Fortis Inc. history, profile and corporate video
Fortis Inc. is an international diversified electric utility holding company headquartered in St. John’s, Newfoundland, and Labrador, Canada.
Fortis Inc. has its origin in the formation of St. John’s Electric Light Company in 1885 in the province now known as Newfoundland and Labrador.
In 1924, the electric utility company was renamed The Newfoundland Light and Power Company.
In 1966, Newfoundland Light & Power Co. Limited was formed through the amalgamation of Newfoundland Light and Power Company, Limited; Union Electric Light and Power Company; and United Towns Electric Company Limited.
In November 1987, Shareholders of Newfoundland Light & Power Co. Limited voted to create a holding company known as Fortis Inc. to be the 100% owner of the utility.
In 1989, Fortis first entered the non-regulated business environment. In August of that year, Fortis purchased its first real estate company, Water Street Investments Inc., which became the foundation of Fortis Properties Corporation.
Also in 1989, Fortis acquired Newfoundland Building Savings and Investment Limited, a small savings and mortgage firm based in St. John’s, which began operations in 1936. The subsidiary was renamed Fortis Trust Corporation and was part of the Corporation’s non-regulated segment until the deposits and loans of Fortis Trust were sold to Scotiabank in June 2001.
In 1990, Fortis made its first electric utility investment by purchasing Maritime Electric Company, Limited.
In 2000, the company acquired a 20% interest in Caribbean Utilities Company, Ltd. (CUC).
In 2003, the electric utilities in Alberta and British Columbia were acquired from Aquila Inc. The subsidiaries were renamed FortisAlberta and FortisBC in 2004.
In 2006, Fortis purchased two electric utilities, P.P.C. Limited and Atlantic Equipment and Power (Turks and Caicos). The companies were collectively renamed Fortis Turks and Caicos and later FortisTCI.
In 2007, Fortis announced an agreement with Kinder Morgan Inc. to buy Terasen Gas, which was the principal gas distributor for British Columbia. Terasen was later renamed FortisBC Energy in 2011.
In 2013, the company entered the U.S. regulated electric and gas distribution business with the purchase of CH Energy Group. CH Energy is the parent company of Central Hudson Gas & Electric Corporation, a gas and electric utility in New York State.
In 2014, it was made a significant investment in the U.S. regulated utility industry with the acquisition of UNS Energy.
In 2015, as part of sharpening the Corporation’s focus on its core utility business, Fortis divested of its commercial real estate and hotel business.
In 2016, ITC Holdings Corp., the largest independent transmission utility in the United States, was acquired.
Fortis currently owns the following regulated utilities:
- ITC HOLDINGS – Independent electricity transmission
- UNS Energy – Electricity and natural gas distribution
- CENTRAL HUDSON GAS & ELECTRIC – Gas and electricity transmission and distribution
- FortisBC Energy – Electricity, natural gas and alternative energy solutions
- FortisAlberta – Electricity distribution in southern and central Alberta
- Newfoundland Power – Electricity generation, transmission and distribution
- Maritime Electric – Electricity generation, transmission and distribution
- FortisOntario – Regional power transmission and distribution
- Caribbean Utilities – Sole provider of electricity on Grand Cayman
- Fortis Turks and Caicos (FortisTCI) – Electricity generation, transmission and distribution
- Fortis Generation – Non-regulated energy infrastructure
With more than 8,900 employees and operations in Canada, the United States, Central America, and the Caribbean, Fortis Inc. is considered one of the largest companies in the regulated gas and electric utility industry in North America. According to Forbes, it is considered one of the Top 2000 Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.fortisinc.com/home.
**Video published on YouTube by “Fortis Energy Services Inc“.