Fortis Inc.

Thank you for standing by. My name is Chuck, and I'll be your conference operator. Welcome to the Fortis, Inc. Second Quarter 2025 Earnings Conference Call and Webcast. As a reminder, all participants are in a listen-only mode, and the conference call is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Ms. Stephanie Amimo, Vice President, Investor Relations. Please go ahead, Ms. Amimo.

Thanks, Chuck, and good morning, everyone. Welcome to Fortis' second quarter 2025 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. Non-GAAP financial measures referenced in our prepared remarks are reconciled to the related U.S. GAAP financial measures in our second quarter 2025 MD&A. Also, unless otherwise specified, all financial information referenced is in Canadian dollars. With that, I will turn the call over to David.

Thank you and good morning, everyone. Today, we are pleased to report another great quarter. With capital expenditures of almost $3 billion during the first half of the year, we are executing on our core objective of delivering safe and reliable energy to our customers. Financially, we delivered second quarter earnings per share of 76 cents, a nine cent increase over the same period last year. During the quarter, we also made progress on the regulatory front. Notably, Tucson Electric Power filed its general rate application and Central Hudson reached a multi-year rate settlement agreement on its general rate application. Jocelyn will speak to these regulatory developments in more detail shortly. In Arizona, TEP's retail load growth opportunity advanced with an important milestone reach for a planned data center development. And today we released our 2025 sustainability update report. highlighting our consistent progress to deliver cleaner energy to our customers. Through 2024, we have achieved a 34% reduction in Scope 1 greenhouse gas emissions when compared to 2019 levels. In July, the first phase of the Roadrunner Reserve Battery Storage Project was placed in service at TEP. The 200-megawatt energy storage system will facilitate the integration of renewable energy onto the electric grid with the capability to store 800 megawatt hours of energy. This project was part of the $2.9 billion that we invested in the first half of the year. Given this progress, both our annual and five-year capital plans are on track. We are well positioned to deliver on our growth strategy with rate base expected to increase by approximately $14 billion to 53 billion in 2029. This supports average annual rate-based growth of 6.5%. In Arizona, TEP announced that it plans to convert approximately 800 megawatts of coal-fired generation at its Springerville generating station to natural gas by 2030. This will allow us to be coal-free by our 2032 target. The conversion supports customer affordability, local communities, and reliability, as well as our transition to cleaner energy. This along with many other factors will impact our resource planning at our Arizona utilities. As a result, we will reassess our 2030 and 2035 interim greenhouse gas targets and share the results once complete. We will provide the project details with the release of our 2026 to 2030 capital plan later this year. New retail load growth opportunities in Arizona continue to advance. TEP just reached an agreement with a data center customer to serve a demand of approximately 300 megawatts that starts to ramp up in 2027 and will use existing and planned capacity. This agreement was structured to benefit existing customers, maintain reliability, and ensure the power is supplied consistent with the 2023 integrated resource plan, including solar and storage projects currently in development. This agreement is subject to ACC approval as well as other contractual contingencies. Further negotiations are ongoing for additional capacity to support a full build out at that initial site of 600 megawatts in total. The project's developer also shared that additional capacity may be required at a second site in the range of 500 to 700 megawatts. If negotiations are finalized for these subsequent phases, new generation and transmission investments would be required. Beyond these opportunities in Arizona, our utilities continue to pursue various opportunities to support load growth, improve grid resilience, and facilitate the interconnection of cleaner energy. Work is underway at ITC to prepare to bid on projects within the MISO LRTP tranche 2.1 portfolio subject to a competitive bidding process. These projects, if awarded to ITC, would be incremental to ITC's estimate of 3.7 to 4.2 billion U.S. dollars of capital expenditures for the tranche 2.1 projects. With a long track record of increasing dividends in our sustainable growth runway, we remain committed to our annual dividend growth guidance of 4% to 6% through 2029. Now I will turn the call over to Jocelyn for an update on our second quarter financial results.