The international company known today as Fortis Inc. has its roots in St. John’s Electric Light Company formed in 1885.
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.
The electric utility company was renamed The Newfoundland Light and Power Company in 1924.
Newfoundland Light and Power Company, Limited became a pure electric utility in 1948 and first issued stock to the public in 1949.
In July 1949, Newfoundland became the tenth province of Canada. Newfoundland Light and Power had 1,600 common shareholders.
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.
Newfoundland Light & Power Co. Limited celebrated 100 years of service. Common shares split 2-for-1.
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.
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.
Maritime Electric, located on Prince Edward Island, was our first electric utility investment in 1990. This was followed by investments in Ontario in 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.
Fortis embarked on international expansion with investments in Belize in 1999 and the Cayman Islands in 2000.
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.
Fortis common shares split 4-for-1 after reaching nearly $100 per common share.
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.
Fortis expanded its activities to include gas distribution with the purchase of Terasen in British Columbia in 2007. Terasen was later renamed FortisBC Energy.
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.
Fortis announced an agreement to acquire UNS Energy, a gas and electric utility in Arizona for US$4.3 billion.
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.
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.