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Fortis Inc.

Company nameFortis Inc.
Company typePublic
IndustryElectricity generation & distribution
HeadquartersSt. John's, Newfoundland and Labrador, Canada
Key peopleH. Stanley Marshall, President & CEO
Revenue$1.44 billion CAN
Employees5,936 (2008)

     Home | Company | Fortis

Fortis Inc. (TSX - FTS) is a St. John's, Newfoundland and Labrador based international diversified electric utility holding company. It primarily operates in Canada 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

* Terasen Gas, a utility supplying natural gas to 95% of gas users in British Columbia

Fortis also operates two non-regulated companies:

* Fortis Generation, hydro generation in New York state and central Newfoundland.

* Fortis Properties, a real estate company.

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