Fortis Inc: A leading North American utilityFortis Inc. has its origin in the formation of St. John’s Electric Light Company in 1885 in the province now known as Newfoundland and Labrador. That company eventually became Newfoundland Light & Power Co. Limited which became the first wholly owned subsidiary of Fortis Inc. Fortis was created as a holding company in 1987 with the mission to expand and diversify.
Today, Fortis is a leader in the North American utility industry with assets of approximately $47 billion and 2016 revenue of $6.8 billion. Our more than 8,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.
Fortis is one of the top 15 utilities in North AmericaWe have grown from just $390 million in assets when we were formed in 1987 to approximately $47 billion today. Fortis continues to power ahead as we seek additional opportunities to diversify our asset base and grow our company both within our existing franchise territories and beyond
Fortis was formed in 1987 when shareholders of the regulated transmission and distribution utility Newfoundland 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.
Fortis currently owns the following regulated utilities:
Fortis Inc. is a Canada-based electric and gas utility holding company.
The Company's segments include Regulated Utilities and Non-Regulated Utilities.
The Regulated Utilities segment includes Regulated Electric & Gas Utilities-the United States, which consists of ITC Holdings Corp. (ITC Holdings), UNS Energy Corporation and Central Hudson Gas & Electric Corporation (Central Hudson); Gas & Electric Utilities-Canadian, which consists of FortisAlberta Inc. (FortisAlberta), FortisBC Energy Inc. (FortisBC Energy), FortisBC Inc. (FortisBC Electric) and Newfoundland Power Inc. (Newfoundland Power); Electric Utilities-Caribbean, which includes its ownership interest in Caribbean Utilities Company, Ltd., Fortis Turks and Caicos, and its investment in Belize Electricity Limited.
The Non-Regulated Utilities segment consists of Non-Regulated-Energy Infrastructure, which comprises long-term generation assets in British Columbia and Belize, and the Aitken Creek natural gas storage facility.