Fortis Utility Tucson Electric Power Sets Target to Reduce Carbon Emissions by 80 Percent by 2035 - Seite 2

Clean Energy Expansion
The Plan calls for a dramatic expansion of renewable energy resources, including some systems that are already under development. TEP is working to complete two large New Mexico wind farms and a local solar plus storage project that will more than double its community-scale clean energy resources by next year.

The IRP also calls for enough new wind and solar generating capacity to provide more than 40% of the company's power in 2030, more than 60% by 2033 and more than 70% by 2035. The expansions coincide with the planned addition of energy storage systems, which are projected to cost significantly less after 2030 than they do today.

Limiting Global Warming
TEP's CO2 emission reduction goal was developed in partnership with the University of Arizona's Institute of the Environment with input from a diverse group of customers, community leaders, local government representatives and environmental advocates, and is in line with the 2015 Paris Agreement to limit global warming to below 2 degrees Celsius. The Plan would reduce CO2 by 80% compared to 2005 levels. 

Plans for coal reduction at the SGS are subject to the Arizona Corporation Commission's approval of a modified plan for timely recovery of the plant's remaining value. TEP has not yet determined what rate changes it may request or the timing of any such request.

"The Plan being set by TEP is commendable as it takes the necessary steps to deliver cleaner energy to its customers," said Barry Perry, President and CEO, Fortis Inc. "The ambitious targets are significant and impactful in terms of the overall Fortis energy mix. Upon retirement of TEP's coal-fired generation, Fortis will have a coal-free generation mix."

For more details about TEP's 2020 Integrated Resource Plan, visit tep.com/resource-planning.

About Fortis
Fortis is a well-diversified leader in the North American regulated electric and gas utility industry, with 2019 revenue of $8.8 billion and total assets of $57 billion as at March 31, 2020. The Corporation's 9,000 employees serve utility customers in five Canadian province, nine U.S. states and three Caribbean countries.

Fortis common shares are listed on the TSX and NYSE and trade under the symbol FTS. Additional information can be accessed at www.fortisinc.com, www.sedar.com or www.sec.gov.

A .pdf version of this press release is available at: http://ml.globenewswire.com/Resource/Download/d1e82a1e-1218-42c6-ab6b- ...