Fortis earnings rose in the second quarter thanks to higher base rates and retail electricity sales.

The St. John's, Newfoundland and Labrador-based regulated electric and gas utility posted on Friday a net income of 396 million Canadian dollars ($282.6 million), or C$0.78 a share, up from C$384 million, or C$0.76 a share, in the comparable quarter a year ago.

Fortis said that rate base growth across its utilities and higher retail electricity sales at UNS Energy contributed to earnings growth.

In the first half of the year, Fortis has spent C$2.7 billion in capital expenditures and said it remains on track for its full-year $5.6 billion plan.

Fortis said its C$28.8 billion five-year capital plan is expected to increase midyear rate base from C$42.4 billion in 2025 to C$57.9 billion by 2030, representing a compound annual growth rate of 7% over the next five years.

Looking ahead, the company also expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4% to 6% annually through the end of the decade.