Fortis Inc. is a St. John's, Newfoundland and Labrador based international diversified electric utility holding company. It operates in Canada, the United States, Central America, and the Caribbean. In 2005, it earned a profit of $137.1 million Canadian from revenue of $1.44 billion.
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:
- Newfoundland Power, serving 85% of the population of Newfoundland and Labrador
- Maritime Electric, serving 90% of the population of Prince Edward Island
- FortisOntario, a holding company for Canadian Niagara Power, Cornwall Electric, and Algoma Power
- FortisAlberta, a holding company for assets purchased from Aquila, Inc.
- FortisBC, a utility in British Columbia
- Belize Electricity Limited, a utility in Belize
- Caribbean Utilities, a utility in the Cayman Islands
Fortis also operates two non-regulated companies:
- Fortis Generation, hydro generation in New York state and central Newfoundland.
- Fortis Properties, a real estate company.
Read more about Fortis Inc.: Expansion