Core Insights - The proposed Constitution natural gas pipeline could generate up to $11.6 billion in energy savings for consumers and support nearly 2,000 jobs annually over a 15-year period [1][8] - The pipeline is expected to stimulate up to $4.4 billion in additional gross state product across Connecticut, Massachusetts, New York, and Rhode Island, along with generating $432 million in federal and state tax revenues [2][8] Economic Impact - The construction of the 135-mile pipeline could alleviate persistent pipeline constraints in the Northeast, where winter gas prices are nearly three times the national average [3] - The pipeline could reduce local gas prices by up to 6% during peak demand months, providing consistent savings throughout the project's lifespan [4][8] Market Dynamics - The region experiences extreme winter price spikes due to overwhelming demand and limited pipeline capacity, with prices soaring to as much as 36 times the annual average on peak days [5] - The analysis indicates that without additional pipeline capacity, severe market dislocations and seasonal price spikes will continue, even with increased renewable energy sources [5][6] Environmental Considerations - Improved gas supply and price stability from the pipeline could lower greenhouse gas emissions by facilitating a shift from heating oil to natural gas, which has a 28% lower emissions intensity [6] Summary of Key Findings - The Constitution Pipeline is projected to provide up to $11.6 billion in energy savings, with $8.5 billion net savings after service costs, and support nearly 2,000 jobs annually [8] - The total revenue for businesses across the four states could reach up to $8.5 billion [8]

Core Viewpoint - Fortis Inc. reported a strong start to 2025, with a focus on executing capital programs and pursuing investment opportunities while maintaining a commitment to affordable energy and dividend growth of 4-6% through 2029 [2][10]. Financial Performance - The Corporation's net earnings for Q1 2025 were $499 million, or $1.00 per common share, reflecting an increase of $40 million or $0.07 per share compared to Q1 2024, driven by rate base growth and favorable exchange rates [3][9]. - Capital expenditures for the first quarter were $1.4 billion, part of a $5.2 billion annual capital plan that remains on track [9]. Regulatory Developments - The British Columbia Utilities Commission approved FortisBC's rate framework for 2025-2027, providing clarity and stability for operating expenses and capital investments [4]. Credit Ratings - Moody's confirmed Fortis' Baa3 issuer and senior unsecured debt ratings with a stable outlook in March 2025, while DBRS confirmed an A (low) rating in May 2025 [5]. Capital Plan and Growth Outlook - Fortis has a $26.0 billion five-year capital plan aimed at increasing the midyear rate base from $39.0 billion in 2024 to $53.0 billion by 2029, translating to a compound annual growth rate of 6.5% [8][10]. - The Corporation is exploring further growth opportunities, including electric transmission grid expansion and investments in renewable energy infrastructure [12]. Environmental Commitment - Fortis has reduced its direct greenhouse gas emissions by 34% from a 2019 baseline and aims for a 50% reduction by 2030 and 75% by 2035, with a long-term goal of net-zero emissions by 2050 [13].