. Looking ahead, we are on track to achieve average cash flow to debt metrics of 12% over the five-year period.
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Earlier this month, the Iowa Supreme Court
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granted the stay of the injunction issued by the Iowa District Court with respect to construction of the MISO Long Range Transmission Plan and Tranche 1 projects in Iowa.
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With the stay of the system. As part of the The independent third party monitor reported that the CIS system was deemed stable and critical issues
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