 | |
| Company type | Public |
|---|---|
| |
| Industry | Electricity generation & distribution, Natural Gas Distribution |
| Founded | 1987; 39 years ago (1987) |
| Founder | Angus Bruneau |
| Headquarters | St. John's, Newfoundland and Labrador, Canada |
Key people | David Hutchens, President & CEO |
| Products | Electricity, Natural Gas |
| Revenue |  CA$11.5 billion[1] (2024) |
 CA$3.29 billion[1] (2024) | |
| CA$1.83 billion[1] (2024) | |
| Total assets | CA$73.5 billion[1] (2024) |
| Total equity | CA$23.8 billion[1] (2024) |
Number of employees | 9,800[2] (2024) |
| Website | www |
Fortis Inc. is a Canadian electric utilityholding company, based inSt. John's, Newfoundland and Labrador. It operates in Canada, the United States,Central America and theCaribbean. In 2015, revenue wasCA$6.7 billion.[3]
Fortis was formed in 1987, when shareholders of the regulated transmission and distribution utilityNewfoundland Light & Power Co. voted to form a separate holding company. NL&P shares were exchanged for Fortis shares on a one-to-one basis, with the regulated NL&P becoming a 100% owned subsidiary.
The company expanded into Western Canada in 2003 with its purchase of the Canadian assets ofAquila, Inc., formerly owned byTransAlta, Canada's largest publicly traded utility. As a result of this acquisition, Fortis became one ofAlberta's major regulated electrical distribution companies, serving 415,000 Albertans in 2005.ATCO Electric is Alberta's other regulated distribution company. Also as a result of the 2003 acquisition, Fortis owns regulated generation, transmission, and distribution assets in British Columbia.
In 2007, Fortis acquired Terasen Gas fromKinder Morgan, which had sold the BC gas utility as a non-strategic asset included in its 2005 acquisition ofTerasen Inc.
In addition to its regulated Canadian assets, Fortis also owns unregulated assets in Ontario, British Columbia, and Newfoundland. The majority of its unregulated business consists of hydroelectric generating plants.[4]
Fortis' interests in the Caribbean include a 67% interest inBelize Electricity Limited (BEL) and a 95% interest in Belize Electric Co. Ltd. The Belize Association of Non-Government Organisations took Fortis to theJudicial Committee of the Privy Council in 2003 to have a new environmental assessment of theChalillo Dam on theMacal River which was ahydroelectricity development project. Ecologists were concerned over the future of species such as thescarlet macaw, thetapir and theblack howler monkey as the project would flood 10 km2 of rainforest in Belize. Celebrities such asHarrison Ford andCameron Diaz supported a movement to stop this dam. Fortis and the Government of Belize supported the project.[5][6]
On May 30, 2011, it was announced that Fortis has plans to acquireCentral Vermont Public Service, an electric utility in the US state ofVermont, for US$700 million, pending stockholder and regulatory approval; this acquisition would be Fortis' first utility acquisition in the United States.[7]Gaz Métro offered a higher price and acquired CVPS.[8]
On February 21, 2012, CH Energy Group (a holding company for Central Hudson Gas & Electric, an upstate New York utility), announced a pending acquisition by Fortis valued at $1.5 billion.[9] On June 27, 2013, Fortis Inc. closed on its acquisition of CHG.
In 2013, Fortis announced its acquisition ofUNS Energy, an Arizona utility company.[10]
On February 9, 2016, Fortis announced an agreement to acquireITC Holdings Corp., the largest independent transmission utility in the United States, for US$11.3 billion in cash and stock.[11]
Fortis currently owns the following regulated utilities:
Fortis also operates three non-regulated companies:
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