Fortis Inc.
 | |
| Company type | Public |
|---|---|
| |
| Industry | Electricity generation, transmission and distribution; Natural Gas Distribution |
| Founded | 1987 |
| Founder | Angus Bruneau |
| Headquarters | St. John's, Newfoundland and Labrador, Canada |
Key people | David Hutchens, President & CEO |
| Products | Electricity, Natural Gas |
| Revenue |  CA$11.517 billion[1] (2023) |
Number of employees | 9,600[1] |
| Website | www |
Fortis Inc. is an international diversified electric and gas utility holding company based in St. John's, Newfoundland and Labrador. It operates in Canada, the U.S, and the Caribbean. Fortis has increased annual dividends paid to shareholders for 51 consecutive years (2024). [2]
It was formed in 1987, when shareholders of Newfoundland Light & Power Co. Limited voted to create a holding company known as Fortis Inc. to be the 100% owner of the utility. On December 29, 1987, Fortis Inc. began trading on the Toronto Stock Exchange, signaling a new era of growth and diversification. [3]
Expansion
[edit]The company expanded into Western Canada in 2003 with its purchase of Aquila, Inc.'s Canadian assets, formerly owned by TransAlta, Canada's largest publicly traded utility. As a result of this acquisition, Fortis became one of Alberta'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 from Kinder Morgan, which had sold the BC gas utility as a non-strategic asset included in its 2005 acquisition of Terasen 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 in Belize Electricity Limited (BEL) and a 95% interest in Belize Electric Co. Ltd. The Belize Association of Non-Government Organisations took Fortis to the Judicial Committee of the Privy Council in 2003 to have a new environmental assessment of the Chalillo Dam on the Macal River which was a hydroelectricity development project. Ecologists were concerned over the future of species such as the scarlet macaw, the tapir and the black howler monkey as the project would flood 10 km2 of rainforest in Belize. Celebrities such as Harrison Ford and Cameron 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 acquire Central Vermont Public Service, an electric utility in the US state of Vermont, 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 of UNS Energy, an Arizona utility company.[10]
On February 9, 2016, Fortis announced an agreement to acquire ITC Holdings Corp., the largest independent transmission utility in the United States, for US$11.3 billion in cash and stock.[11]
Owns and Operates
[edit]Fortis currently owns the following regulated utilities:
- FortisBC, a utility in British Columbia
- FortisAlberta Inc., a holding company for assets purchased from Aquila, Inc.
- Central Hudson Gas & Electric, a utility in New York
- Tucson Electric Power and UniSource Energy Services, utilities in Arizona
- Newfoundland Power, serving 85% of the population of Newfoundland and Labrador; Fortis' original operating electric power subsidiary
- Maritime Electric, serving 90% of the population of Prince Edward Island
- FortisOntario, a holding company for Canadian Niagara Power Company, Cornwall Electric, and Algoma Power[12]
- Caribbean Utilities, a utility in the Cayman Islands
- FortisTCI, a utility in the Turks and Caicos Islands
- Fortis Belize, a utility in Belize (formerly Belize Electric Company Limited)
- ITC Transmission, Novi, Michigan
Fortis also operates three non-regulated companies:
- Fortis Generation, hydro generation in New York state and central Newfoundland.
- Griffith Energy Services, a petroleum supplier in the eastern United States.
See also
[edit]- Emera Incorporated Another Canadian Maritime Multinational Energy Operator/Investor begun as Nova Scotia Power.
References
[edit]- ^ a b "2023 Annual Report" (PDF). Retrieved November 27, 2024.
- ^ "About Fortis". Fortis Inc. 2024. Retrieved 2025-02-04.
- ^ "Our History". Fortis Inc. 2024. Retrieved 2025-02-04.
- ^ Fortis Annual Report 2005
- ^ Toronto Star December 10, 2003 pg. E01 retrieved via Ebbsco July 20, 2006
- ^ Privy Council approves Belize dam Archived 2006-09-24 at the Wayback Machine - January 31, 2004: CaribbeanNetNews.com
- ^ "Fortis press release: "Fortis Inc. To Acquire Central Vermont Public Service Corporation For US$700 Million", May 30, 2011" (PDF). Archived from the original (PDF) on July 26, 2011. Retrieved May 31, 2011.
- ^ Ahmed, Azam (2011-07-12). "Gaz Metro Bests Fortis to Buy Vermont Utility". DealBook. Retrieved 2020-11-29.
- ^ CH Energy Group press release: "CH Energy Group, Inc. to be Acquired by Fortis Inc. In Agreement Valued at U.S. $1.5 Billion" Retrieved February 21, 2012.
- ^ Canadian Utility Buys UNS Energy of Arizona for $2.5 Billion
- ^ "Fortis Inc. To Acquire ITC Holdings Corp. For US$11.3 billion". Business Wire. 2016-02-09. Retrieved 2016-02-25.
- ^ "Company Profile | FortisOntario Inc". fortisontario.com. Archived from the original on 2020-09-24. Retrieved 2020-11-29.
