The US accounts for about 60% of Fortis’ business while Canada constitutes the remaining 40%. About 99% of the company’s utility assets are regulated and it operates through regulated independent electric transmission (32% of 2018 earnings), regulated US electric & gas (33%), regulated Canadian & Caribbean electric & gas (40%), and non-regulated energy infrastructure (-5%) business segments.
Fortis’ assets can be divided into electric (~80% of asset mix), gas, and non-regulated energy infrastructure. It operates through 10 utility companies such as ITC, UNS Energy, Fortis Alberta, Fortis BC, etc. and serves utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.
ITC Holdings is the largest independent electricity transmission company in the U.S. Fortis caters to 3.3 million utility (2 million electric utility customers and 1.3 million gas utility customers) across North America. The company is known for its highly regulated, low risk and diversified utility businesses.
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