Fortis Inc Dossier
Qualitative Analysis
Business overview
Fortis Inc. is a leading North American diversified regulated electric and gas utility holding company headquartered in St. John's, Newfoundland and Labrador. Operating since 1987, with historical roots dating back to 1885, Fortis has built a robust portfolio of ten regulated utility businesses serving approximately 3.5 million customers across Canada, the United States, and the Caribbean. Regulated utility assets account for virtually 99% of the Corporation's total asset base, providing highly predictable and stable cash flows. Its major operating subsidiaries include ITC Holdings (the largest independent electricity transmission company in the U.S.), UNS Energy in Arizona, Central Hudson in New York, and FortisBC in Western Canada. As of early 2026, approximately 67% of the Corporation's assets were located outside of Canada, and foreign operations generated about 62% of its annual revenue.
Research as of 29 Jul 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
A record $28.8 billion five-year capital plan focused on transmission upgrades in the United States (primarily through ITC), electrification-driven upgrades in Arizona and British Columbia, and system modernization across Canada.
Expected impact: Expected to drive a five-year compound annual rate base growth rate of 7%, increasing midyear rate base from $42.4 billion in 2025 to $57.9 billion by 2030, and supporting annual dividend growth guidance of 4-6% through 2030.
Fortis is reviewing its decarbonization strategy in 2026, including potentially establishing new interim emission targets to replace its former targets, informed by resource planning across its utilities.
Expected impact: Establishment of new interim greenhouse gas emission targets to build on the 38% reduction in Scope 1 emissions achieved through 2025 compared to 2019 levels.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
On October 31, 2025, Fortis completed the sale of its non-regulated hydroelectric generation business in Belize (Fortis Belize Limited) and its 33.3% interest in Belize Electricity Limited to the Government of Belize. This transaction completed Fortis' exit from Belize and left the corporation comprised entirely of regulated utility assets.
Terms: Aggregate purchase price of approximately BZ$256 million (US$110 million for the hydroelectric assets and US$18 million for the BEL shares).