Fortis Inc is a diversified gas and electric utility holding company. It mainly operates in nine states in the US, five Canadian provinces, Central America, and three Caribbean countries.
It claims to provide energy delivery services to over three million customers in the region.
Shareholders of the Newfoundland Light & Power Co., a transmission and distribution utility company, voted to form a separate utility holding company, now known as Fortis Inc, in 1987.
The company operates through two segments: Regulated utilities and non-regulated utilities.
The segment operates through various subsidiaries, including FortisAlberta, UNS Energy, ITC, FortisBC Energy, Central Hudson, FortisBC Electric, and others.
ITC: Fortis acquired ITC Holdings Corp in 2016. It operates high-voltage electricity transmission systems and provides grid solutions to improved access.
UNS Energy: The subsidiary UNS Energy Corporation focuses on providing vertically integrated utility services.
Central Hudson: This unit mainly deals with electric and gas transmission, regulation, and distribution services.
FortisBC Energy: It provides natural gas and electricity transmission services throughout British Columbia.
FortisAlberta: It is a wholly-owned subsidiary of Fortis Inc operating in Alberta that provides electricity distribution services, including building and maintenance of power lines.
FortisBC Electric: The unit owns and manages high-voltage transmission lines and hydroelectric generation facilities. In addition, it also manages an extensive network of energy distribution assets.
The company also owns independent utilities in eastern Canada and the Caribbean.
The segment comprises energy infrastructure, corporate and others.
Energy Infrastructure: It includes long-term contracted energy assets in Belize and British Columbia, including a gas storage facility in BC.
Corporate and others: The division mainly deals with the company's expenses and revenue-related matters, which are not directly related to their business operations.
Newfoundland Power, wholly-owned subsidiary, reportedly provides power supply to over 80 per cent population in Newfoundland and Labrador.
Maritime Electric delivers power supply in Prince Edward Island.
In addition, the power utility firm manages non-regulated companies like Fortis Generation, Griffith Energy Services, etc.
Fortis Inc is listed on the Toronto Stock Exchange and trades under the ticker 'FTS'. It is included in the S&P/TSX 60 component.
Fortis Inc was reportedly in Canada’s best employers list for 2021.