Fortis Business Summary

Fortis Inc. (FTS) is a leading North American regulated utility holding company that generates revenue primarily through regulated rate structures, providing highly predictable cash flows from its transmission and distribution assets. As of early 2026, the company operates through several major segments, including ITC Holdings (the largest independent electricity transmission company in the U.S.), UNS Energy, Central Hudson, FortisBC, and FortisAlberta, alongside a portfolio of Eastern Canadian and Caribbean utilities. Following the strategic divestiture of its Belize and Turks and Caicos assets in late 2025, Fortis has solidified its position as a pure-play regulated utility leader, managing approximately $75 billion in total assets and serving over 3.5 million customers. Its primary direct competitors include Hydro One, Emera, Canadian Utilities, and Brookfield Infrastructure Partners; within this peer group, Fortis distinguishes itself through its vast geographic diversification across ten jurisdictions and a record-breaking 52-year streak of consecutive dividend increases. Originally formed in 1987 from the restructuring of Newfoundland Light & Power, Fortis is currently led by President and CEO David Hutchens, who previously served as the CEO of UNS Energy and has been instrumental in executing the company’s $28.8 billion five-year capital plan focused on grid modernization and cleaner energy. The executive team includes Jocelyn Perry, Executive Vice President and Chief Financial Officer, who brought extensive experience from her tenure as President of Newfoundland Power, and Jim Reid, EVP of Sustainability and Chief Legal Officer. The company is governed by an experienced Board of Directors chaired by Jo Mark Zurel, with notable members including former telecommunications executive Pierre Blouin and financial expert Margarita Dilley. This leadership group maintains a disciplined focus on rate base growth, targeting a 7% compound annual growth rate through 2030 to support long-term shareholder value.