Key Highlights

  • Fortis (NYSE:FTS) outlined a five-year Capital program of CAD 32.2 billion, CAD 3.4 billion above its previous plan, and lifted its expected rate base growth to 7.5% a year.
  • AES (NYSE:AES) raised third quarter adjusted EBITDA by roughly 31%, by simple arithmetic, to USD 1,090 million from USD 830 million, and reported Net Income of USD 527 million.
  • TransAlta (NYSE:TAC) reported adjusted EBITDA of CAD 264 million and free Cash Flow of CAD 93 million at a time when Alberta spot power averaged about CAD 36.
  • Global Water Resources (NASDAQ:GWRS) lifted active service connections 2.4% to 69,797 as of September 30, 2026, with every addition coming from organic growth.

Fortis (NYSE:FTS): CAD 32.2 Billion Plan Anchored by Transmission and LNG

Fortis (NYSE:FTS) discussed its third-quarter 2026 results on November 3, 2026, together with a fresh five-year capital outlook. Figures are quoted in CAD unless stated otherwise. Roughly 75% of the program goes to transmission and distribution, which management describes as entirely regulated. Most of the increase comes from a CAD 1.7 billion uplift at ITC tied to a long-range transmission plan, plus CAD 1 billion more at FortisBC for LNG work at Tilbury. Consolidated rate base is forecast to climb from CAD 45 billion in 2026 to roughly CAD 56 billion by 2029. Net Earnings for the third quarter came in at CAD 474 million, equal to CAD 0.92 per common share. Directors approved a fourth-quarter Dividend of CAD 0.665 per share, which is 4% higher. Operating Cash Flow and Debt issued by the regulated utilities provide most of the financing. During the quarter the company placed USD 1 billion of hybrid securities and roughly CAD 260 million of Equity through an at-the-market program, and new shares dilute per-share earnings unless profit grows enough to offset them. An Arizona judge recommended a 9.65% Return on Equity for Tucson Electric Power, but the state commission must still approve it, a decision expected later in November. A final Investment decision on Tilbury Phase 2 has yet to be made.

AES (NYSE:AES): Spot Prices Lift EBITDA as the Merger Stays Pending

AES (NYSE:AES) submitted its Form 10-Q for the quarter that closed September 30, 2026, on November 3, 2026. Adjusted EBITDA, a non-GAAP figure, climbed to USD 1,090 million from USD 830 million, roughly 31% more by simple arithmetic. Management credited higher energy and capacity sales, stronger spot market prices, and higher retail rates and Demand at its utilities. The lapse of the Maritza power purchase agreement in Bulgaria softened part of that improvement. Net income increased by just USD 10 million to USD 527 million, held back by a smaller income tax benefit and greater Impairment expense. Over nine months, net income reached USD 1,189 million versus USD 294 million, supported by a gain on selling Fluence shares and the lack of prior-year one-off items. A merger agreement dated March 1, 2026 with Horizon Parent, a vehicle linked to Global Infrastructure Management and EQT Infrastructure VI, is still pending. The material does not disclose a per-share price or an expected closing date, so neither is reported here. Named risks include closing conditions that may go unmet, litigation, a potential termination fee and keeping key staff. Operating exposures cover fuel and power price swings, weather and covenant compliance.

TransAlta (NYSE:TAC): Cash Flow Holds While Battle River Goes Into Mothball

On November 3, 2026, TransAlta (NYSE:TAC) discussed its third quarter 2026 results on a call and said it still expects to hit its 2026 guidance ranges. Adjusted EBITDA of CAD 264 million, a non-IFRS figure, and free cash flow of CAD 93 million were delivered even as Alberta spot power dropped to around CAD 36 per MWh from CAD 51 a year before. Hedged Volume of about 2.5 thousand GWh, averaging CAD 65 per MWh, sits CAD 28 above the spot level. On November 2, 2026, TransAlta notified the Alberta system operator that it will place its Battle River units in mothball and lengthen the Sundance 6 mothball outage. The chief executive described the move as purely economic, given very low capacity factors. October brought the closing of a USD 1 billion purchase of two Colorado gas peaking plants, along with the sale of a 49% stake in its Oklahoma wind portfolio for USD 305 million. The Boreal Data Center project near Keephills could reach as much as 1.6 GW of load, though definitive partner agreements are likely in early 2027. Roughly 6.7 thousand GWh is hedged for 2027 at CAD 65 per MWh, so a prolonged slump in spot prices would gradually wear down that buffer. Recovery of costs tied to the Centralia order is anticipated, but it is not guaranteed.

Global Water Resources (NASDAQ:GWRS): Connection Growth Meets Slower Permits

Global Water Resources (NASDAQ:GWRS) runs 39 water, wastewater and recycled water systems, concentrated around Phoenix and Tucson in Arizona. Its Quarterly Report covering the period through September 30, 2026 was filed on November 3, 2026. Active service connections rose 2.4%, adding 1,667 to reach 69,797, with every addition coming from organic expansion. The material contained no income statement, which leaves out revenue, net income and dividend figures. Permit trends are uneven. Single-family permits in the Phoenix area declined 5% in the quarter to 4,480 and 10% across nine months to 15,337, whereas single-family permits in the City of Maricopa climbed 7% to 175 during the quarter. Multi-family housing equivalent permits in Maricopa dropped to zero, down from 278 twelve months earlier. Management reports that new connections and permits have decelerated lately. Two subsidiaries, GW-Santa Cruz and GW-Palo Verde, serve about 87.5% of connections, so the customer base is concentrated. The Arizona Corporation Commission sets rates on a historical test year basis, which can delay recovery of rising costs. A 5.0% rate adjustment became effective in July 2026. Trading in a company of this size can be thin, so a handful of transactions may move the share price, spreads can be wide and quoted moves can reverse.

Where Things Stand

The CAD 32.2 billion plan at Fortis (NYSE:FTS) rests on a multi-year pipeline of transmission and LNG work, so it is a long build rather than a single-quarter event. The pressures elsewhere differ. AES (NYSE:AES) benefited from spot pricing while a merger remains pending. TransAlta (NYSE:TAC) faces soft Alberta prices and has chosen to mothball low-use units. Global Water Resources (NASDAQ:GWRS) depends on housing permits that are slowing. Regulated returns give Fortis visibility, though that visibility depends on approvals, financing and execution. Next markers are the Arizona commission vote, updates on the AES merger, the TransAlta Boreal agreements and Global Water connection counts for the fourth quarter.