Fortis Inc.
 | |
| Company type | Public |
|---|---|
| |
| Industry | Electricity generation& 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$8.783 billion(2019) |
Number of employees | 5,936 (2008)[1] |
| Website | www |
Fortis Inc.is aSt. John's, Newfoundland and Labrador-based international diversified electric utilityholding company.It operates inCanada,theUnited States,Central America,and theCaribbean.In 2015, it earnedCA$6.7 billion.[2]
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.
Expansion
[edit]The company expanded into Western Canada in 2003 with its purchase ofAquila, Inc.'s Canadian assets, formerly owned byTransAlta,Canada's largest publicly traded utility. As a result of this acquisition, Fortis became one ofAlberta'smajor regulated electrical distribution companies, serving 415,000 Albertans in 2005.ATCO Electricis 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.[3]
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 Councilin 2003 to have a new environmental assessment of theChalillo Damon theMacal Riverwhich was ahydroelectricitydevelopment project. Ecologists were concerned over the future of species such as thescarlet macaw,thetapirand theblack howler monkeyas the project would flood 10 km2of rainforest in Belize. Celebrities such asHarrison FordandCameron Diazsupported a movement to stop this dam. Fortis and the Government of Belize supported the project.[4][5]
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.[6]Gaz Métrooffered a higher price and acquired CVPS.[7]
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.[8]On June 27, 2013, Fortis Inc. closed on its acquisition of CHG.
In 2013, Fortis announced its acquisition ofUNS Energy,an Arizona utility company.[9]
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.[10]
Owns and Operates
[edit]Fortis currently owns the following regulated utilities:
- FortisBC,a utility inBritish Columbia
- FortisAlberta Inc., a holding company for assets purchased fromAquila, Inc.
- Central Hudson Gas & Electric,a utility inNew York
- Tucson Electric PowerandUniSource Energy Services,utilities in Arizona
- Newfoundland Power,serving 85% of the population ofNewfoundland and Labrador;Fortis' original operating electric power subsidiary
- Maritime Electric,serving 90% of the population ofPrince Edward Island
- FortisOntario, a holding company forCanadian Niagara Power Company,Cornwall Electric,and Algoma Power[11]
- Caribbean Utilities,a utility in theCayman Islands
- FortisTCI, a utility in theTurks and Caicos Islands
- Belize Electricity Limited,a utility inBelize
- 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 IncorporatedAnother Canadian Maritime Multinational Energy Operator/Investor begun asNova Scotia Power.
References
[edit]- ^"Company Profile for Fortis Inc (CA;FTS)".Archived fromthe originalon 2012-02-17.Retrieved2008-10-08.
- ^Dec 8, Castanet Staff-; Story: 183120, 2016 / 10:59 am |."FortisBC bill going up - Kelowna News".www.castanet.net.Retrieved2020-11-29.
{{cite web}}:CS1 maint: numeric names: authors list (link) - ^Fortis Annual Report2005
- ^Toronto StarDecember 10, 2003 pg. E01 retrieved via Ebbsco July 20, 2006
- ^Privy Council approves Belize damArchived2006-09-24 at theWayback 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 fromthe original(PDF)on July 26, 2011.RetrievedMay 31,2011.
- ^Ahmed, Azam (2011-07-12)."Gaz Metro Bests Fortis to Buy Vermont Utility".DealBook.Retrieved2020-11-29.
- ^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.Retrieved2016-02-25.
- ^"Company Profile | FortisOntario Inc".fortisontario.com.Archivedfrom the original on 2020-09-24.Retrieved2020-11-29.
