Fortis

What Fortis does

Fortis Inc. is a diversified North American regulated electric and gas utility holding company headquartered in St. John's, Newfoundland and Labrador, listed on the TSX and NYSE under ticker FTS. The company operates 9 regulated utility subsidiaries across 5 Canadian provinces, 10 U.S. states, and the Cayman Islands, serving approximately 3.5 million electricity and gas customers through ITC Holdings (the largest independent U.S. transmission company), Tucson Electric Power/UNS Energy, FortisBC, FortisAlberta, Newfoundland Power, Maritime Electric, Central Hudson, FortisOntario, and Caribbean Utilities. Fortis also holds a minority interest in Wataynikaneyap Power, a regulated transmission joint venture majority-owned by 24 First Nations that is building an 1,800 km transmission system connecting 17 remote communities in Northwestern Ontario.

The underlying technology consists of regulated transmission and distribution infrastructure — high-voltage transmission lines, substations, natural gas distribution systems, and a mix of generation assets — with approximately 95% of assets in transmission and distribution. Notable technical components include Tucson Electric Power's 200 MW Roadrunner Reserve I battery energy storage system, AI-enhanced vegetation management (Newfoundland Power), and Early Fault Detection systems for wildfire risk reduction (FortisAlberta). FortisBC is a leading North American gas utility buyer of renewable natural gas and partners on hydrogen-powered transport pilots. Capital intensity is high, with a $28.8 billion five-year capital plan (2026-2030) supporting grid modernization, clean energy transition, and transmission expansion to capture data center load growth.

The business model is rate-regulated rather than market-priced. Revenue is earned through approved returns on a regulated rate base across multiple jurisdictions, with rate cases filed with provincial and state utility commissions (e.g., TEP's 13% rate increase request citing $1.7 billion in infrastructure investments since 2021). Pricing is essentially subscription/recurring in nature, with annual regulatory resets determining customer rates. Fortis funds growth through retained earnings and debt capital markets, including a $500 million senior unsecured notes offering in November 2023 and a $750 million subordinated notes private placement in September 2025. The customer base is dominated by residential, commercial, and industrial users in exclusive service territories, with no material customer concentration. The company guides 4-6% annual dividend growth through 2030 and has delivered 52 consecutive years of dividend increases, making it one of only two TSX-listed companies with that distinction.

Name

Fortis

Legal name

Fortis Inc.

Website

https://fortisinc.com

Company type

Public

Founded year

1973

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Fortis Inc. is a North American regulated electric and gas utility holding company operating 9 regulated utilities across Canada, the U.S., and the Cayman Islands, serving 3.5 million customers through transmission, distribution, and generation infrastructure with a $28.8 billion five-year capital plan.

Ownership category

akta.pro rank

Product category

Regulated Electric and Gas Utility Services

NAICS

Natural Gas Distribution (221210), Electric Power Generation, Transmission and Distribution (2211)

SIC

Natural Gas Transmisison & Distribution (4923), Natural Gas Transmission (4922)

akta.pro primary industry

Investor-Owned Electric Distribution Utilities (IOUs) (EUADABAA)

akta.pro secondary industries

National & Regional TSOs (ISO/RTO/Grid Operators) (EUADAAAA), Natural Gas Transmission System Operators (TSO) / Network Balancing (TLAGACAC)

Keywords

• Regulated electric utility
• Natural gas distribution
• Electric transmission services
• Rate-regulated utility operations
• Renewable natural gas supply

Headquarters

HQ city

St. John's

HQ country

Canada

HQ region

North America

Offices11 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain

Revenue model

1. Regulated Electric Utility Operations: Fortis operates regulated electric utilities that earn returns on regulated rate bases. Revenue is derived from rate-regulated electricity transmission and distribution services under regulatory frameworks in Canada, the U.S., and the Caribbean. The company reported Q1 2026 net earnings of $501 million.
2. Regulated Gas Utility Operations: Natural gas distribution operations through FortisBC serving customers in British Columbia. Revenue earned through regulated rate base returns on gas distribution infrastructure.
3. Debt Capital Markets: Fortis raises capital through senior unsecured notes offerings. Completed $500 million senior unsecured notes offering in November 2023 (5.677% interest rate due 2033) and $750 million fixed-to-fixed rate subordinated notes in September 2025 (due December 4, 2055).

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Fortis Inc. is a diversified North American regulated electric and gas utility holding company that delivers electricity transmission and distribution and natural gas distribution services to approximately 3.5 million customers across 5 Canadian provinces, 10 U.S. states, and the Cayman Islands through a portfolio of 9 regulated utility subsidiaries. The company operates vertically integrated utilities (generation, transmission, distribution) as well as pure transmission and distribution-only utilities, earning returns on regulated rate base assets approved by provincial and state utility commissions.

Product overview

Fortis Inc. is a diversified North American regulated electric and gas utility company operating a portfolio of 9 regulated utilities across Canada, the United States, and the Caribbean. The company is structured as a platform of independent utility subsidiaries rather than a unified product. The portfolio includes transmission (ITC Holdings, Wataynikaneyap Power), vertically integrated generation and distribution (Tucson Electric Power/UNS Energy, Newfoundland Power, Maritime Electric), and gas distribution (FortisBC) and electricity distribution (FortisAlberta, FortisOntario, Central Hudson, Caribbean Utilities). The company focuses on regulated energy delivery with approximately 95% of assets in transmission and distribution infrastructure, serving 3.5 million customers. Fortis's strategy centers on capital investment in grid modernization, clean energy transition, and reliability improvement through five-year capital plans (currently $28.8 billion for 2026-2030).

Differentiator

Problem solved

Functional benefit

Products and services

• ITC Holdings Corp. (Electric Transmission) Regulated electric transmission services across multiple U.S. states, operated by the largest independent transmission company in the United States. ITC invests in infrastructure to modernize the grid and enable delivery of cleaner energy.
• UNS Energy / Tucson Electric Power (TEP) Vertically integrated regulated electric utility in Arizona delivering generation, transmission, and distribution services, transitioning its energy mix toward renewable sources with a target of coal-free generation by 2032.
• FortisBC (Natural Gas Distribution) Regulated natural gas distribution utility in British Columbia, Canada, expanding lower carbon energy solutions including renewable natural gas procurement and energy conservation programs for customers.
• FortisAlberta (Electric Distribution) Regulated electricity distribution company operating in Alberta, Canada, focused on safely and reliably delivering electricity while supporting a resilient energy network.
• Central Hudson (Electric and Gas Utility) Regulated electric and gas utility serving customers in the Hudson Valley region of New York state.
• Maritime Electric Regulated electricity utility serving customers in Prince Edward Island, Canada.
• Newfoundland Power Regulated electricity utility serving customers in Newfoundland and Labrador, Canada.
• Caribbean Utilities Company Ltd. Regulated electricity utility operating in the Cayman Islands.
• Wataynikaneyap Power (Regulated Transmission) Regulated transmission company majority-owned by 24 First Nations in partnership with Fortis Inc., connecting remote First Nations communities in Northwestern Ontario to the provincial power grid through an 1,800-kilometer transmission system with 22 substations, enabling retirement of diesel generators.
• FortisOntario (Electric Distribution) Regulated electricity distribution company operating in Ontario, Canada, serving customers in the Fort Erie area.

Quantifiable outcome

• 7% rate base compound annual growth rate through 2030
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered minor and core.

• University of Victoria and Northeastern UniversityminorStrategic or Co-development Partner · 6 May 2026University of Victoria and Northeastern University signed a Memorandum of Understanding establishing a joint applied AI innovation alliance called CascadAI Impact Network, launching summer 2026 with industry partners including AWS, Seaspan, and Fortis. The alliance aims to train AI talent, develop courses, conduct research, and build applied AI capacity in British Columbia and the Cascadia Innovation Corridor.
• Wataynikaneyap PowercoreStrategic or Co-development Partner · 9 April 2026Wataynikaneyap Power is a regulated transmission company majority-owned by 24 First Nations in Northwestern Ontario, in partnership with Fortis Inc. The partnership has constructed an 1,800 km transmission system to connect 17 remote First Nations communities to the provincial power grid, eliminating diesel dependency. The $1.9 billion megaproject is the largest First Nations-led grid connection infrastructure project in Canada. In 25 years, the First Nations partners will have the right to own 100% of the transmission system.
• EverGen Infrastructure Corp.minorStrategic or Co-development Partner · 16 January 2026EverGen Infrastructure announced its 20-year Biomethane Purchase Agreement with FortisBC Energy Inc. is now in effect. Under this agreement, FortisBC will purchase Renewable Natural Gas (RNG) produced at EverGen's wholly owned Fraser Valley Biogas facility in British Columbia. The agreement provides EverGen with a long-term contracted revenue stream while supporting FortisBC's renewable and lower carbon gas supply goals.
• Loblaw Companies Ltd.minorStrategic or Co-development Partner · 6 November 2025Loblaw Companies Ltd., FortisBC Energy Inc., and partners launched North America's first hydrogen-powered Class 8 truck in British Columbia for retail deliveries, marking a milestone in lower carbon freight transport. The project involves a hydrogen fuel cell truck operated in real-world conditions to gather data for future infrastructure and vehicle development.

Scale indicators16 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Hydro One: Ontario-based regulated electric transmission and distribution utility serving ~1.5M customers. Highly comparable to Fortis's Canadian electric T&D subsidiaries (FortisAlberta, FortisOntario, Newfoundland Power) with similar regulated rate-base earnings model and capital-intensive grid investment programs.
• Emera Incorporated: Canadian diversified electric and gas utility holding company with operations across Canada, the U.S., and the Caribbean. Closely mirrors Fortis's multi-jurisdiction regulated utility platform model with comparable capital plans, dividend growth strategy, and renewable transition investments.
• Canadian Utilities (ATCO Group): Canadian diversified utility with regulated electric and natural gas distribution operations primarily in Alberta and Australia. Comparable to Fortis through FortisAlberta and FortisBC's regulated gas distribution model, with similar dividend aristocrat status.
• American Electric Power: Largest U.S. electric transmission owner, operating ~40,000 miles of transmission lines across 11 states. Direct comparable to ITC Holdings, with similar transmission-focused regulated returns and major MISO/SPP grid investment exposure.

Broad incumbents

• Enbridge Inc. Major North American energy infrastructure company with regulated natural gas distribution, transmission, and renewable energy operations. Comparable through its gas utility business, similar scale, and Canadian-listed diversified utility platform structure.
• National Grid plc: UK-listed regulated electric and gas transmission and distribution operator with U.S. operations. Highly comparable multi-jurisdiction regulated utility model, similar capital investment programs, and dividend-focused investor base.
• Duke Energy Corporation: One of the largest U.S. regulated electric utilities serving ~8.7M customers across the Southeast and Midwest. Comparable through Central Hudson and TEP subsidiaries, with similar regulated return model and multi-billion-dollar grid modernization capex programs.
• Xcel Energy Inc. U.S. regulated electric and gas utility serving ~3.7M customers across 8 states with significant renewable energy leadership. Comparable to Fortis through similar customer scale, multi-state regulated platform, and aggressive clean energy transition investments.

Regional players

• Edison International: California-focused regulated electric utility serving ~5M customers. Comparable through regulated T&D operations, large grid investment programs, and similar data center demand exposure, though operating in a higher-risk regulatory jurisdiction.

Emerging players

• Algonquin Power & Utilities: North American diversified regulated utility and renewable power operator with U.S. and Canadian operations. Comparable through regulated utility platform model, smaller scale, and overlapping renewable energy transition strategy.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• Xx.com/fortis_na
• LinkedInlinkedin.com/company/fortis-inc.

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries10 records

Funding overview

Funding rounds4 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fortis