Fortis Inc. is a Canadian multinational electric utility holding company that is headquartered in St. John's, Newfoundland and Labrador, Canada. The company was founded in 1987, but its history dates back to the early 20th century. Today, Fortis is one of the largest electric and gas utility companies in North America, serving more than 3 million customers across Canada, the United States, and the Caribbean.
Fortis is primarily involved in the generation, transmission, and distribution of electricity and gas. The company owns and operates a diverse portfolio of regulated and non-regulated energy assets, including hydroelectric, wind, solar, and natural gas facilities. Additionally, Fortis provides energy-related products and services, such as energy efficiency solutions, district heating, and cooling systems, and gas pipeline construction and maintenance.
Fortis went public in 1987 and is currently listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the ticker symbol "FTS." The company has a market capitalization of approximately $27 billion as of April 2023.
In terms of finances, Fortis reported revenues of CAD 8.4 billion (approximately USD 6.6 billion) and net income of CAD 1.5 billion (approximately USD 1.2 billion) in 2021. The company has a solid financial track record, with a history of consistent revenue growth and stable earnings. Fortis also has a strong balance sheet, with a low debt-to-equity ratio and ample liquidity.
Fortis has a reputation for being a responsible corporate citizen and has been recognized for its commitment to environmental sustainability and social responsibility. In 2021, the company was included in the Dow Jones Sustainability World Index, which recognizes companies that demonstrate leadership in environmental, social, and governance (ESG) performance. Additionally, Fortis has set ambitious ESG goals, including a target to achieve net-zero greenhouse gas emissions by 2050.