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COMPANY PROFILE

Fortis Inc:  A leading North American utility

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. That company eventually became Newfoundland Light & Power Co. Limited which became the first wholly owned subsidiary of Fortis Inc. Fortis was created as a holding company in 1987 with the mission to expand and diversify. Today, Fortis is a leader in the North American utility industry with assets of approximately $47 billion and 2016 revenue of $6.8 billion. Our more than 8,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.

OUR VISION

In all our operations, Fortis will manage resources prudently and deliver quality service to maximize value to our customers and our shareholders. We will continue to focus on three primary objectives:

ourvision1Our growth in assets and market capitalization should be greater than the average of other North American public gas and electric utilities of similar size.
ourvision2Our earnings should continue at a rate commensurate with that of a well-run North American utility.
ourvision3The financial and business risks of Fortis should not be substantially greater than those associated with the operation of a North American utility of similar size.

OUR HISTORY

A look back at the growth and evolution of Fortis

  • 1885 1885

    The international company known today as Fortis Inc. has its roots in St. John’s Electric Light Company formed in 1885.

  • 1900 1898

    The Petty Harbour Electric Generating Station was completed in 1900 by St. John’s Street Railway Company. The Petty Harbour hydro plant continues to operate today and is a member of the Hydro Hall of Fame as the first hydro plant in the province now known as Newfoundland and Labrador.

  • 1924 1920

    The electric utility company was renamed The Newfoundland Light and Power Company in 1924.

  • 1948 1948

    Newfoundland Light and Power Company, Limited became a pure electric utility in 1948 and first issued stock to the public in 1949.

  • 1949 1949

    In July 1949, Newfoundland became the tenth province of Canada. Newfoundland Light and Power had 1,600 common shareholders.

  • 1966 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.

  • 1985 1985

    Newfoundland Light & Power Co. Limited celebrated 100 years of service. Common shares split 2-for-1.

  • 1987 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. On December 29, 1987, each Newfoundland Light & Power Co. Limited common share was exchanged for one common share of Fortis Inc.

  • 1988 1988

    Dr. Angus A. Bruneau became Chairman, President and Chief Executive Officer of Fortis Inc. He served as Chairman of Fortis Inc. for 18 years. Dr. Bruneau also served as President and Chief Executive Officer of Newfoundland Power from 1986 until 1990. He was appointed an Officer of the Order of Canada in 1983 and was awarded the Canadian Council of Professional Engineers Gold Medal in 1988.

  • 1990 1990

    Maritime Electric, located on Prince Edward Island, was our first electric utility investment in 1990. This was followed by investments in Ontario in 1996.

  • 1996 1996

    Stan Marshall was appointed President and CEO of Fortis Inc. in 1996. His career with Fortis spanned 35 years and, under his leadership, Fortis became the largest investor-owned gas and electric distribution utility in Canada. Total assets grew from less than $1.0 billion in 1996 to $26 billion when Stan retired in December 2014.

  • 1999 1999

    Fortis embarked on international expansion with investments in Belize in 1999 and the Cayman Islands in 2000.

  • 2003 2003

    Fortis announced an agreement to acquire electric utilities in Alberta and British Columbia from Aquila Inc. The subsidiaries were renamed FortisAlberta and FortisBC in 2004.

  • 2005 2005

    Fortis common shares split 4-for-1 after reaching nearly $100 per common share.

  • 2006 2006

    Fortis added to its Caribbean interests with the purchase of two utilities on the Turks and Caicos Islands. The companies were collectively renamed Fortis Turks and Caicos and later FortisTCI.

  • 2007 2007

    Fortis expanded its activities to include gas distribution with the purchase of Terasen in British Columbia in 2007. Terasen was later renamed FortisBC Energy.

  • 2012 2012

    Fortis announced an agreement to acquire the CH Energy Group of companies for US$1.5 billion. CH Energy is the parent company of Central Hudson Gas & Electric Corporation, a gas and electric utility in New York State.

  • 2013 2013

    Fortis announced an agreement to acquire UNS Energy, a gas and electric utility in Arizona for US$4.3 billion.

  • 2014 2014

    At the end of 2014, Stan Marshall retired as President and CEO and Director of the Board of Directors of Fortis Inc. Mr. Marshall’s career with Fortis spanned 35 years and he was at the helm as President and CEO for more than 18 years. Barry Perry, Vice President of Finance and CFO of Fortis Inc., succeeded Mr. Marshall as President and CEO of the Corporation, effective December 31, 2014.

  • 2016 2016

    Fortis announced an agreement to acquire ITC Holdings Corp., the largest independent transmission utility in the United States for US$11.3 billion. ITC owns and operates high-voltage transmission operations in seven states. The transaction closed on October 14.

Ten utility operations:
One strong company

REGULATED INDEPENDENT TRANSMISSION
  • ITC
REGULATED U.S. ELECTRIC + GAS
  • UNS Energy
  • Central Hudson
REGULATED CANADIAN + CARIBBEAN
  • FortisBC Gas
  • FortisAlberta
  • FortisBC Electric
  • Eastern Canadian(1)
  • Caribbean(2)
OTHER ENERGY INFRASTRUCTURE
  • Hydroelectric Generation(3)
  • Aitken Creek
 

(1) Includes Newfoundland Power, Maritime Electric and FortisOntario.
(2) Includes Fortis Turks and Caicos, an approximate 60% interest in Caribbean Utilities on Grand Cayman, Cayman Islands and a 33% interest in Belize Electricity.
(3) Includes generation from Waneta in British Columbia and BECOL in Belize.


OUR LEADERSHIP

Executive


Board of Directors

  • EXECUTIVE
  • BOARD OF DIRECTORS

Barry V. Perry

President and Chief Executive Officer

Karl W. Smith

Executive Vice President, Chief Financial Officer

David C. Bennett

Executive Vice President, Chief Legal Officer and Corporate Secretary

Phonse J. Delaney

Executive Vice President, Chief Information Officer of Fortis

Nora M. Duke

Executive Vice President, Sustainability and Chief Human Resource Officer

James P. Laurito

Executive Vice President, Business Development

Earl A. Ludlow

Executive Vice President, Operational Advisor to the President & CEO of Fortis

Gary J. Smith

Executive Vice President of Eastern Canadian and Caribbean Operations of Fortis.

Stephanie A. Amaimo

Vice President, Investor Relations

Karen J. Gosse

Vice President, Planning and Forecasting

Regan O’Dea

Vice President, General Counsel

James D. Spinney

Vice President, Treasurer

James D. Roberts

Vice President, Controller

Douglas J. Haughey

Corporate Director
Calgary, Alberta

Barry V. Perry

President and CEO, Fortis Inc.
St. John’s, Newfoundland and Labrador

Tracey C. Ball

Chair of the Audit Committee
Edmonton, Alberta

Pierre J. Blouin

Corporate Director
Ile Bizard, Quebec

Lawrence T. Borgard

Corporate Director
Naples, Florida

Maura J. Clark

Corporate Director
New York, New York

Margarita K. Dilley

Corporate Director
Washington, D.C.

Ida J. Goodreau

Corporate Director
Vancouver, British Columbia

R. Harry McWatters

President, Vintage Consulting Group Inc.
Summerland, British Columbia

Ronald D. Munkley

Corporate Director
Mississauga, Ontario

Joseph L. Welch

Corporate Director
Long Beach Key, Florida

Jo Mark Zurel

President, Stonebridge Capital Inc.
St. John’s, Newfoundland and Labrador

EXECUTIVE

  • Barry V. Perry, President and Chief Executive Officer
  • Karl W. Smith, Executive Vice President, Chief Financial Officer
  • David C. Bennett, Executive Vice President, Chief Legal Officer and Corporate Secretary
  • Phonse J. Delaney, Executive Vice President, Chief Information Officer of Fortis
  • Nora M. Duke, Executive Vice President, Sustainability and Chief Human Resource Officer
  • James P. Laurito, Executive Vice President, Business Development
  • Earl A. Ludlow, Executive Vice President, Operational Advisor to the President & CEO of Fortis
  • Gary J. Smith , Executive Vice President of Eastern Canadian and Caribbean Operations of Fortis.
  • Stephanie A. Amaimo, Vice President, Investor Relations
  • Karen J. Gosse, Vice President, Planning and Forecasting
  • Regan O’Dea, Vice President, General Counsel
  • James D. Spinney, Vice President, Treasurer
  • James D. Roberts, Vice President, Controller

BOARD OF DIRECTORS

  • Douglas J. Haughey, Corporate Director
  • Barry V. Perry, President and CEO, Fortis Inc.
  • Tracey C. Ball, Chair of the Audit Committee
  • Pierre J. Blouin, Corporate Director
  • Lawrence T. Borgard, Corporate Director
  • Maura J. Clark, Corporate Director
  • Margarita K. Dilley, Corporate Director
  • Ida J. Goodreau, Corporate Director
  • R. Harry McWatters, President, Vintage Consulting Group Inc.
  • Ronald D. Munkley, Corporate Director
  • Joseph L. Welch, Corporate Director
  • Jo Mark Zurel, President, Stonebridge Capital Inc.

Sustainability

A message from the President and CEO

“Fortis is committed to conducting business in an environmentally responsible manner. In all our operations, we will continue to exercise sound environmental judgment in executing our capital program and growth plans to meet the energy needs of customers.” – Barry V. Perry, President & CEO

Our commitment to the environment

Fortis Inc. and its operating companies are actively engaged in the measurement and monitoring of our impact on the environment. In particular, we are focused on reducing greenhouse gas (GHG) emissions and executing clean energy initiatives.

Our most recent report provides useful information and metrics on how Fortis and its subsidiaries are managing their environmental impact.

Download our 2017 environmental report

View 2017 Environmental Report in Adobe Acrobat PDF Format

Fortis is proud to support the communities we serve

“On behalf of all Fortis employees, I am honoured and proud to say that Fortis has made a $3.25 million commitment to the Where Once They Stood, We Stand Capital Campaign to support the commemoration of Newfoundland and Labrador’s contributions to the First World War and the Battle of Beaumont-Hamel.”
– Barry V. Perry, President & CEO 
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