Fortis Inc. (FORFF)

Overview

Fortis Inc. stands as a major player in the utility industry, providing electric and gas utility services across Canada, the United States, and various Caribbean nations. Founded in 1885, with headquarters in St. John's, Canada, Fortis has grown to serve a vast number of residential, commercial, and industrial customers through an extensive network of electricity generation, transmission, and distribution facilities, as well as natural gas distribution pipelines. The company’s strategic operations and diversified energy portfolio enable it to meet the growing energy demands of its wide customer base effectively.

Products and Services

Electricity Generation, Transmission, and Distribution: Fortis generates electricity through various sources, including gas-fired and hydroelectric facilities, with a notable emphasis on renewable energy sources such as solar and wind. The company boasts a substantial capacity to serve hundreds of thousands of customers across southeastern Arizona, Alberta, Newfoundland and Labrador, Ontario, and islands in the Caribbean. Its generation capacity includes 3,408 megawatts (MW) with contributions from both renewable and non-renewable sources.

Natural Gas Distribution: In British Columbia, Canada, Fortis distributes natural gas to over one million residential, commercial, and industrial customers. This extensive distribution network underscores the company's pivotal role in providing clean and reliable energy options to a broad demographic.

Wholesale Electricity: Beyond serving end consumers, Fortis engages in the sale of wholesale electricity to other entities within the western United States, capitalizing on its extensive generating capacity to meet larger energy demands beyond its direct customer base.

Hydroelectric Generating Facilities Operation: Fortis not only owns but also operates and provides management services for several hydroelectric generating facilities. These facilities highlight the company's commitment to sustainable energy production and environmental stewardship.

Electric and Gas Utility Service on Islands: A distinctive aspect of Fortis’s operations includes the provision of integrated electric utility services to customers on islands such as Grand Cayman in the Cayman Islands and in the Turks and Caicos Islands. These operations speak to the company's logistical capabilities and its role in ensuring energy access in more remote and challenging locations.

Energy Storage and Transmission Infrastructure: Recognizing the importance of energy storage and reliable transmission, Fortis owns the Aitken Creek natural gas storage facility and operates a significant network of electric distribution lines and natural gas pipelines. This infrastructure is vital for the secure and efficient delivery of energy across vast distances to meet the dynamic needs of its customers.