ST. JOHN'S, N.L. - Fortis Inc. raised its dividend as it announced an increased capital investment plan.

The utility company says it will now pay a quarterly dividend of 47.75 cents per share, up from 45 cents.

Shares in Fortis will have an annual yield of 3.4 per cent based on its closing share price on Monday.

The increased payment to shareholders came as the company said it will spend $18.3 billion between 2020 and 2024, up $1 billion from the previous year's plan.

The company says most of the planned capital investments are at its regulated utility businesses.

Fortis has utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.

Companies in this story: (TSX:FTS)

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