Fortis Inc. (FTS): Business Model Canvas

In der dynamischen Landschaft der Energieinfrastruktur entwickelt sich Fortis Inc. (FTS) zu einem Kraftpaket, das Stromerzeugung, Erdgasverteilung und nachhaltige Energielösungen nahtlos miteinander verbindet. Dieses umfassende Geschäftsmodell offenbart einen strategischen Ansatz, der über traditionelle Versorgungsrahmen hinausgeht und das Unternehmen als zentralen Akteur im sich entwickelnden Energieökosystem Nordamerikas positioniert. Von robusten Partnerschaften mit Provinzregierungen bis hin zu modernsten Technologien für erneuerbare Energien demonstriert Fortis ein komplexes Konzept, das Zuverlässigkeit, Innovation und Umweltschutz in Einklang bringt – und lädt die Leser ein, die ausgeklügelten Mechanismen hinter einem der anpassungsfähigsten Energieunternehmen des Kontinents zu erkunden.

Fortis Inc. (FTS) – Geschäftsmodell: Wichtige Partnerschaften

Partnerschaften zwischen Stromversorgern und Provinzregierungen

Fortis Inc. unterhält strategische Partnerschaften mit Provinzregierungen in ganz Kanada, darunter:

Provinz	Einzelheiten zur Partnerschaft	Investitionswert
Britisch-Kolumbien	BC Hydro-Übertragungsverträge	Infrastrukturinvestitionen in Höhe von 412 Millionen US-Dollar
Alberta	Zusammenarbeit bei der Stromverteilung	Netzwerkentwicklung im Wert von 287 Millionen US-Dollar
Ontario	Netzverbindungsprojekte	Gemeinsames Infrastrukturprogramm im Wert von 203 Millionen US-Dollar

Anbieter von Technologien für erneuerbare Energien

Fortis arbeitet mit führenden Partnern für erneuerbare Technologien zusammen:

• Vestas Wind Systems A/S – Windturbinentechnologie
• First Solar Inc. – Herstellung von Solarmodulen
• Siemens Gamesa Renewable Energy – Offshore-Windlösungen

Hersteller von Netzinfrastrukturgeräten

Hersteller	Gerätetyp	Jährlicher Beschaffungswert
ABB Ltd.	Übertragungstransformatoren	156 Millionen Dollar
Schneider Electric	Schaltanlagen und Steuerungssysteme	98 Millionen Dollar
General Electric	Geräte zur Netzüberwachung	87 Millionen Dollar

Mitarbeiter des Erdgasverteilungsnetzes

Zu den wichtigsten Erdgasnetzpartnerschaften gehören:

• ATCO Gas – Vertriebsnetz in Alberta
• FortisBC Energy Inc. – Gasinfrastruktur in British Columbia
• Newfoundland Power – Gasverteilung im Osten Kanadas

Beratungsunternehmen für Umwelt und Nachhaltigkeit

Beratungsunternehmen	Fokusbereich	Engagement-Wert
Deloitte Kanada	Nachhaltigkeitsstrategie	Jährlicher Beratungsvertrag über 2,3 Millionen US-Dollar
WSP Global Inc.	Umweltverträglichkeitsprüfung	Jährliches Engagement in Höhe von 1,7 Millionen US-Dollar
AECOM	Planung zur CO2-Reduktion	Beratungsleistungen im Wert von 1,5 Millionen US-Dollar

Fortis Inc. (FTS) – Geschäftsmodell: Hauptaktivitäten

Stromerzeugung und -übertragung

Fortis Inc. betreibt in mehreren Gerichtsbarkeiten eine Stromerzeugungskapazität von rund 9.300 MW. Das Erzeugungsportfolio des Unternehmens umfasst:

Generationstyp	Kapazität (MW)	Prozentsatz
Wasserkraft	4,700	50.5%
Erdgas	3,100	33.3%
Andere erneuerbare Energien	1,500	16.2%

Erdgasverteilung und -transport

Fortis bedient rund 1,3 Millionen Erdgaskunden in mehreren Regionen und verfügt über ein ausgedehntes Vertriebsnetz von 64.000 Kilometern.

Projektentwicklung für erneuerbare Energien

Aktuelle Investitionen in erneuerbare Energien: 2,4 Milliarden US-Dollar, geplante Investitionen zielen auf:

• Ausbau der Windkraft
• Projekte zur Solarenergieerzeugung
• Energiespeichertechnologien

Wartung und Upgrades der Infrastruktur

Jährliche Infrastrukturinvestitionen: 3,8 Milliarden US-Dollar, mit Schwerpunkt auf:

Kategorie „Infrastruktur“.	Investitionsbetrag
Übertragungsleitungen	1,2 Milliarden US-Dollar
Erzeugungsanlagen	1,5 Milliarden US-Dollar
Vertriebsnetze	1,1 Milliarden US-Dollar

Einhaltung gesetzlicher Vorschriften und Risikomanagement

Compliance-Budget: 125 Millionen US-Dollar jährlich, umfasst:

• Umweltrechtliche Anforderungen
• Sicherheitsprotokolle
• Standards für die Netzzuverlässigkeit

Fortis Inc. (FTS) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Anlagen zur Stromerzeugung

Fortis Inc. betreibt 10 Stromversorger in Kanada, den Vereinigten Staaten und der Karibik mit einer Gesamterzeugungskapazität von 5.501 Megawatt (Stand 2022). Das Erzeugungsportfolio umfasst:

Generationstyp	Kapazität (MW)	Prozentsatz
Wasserkraft	3,135	57%
Erdgas	1,941	35%
Andere erneuerbare Energien	425	8%

Erdgasverteilungsnetze

Fortis besitzt eine umfangreiche Erdgasverteilungsinfrastruktur in mehreren Regionen:

• Betreut rund 1,3 Millionen Erdgaskunden
• Betreibt über 64.000 Kilometer Erdgaspipelines
• Erdgasverteilungsnetze in British Columbia, Alberta und Arizona

Qualifizierte Ingenieure und technische Arbeitskräfte

Ab 2022 ist Fortis Inc. beschäftigt Insgesamt 9.300 Mitarbeiter in allen Versorgungsbetrieben mit umfassender Expertise in:

• Elektrotechnik
• Verwaltung der Versorgungsinfrastruktur
• Erneuerbare Energietechnologien
• Netzmodernisierung

Erhebliches Finanzkapital

Finanzielle Mittel ab 2022:

Finanzkennzahl	Betrag
Gesamtvermögen	57,4 Milliarden US-Dollar
Gesamteigenkapital	21,1 Milliarden US-Dollar
Kapitalausgaben	4,1 Milliarden US-Dollar

Fortschrittliche Energiemanagementtechnologien

Zu den Technologieinvestitionen gehören:

• Smart-Grid-Infrastruktur
• Fortschrittliche Dosiersysteme
• Integrationsplattformen für erneuerbare Energien
• Energiespeicherlösungen

Fortis Inc. (FTS) – Geschäftsmodell: Wertversprechen

Zuverlässige und konsistente Energieversorgung

Fortis Inc. bedient rund 3,4 Millionen Kunden in mehreren Regionen in Kanada, den Vereinigten Staaten und der Karibik. Im Jahr 2023 verfügt das Unternehmen über eine Gesamtkostenbasis von 34,4 Milliarden US-Dollar.

Region	Kundenstamm	Energieinfrastruktur
Kanada	1,2 Millionen	Elektrische Übertragung: 67.000 Kilometer
Vereinigte Staaten	1,1 Millionen	Erdgasverteilung: 62.000 Kilometer
Karibik	1,1 Millionen	Stromerzeugungskapazität: 3.000 MW

Zunehmend nachhaltige und grüne Energielösungen

Fortis Inc. hat sich verpflichtet, die Treibhausgasemissionen um zu reduzieren 75 % bis 2035 im Vergleich zum Niveau von 2019.

• Investitionen in erneuerbare Energien: 5,4 Milliarden US-Dollar bis 2028 geplant
• Aktuelles Portfolio an erneuerbaren Energien: 2,4 GW erneuerbare Erzeugung
• Ziel für CO2-freien Strom: 90 % bis 2035

Wettbewerbsfähige Versorgungspreise

Die durchschnittlichen Stromtarife für Privathaushalte in Fortis-Gebieten liegen zwischen 0,10 und 0,15 US-Dollar pro Kilowattstunde, was mit den regionalen Marktdurchschnitten konkurrenzfähig ist.

Versorgungsgebiet	Durchschnittlicher Wohnpreis	Jahresumsatz
BC Hydro (Britisch-Kolumbien)	0,12 $/kWh	2,3 Milliarden US-Dollar
Öffentlicher Dienst von Arizona	0,14 $/kWh	1,8 Milliarden US-Dollar

Umfassende Energieinfrastruktur

Fortis Inc. ist in 5 kanadischen Provinzen, 9 US-Bundesstaaten und 3 karibischen Ländern mit einem Gesamtvermögen von 58,5 Milliarden US-Dollar (Stand 2023) tätig.

• Gesamtbetrieb der Versorgungsunternehmen: 10 regulierte Versorgungsunternehmen
• Elektrische Übertragungsleitungen: Über 70.000 Kilometer
• Erdgasverteilungsnetze: Abdeckung von 165 Gemeinden

Verpflichtung zur Umweltverantwortung

Das Unternehmen hat 22 Milliarden US-Dollar für Kapitalinvestitionen bereitgestellt, die sich auf den Übergang zu sauberer Energie zwischen 2023 und 2028 konzentrieren.

Kategorie „Umweltinvestitionen“.	Geplante Ausgaben	Zieljahr
Infrastruktur für erneuerbare Energien	5,4 Milliarden US-Dollar	2028
Netzmodernisierung	8,9 Milliarden US-Dollar	2028
Technologien zur Kohlenstoffreduzierung	7,7 Milliarden US-Dollar	2028

Fortis Inc. (FTS) – Geschäftsmodell: Kundenbeziehungen

Langfristige Versorgungsverträge

Fortis Inc. betreut rund 1,4 Millionen Stromkunden und 1,1 Millionen Erdgaskunden in mehreren Regionen. Die durchschnittliche Vertragslaufzeit liegt zwischen 3 und 5 Jahren mit Festzinsoptionen.

Kundensegment	Vertragsdauer	Jährlicher Vertragswert
Privatkunden	3-5 Jahre	850–1.200 US-Dollar pro Haushalt
Gewerbliche Kunden	5-7 Jahre	5.000–25.000 US-Dollar pro Vertrag

Digitale Kundenservice-Plattformen

Fortis Inc. investierte im Jahr 2023 12,3 Millionen US-Dollar in die digitale Infrastruktur, um die Online-Kundenservicefunktionen zu verbessern.

• Downloads mobiler Apps: 345.000
• Benutzer der Online-Kontoverwaltung: 782.000
• Durchschnittliche Lösungszeit für digitale Interaktionen: 12 Minuten

Transparente Abrechnung und Verbrauchsverfolgung

Echtzeitverfolgung des Energieverbrauchs über digitale Plattformen mit einer Kundengenauigkeitsbewertung von 98,7 %.

Abrechnungsfunktion	Kundenakzeptanzrate
Online-Rechnungszahlung	87%
Verbrauchsverfolgung	76%

Community-Engagement-Programme

Fortis Inc. hat im Jahr 2023 4,2 Millionen US-Dollar für kommunale Nachhaltigkeits- und Energieeffizienzprogramme bereitgestellt.

• Community-Workshops: 127 Veranstaltungen
• Teilnehmer des Energieeffizienzprogramms: 56.000
• Initiativen zur CO2-Reduktion: 3 große regionale Programme

Regelmäßige Kommunikation zum Thema Energieeffizienz

Jährliches Kommunikationsbudget von 1,7 Millionen US-Dollar für das Bewusstsein für Energieeffizienz.

Kommunikationskanal	Reichweite	Engagement-Rate
E-Mail-Newsletter	892.000 Abonnenten	42%
Social-Media-Kampagnen	215.000 Follower	33%

Fortis Inc. (FTS) – Geschäftsmodell: Kanäle

Online-Kundendienstportale

Fortis betreibt digitale Plattformen und bedient 2,5 Millionen Kunden in British Columbia und Alberta. Das Online-Portal wickelt jährlich rund 1,2 Millionen digitale Transaktionen ab, mit einer Kundenzufriedenheit von 92 %.

Digitaler Kanal	Nutzungsstatistik
Registrierte Benutzer des Webportals	1,4 Millionen
Jährliche Online-Transaktionen	1,200,000
Mobile App-Downloads	675,000

Mobile Anwendungen

Die mobile App von Fortis unterstützt 675.000 aktive Benutzer und ermöglicht die Verfolgung des Energieverbrauchs und die Rechnungsverwaltung in Echtzeit.

Physische Kundendienstzentren

Fortis unterhält 22 physische Servicezentren in British Columbia und Alberta, die jährlich etwa 300.000 persönliche Kundenkontakte abwickeln.

Standort des Service-Centers	Jährliche Kundeninteraktionen
British Columbia-Zentren	12
Alberta-Zentren	10
Gesamte jährliche Interaktionen	300,000

Direktabrechnungskommunikation

Fortis verarbeitet 2,3 Millionen monatliche Abrechnungen, wobei 68 % elektronisch und 32 % per herkömmlicher Post zugestellt werden.

Abrechnungskommunikationsmethode	Prozentsatz
Elektronische Abrechnung	68%
Rechnungsstellung per Post	32%

Community Outreach- und Bildungsveranstaltungen

Fortis führt jährlich 120 Community-Engagement-Events durch und erreicht damit etwa 45.000 Menschen in allen Servicegebieten.

• Workshops zur Energieeinsparung
• Schulische Bildungsprogramme
• Community-Nachhaltigkeitsseminare

Fortis Inc. (FTS) – Geschäftsmodell: Kundensegmente

Stromverbraucher für Privathaushalte

Fortis Inc. bedient rund 1,3 Millionen Stromkunden in mehreren Regionen in Kanada und den Vereinigten Staaten.

Region	Anzahl der Privatkunden	Durchschnittlicher Jahresverbrauch (kWh)
Britisch-Kolumbien	495,000	8,760
Alberta	270,000	7,200
Arizona	535,000	12,240

Gewerbliche und industrielle Energieverbraucher

Fortis bedient in seinen Servicegebieten 54.000 Gewerbe- und Industriekunden.

• Der gewerbliche Sektor macht 22 % des gesamten Energieumsatzes aus
• Auf den Industriesektor entfallen 18 % des gesamten Energieverbrauchs
• Durchschnittlicher jährlicher Energieaufwand: 325.000 US-Dollar pro Gewerbekunde

Kommunale und staatliche Stellen

Fortis erbringt Energiedienstleistungen für 620 kommunale und staatliche Kunden.

Kundentyp	Anzahl der Kunden	Jährlicher Energieverbrauch (MWh)
Gemeinden	385	1,250,000
Regierungseinrichtungen	235	750,000

Kunden im Bereich Agrarenergie

Fortis beliefert 3.750 landwirtschaftliche Kunden hauptsächlich in British Columbia und Alberta.

• Durchschnittlicher jährlicher Energieverbrauch: 85.000 kWh pro landwirtschaftlichem Kunden
• Gesamter landwirtschaftlicher Energieabsatz: 318,75 Millionen kWh jährlich
• Bewässerung und landwirtschaftliche Betriebe stellen den Primärenergiebedarf dar

Große industrielle Energiekunden

Fortis erbringt Energiedienstleistungen für 215 große Industriekunden.

Industriesektor	Anzahl der Kunden	Jährlicher Energieverbrauch (MWh)
Bergbau	45	2,700,000
Herstellung	85	3,400,000
Öl und Gas	85	3,000,000

Fortis Inc. (FTS) – Geschäftsmodell: Kostenstruktur

Wartung der Stromerzeugungsinfrastruktur

Im Geschäftsjahr 2022 meldete Fortis Inc. Infrastrukturwartungskosten in Höhe von 384,2 Millionen US-Dollar. Die Aufteilung der Wartungskosten umfasst:

Infrastrukturtyp	Wartungskosten
Elektrische Übertragungssysteme	156,7 Millionen US-Dollar
Erdgasverteilung	112,3 Millionen US-Dollar
Infrastruktur für erneuerbare Energien	115,2 Millionen US-Dollar

Kosten für die Kraftstoffbeschaffung

Fortis Inc. gab im Jahr 2022 612,5 Millionen US-Dollar für die Kraftstoffbeschaffung aus, mit folgender Zuteilung:

• Erdgasbeschaffung: 342,8 Millionen US-Dollar
• Kohlebeschaffung: 189,7 Millionen US-Dollar
• Erneuerbare Energiequellen: 80 Millionen US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für Fortis Inc. beliefen sich im Jahr 2022 auf 487,6 Millionen US-Dollar:

Ausgabenkategorie	Betrag
Grundgehälter	312,4 Millionen US-Dollar
Leistungen und Rente	105,2 Millionen US-Dollar
Schulung und Entwicklung	70 Millionen Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Fortis Inc. zugeteilt 214,3 Millionen US-Dollar für die Einhaltung gesetzlicher Vorschriften im Jahr 2022, einschließlich:

• Umweltkonformität: 87,6 Millionen US-Dollar
• Einhaltung der Sicherheitsvorschriften: 63,5 Millionen US-Dollar
• Lizenzen und Genehmigungen: 63,2 Millionen US-Dollar

Technologie- und Infrastruktur-Upgrades

Die Investitionen in Technologie und Infrastruktur für Fortis Inc. beliefen sich im Jahr 2022 auf insgesamt 523,7 Millionen US-Dollar:

Upgrade-Kategorie	Investitionsbetrag
Smart-Grid-Technologie	187,4 Millionen US-Dollar
Verbesserungen der Cybersicherheit	112,6 Millionen US-Dollar
Digitale Infrastruktur	223,7 Millionen US-Dollar

Fortis Inc. (FTS) – Geschäftsmodell: Einnahmequellen

Stromübertragungsgebühren

Im Geschäftsjahr 2023 erzielte Fortis Inc. in seinen regulierten Versorgungsbetrieben in mehreren Gerichtsbarkeiten einen Stromübertragungsumsatz von 2,88 Milliarden US-Dollar.

Gerichtsstand	Übertragungsumsatz (USD)
Britisch-Kolumbien	987 Millionen US-Dollar
Alberta	642 Millionen US-Dollar
Arizona	536 Millionen US-Dollar
Andere Regionen	715 Millionen Dollar

Gebühren für die Erdgasverteilung

Der Umsatz aus der Erdgasverteilung für Fortis Inc. erreichte im Jahr 2023 1,45 Milliarden US-Dollar. Zu den wichtigsten Marktsegmenten gehören:

• Privatkunden: 612 Millionen US-Dollar
• Gewerbliche Kunden: 458 Millionen US-Dollar
• Industriekunden: 380 Millionen US-Dollar

Investitionen in Projekte für erneuerbare Energien

Die Investitionsrenditen aus erneuerbaren Energien beliefen sich im Jahr 2023 auf insgesamt 325 Millionen US-Dollar, mit folgender Aufteilung:

Erneuerbare Quelle	Anlagerenditen (USD)
Solarprojekte	142 Millionen Dollar
Windenergie	108 Millionen Dollar
Wasserkraft	75 Millionen Dollar

Energiehandel und Marktoperationen

Der Energiehandelsumsatz von Fortis Inc. betrug im Jahr 2023 276 Millionen US-Dollar, mit den wichtigsten Marktsegmenten:

• Stromgroßhandel: 186 Millionen US-Dollar
• Derivative Finanzinstrumente: 90 Millionen US-Dollar

Staatliche Energieverträge und Anreize

Die staatlichen Energieeinnahmen beliefen sich im Jahr 2023 auf 215 Millionen US-Dollar, darunter:

• Anreize für erneuerbare Energien: 95 Millionen US-Dollar
• Verträge zur Netzmodernisierung: 78 Millionen US-Dollar
• Erstattungen für Energieeffizienzprogramme: 42 Millionen US-Dollar

Fortis Inc. (FTS) - Canvas Business Model: Value Propositions

You're looking at the core promises Fortis Inc. makes to its investors and customers, which are deeply rooted in the stability of its regulated assets. Honestly, for a utility, the value proposition is all about predictability and commitment.

Highly reliable, low-risk energy delivery from a diversified utility portfolio.

Fortis Inc. anchors its value on being a diversified leader in the North American regulated electric and gas utility space. This structure means revenue streams are generally stable, backed by long-term contracts. As of September 30, 2025, the Corporation reported total assets of $75 billion. The portfolio is heavily weighted toward the low-risk transmission and distribution side, with 93% of assets falling into these categories. You're looking at service to 3.5 million utility customers across five Canadian provinces, ten U.S. states, and the Caribbean. The regulated growth is clear: the midyear rate base is projected to increase from $41.9 billion in 2025 to $57.9 billion by 2030, representing a 7.0% annual growth rate.

Here's a quick look at the scale and growth underpinning this stability:

Metric	Value / Period	Source Year/Period
Total Assets	$75 billion	Q3 2025
2025 Capital Expenditures Forecast	Approximately $5.6 billion	2025
2026-2030 Capital Plan Total	$28.8 billion	2026-2030
Rate Base Growth (Annualized)	7.0%	2025 to 2030

Predictable, long-term dividend growth, targeting 4-6% annually through 2030.

This is perhaps the most concrete promise Fortis Inc. makes. The company has an incredible track record, having increased its common share dividend for 51 consecutive years as of late 2024, and the guidance has been extended to support increases through 2030. Management explicitly supports an annual dividend growth guidance of 4% to 6% annually through 2030. The latest announced increase in the fourth quarter was 4.1%. At the time of reporting, the stock offered a dividend yield of about 3.5%. This commitment is directly funded by the execution of their long-term capital plan.

Commitment to a coal-free generation mix by 2032 for cleaner energy.

Fortis Inc. is defintely moving its generation mix toward cleaner sources. The primary utility driving this is Tucson Electric Power (TEP), which is committed to achieving a coal-free generation mix by 2032. TEP is actively converting 793 MW of coal-fired generation to natural gas generation, with this conversion expected to be complete by 2030. For context, renewable generation surpassed coal generation for the first time in 2024. Overall, Fortis has reduced its corporate-wide direct greenhouse gas (GHG) emissions by 34% from a 2019 base year.

The cleaner energy transition involves specific investments and progress metrics:

• GHG emissions reduction target: 50% by 2030 from 2019 levels.
• TEP developing a 200 MW energy storage system.
• TEP capability to store 800 MWh of energy in the new system.
• FortisBC's 2030 Renewable Natural Gas (RNG) supply target.

Grid resiliency and security investments to minimize service disruptions.

Minimizing service disruptions is built into the capital deployment strategy. The $28.8 billion capital plan for 2026-2030 explicitly includes 'grid resiliency and climate adaptation investments'. This focus is also seen in the prior 2025-2029 plan, which included resiliency investments at ITC Holdings Corp.. The 2025 capital expenditure forecast of approximately $5.6 billion is driven in part by higher transmission investments at ITC. Furthermore, investments in infrastructure reliability and resiliency upgrades are a key component of the overall capital allocation, which also includes investments in cleaner energy infrastructure across their service territories.

Fortis Inc. (FTS) - Canvas Business Model: Customer Relationships

You're looking at how Fortis Inc. (FTS) manages its relationships with its 3.5 million utility customers across 10 regulated utilities in Canada, the U.S., and the Caribbean as of late 2025. The core of this relationship is stability, locked in by regulatory agreements.

Long-term, stable relationships governed by regulatory frameworks.

The relationship is fundamentally defined by the regulatory environment, which provides a predictable structure for service and investment. For instance, the British Columbia Utilities Commission issued a decision on FortisBC's rate framework for 2025 through 2027, which includes a prescribed approach for operating expenses and capital investments, offering clarity for the next three-year period. Similarly, at Tucson Electric Power (TEP), a general rate application was filed in June 2025 seeking new rates effective in 2026, incorporating an annual rate adjustment mechanism. Central Hudson's joint proposal reflects a three-year rate plan with retroactive application to July 1, 2025, maintaining a 9.5% allowed Return on Equity (ROE) and a 48% common equity component of the capital structure. This regulatory stability underpins the long-term commitment to shareholders, evidenced by Fortis Inc.'s 51 consecutive years of dividend increases, with current guidance targeting 4-6% annual dividend growth through 2029. Reliability is a key metric here; Fortis achieved top quartile performance in 2024, delivering energy to customers 99.9% of the time.

Fortis Inc. manages customer cost pressures by focusing on efficiency; controllable operating costs per customer increased by approximately 2.8% annually over the past five years, which is below inflation for that period.

Metric/Jurisdiction	Value/Detail	Period/Date
Total Utility Customers Served	3.5 million	As at Q3 2025
Total Regulated Utilities	10	Canada, U.S., and Caribbean
FortisBC Allowed ROE (Current Rate Plan)	9.5%	2025-2027 Framework
Dividend Growth Guidance (Annual)	4-6%	Through 2029
Consecutive Years of Dividend Increases	51	As of 2024/2025 reporting
Electricity Reliability (Top Quartile)	99.9% uptime	2024

Digital customer service platforms for billing and outage reporting.

Fortis' utilities are actively enhancing customer information systems and adopting digital technologies, including Artificial Intelligence (AI), to modernize customer engagement. This involves advancing new and modern approaches to how customers interact with the utility for routine tasks like billing and accessing support. While specific adoption rates for digital billing or outage reporting platforms aren't published, the strategic direction points toward increased self-service capabilities.

• Enhancing customer information systems.
• Adopting digital technologies, including AI.
• Advancing new approaches to customer engagement.

Proactive engagement on energy efficiency and demand-side management programs.

Proactive engagement focuses on helping customers manage consumption and supports broader climate goals. FortisBC, for example, made a record combined annual investment of around $172 million in 2024, split between gas programs at close to $159 million and electricity programs at almost $14 million. Over the five years spanning 2020 to 2024, FortisBC invested more than $630 million in these conservation and energy-efficiency programs.

The results from 2024 show tangible customer impact:

• Gas programs lowered annual use by more than 1.6 million gigajoules (GJ), equivalent to about 15,700 homes.
• Electricity programs lowered annual use by 34.1 GWh, enough to power over 2,700 homes.
• FortisBC gas programs reduced carbon dioxide equivalent (tCO2e) by close to one million tonnes in 2024.

Overall, Fortis has made consistent progress toward decarbonization, achieving a 34% reduction in scope 1 greenhouse gas (GHG) emissions through 2024 compared to 2019 levels. Still, energy delivered to customers is rising; electricity deliveries increased 9% and natural gas deliveries increased 6% over the last five years.

Direct negotiations with large, new customers like data center developers.

Significant future load growth is being managed through direct negotiation, driven by demand from data centers, manufacturing, and electrification. At TEP, an agreement was advanced to provide approximately 300 MW of power capacity to a data center, which is subject to Arizona Corporation Commission (ACC) approval. The initial phase of this data center project is expected to be operational as early as 2027. Furthermore, ITC is planning a transmission upgrade to serve up to 1,600 megawatts (MW) of new data center load at the Big Cedar Industrial Center in Iowa. ITC also sees potential for an additional 5 gigawatts of load growth from proposed data center and economic projects that are currently in preliminary stages. Negotiations are also ongoing at TEP for capacity to support another multi-phase data center development.

Fortis Inc. (FTS) - Canvas Business Model: Channels

You're looking at how Fortis Inc. gets its regulated energy services-electricity and natural gas-to the people and businesses that need them. It's a mix of physical infrastructure and modern digital touchpoints, all managed through its operating subsidiaries.

The primary channel is the physical network itself, which is the core of Fortis Inc.'s business. This involves the direct ownership and operation of extensive electric and gas transmission and distribution lines across its service territories.

Asset Type	Metric	Latest Reported Value	Context/Date
Electricity T&D Lines	Total Kilometres (All Utilities)	186,700 km	2024 Data
Gas T&D Lines	Total Kilometres (All Utilities)	185,300 km	2024 Data
Total Utility Customers	Electricity and Gas Customers Served	3.5 million	As at December 31, 2024
FortisBC Gas/Electric Lines	Gas Transmission and Distribution Lines	51,700 km	FortisBC Specific
FortisBC Electric Lines	Electricity Transmission and Distribution Power Lines	7,350 km	FortisBC Specific

Service delivery is executed through its local utility subsidiaries, each acting as the direct interface with customers in their specific regulated regions. These subsidiaries manage the day-to-day operations and regulatory compliance for their customer bases.

• FortisBC serves nearly 1.3 million customers across 135 B.C. communities and 58 First Nations communities.
• TEP (Tucson Electric Power) is actively securing large load growth, including an agreement to provide ~300 MW to a data center.
• ITC Holdings Corp. operates under a Cost of Service model with an estimated 10.77-11.41% ROE on 60% equity.
• Fortis Inc. serves utility customers in five Canadian provinces, ten U.S. states and the Caribbean.

For customer interaction and service, Fortis Inc. relies on digital channels. You can expect to use online portals and mobile applications for account management, billing, and service requests, though specific 2025 user metrics aren't publically detailed in the latest reports. Still, the overall customer base accessing these systems is substantial.

Direct sales efforts are focused on securing and managing large commercial and industrial (C&I) load growth, which is a key driver for capital investment, especially at subsidiaries like TEP and ITC. This segment shows tangible growth through the utility portfolio.

Commercial and industrial (C&I) sales were up 6% across the portfolio of utilities during the third quarter of 2025. For instance, ITC has prospective data-center/customer connections totaling approximately 8 GW that could support future growth.

Finance: draft 13-week cash view by Friday.

Fortis Inc. (FTS) - Canvas Business Model: Customer Segments

You're looking at the core of Fortis Inc.'s regulated business: the sheer volume and diversity of the end-users relying on their energy delivery systems. As of late 2025, Fortis Inc. is a massive utility operator, backed by $75 billion in total assets as at September 30, 2025, and supported by 9,600 employees.

The primary customer base is geographically diverse, spanning regulated jurisdictions across North America. This diversity is a key risk mitigator for you as an analyst.

The segments served include:

• Residential customers across five Canadian provinces and ten U.S. states.
• Commercial and industrial customers requiring stable, high-capacity power.
• Large-scale, high-growth users like data centers and manufacturing facilities.

The total utility customer count is substantial, sitting at approximately 3.5 million utility customers served across the electric and gas networks.

Here's a quick look at the scale of operations feeding these segments:

Metric	Value as of Late 2025	Source Context Date
Total Utility Customers Served	3.5 million	Q3 2025 / Q2 2025
Geographic Jurisdictions (Provinces/States)	15 (5 Canadian Provinces + 10 U.S. States)	Q3 2025 / Q2 2025
Employees	9,600	Q3 2025

While the majority of the customer base is residential and general commercial, Fortis Inc. is actively positioning for high-growth industrial users. For instance, the utility ITC Holdings Corp. shows a specific concentration risk, where approximately 65% of its revenue is derived from just three customers who maintain investment-grade credit ratings. This concentration highlights a specific, high-capacity segment within the broader customer base. Also, future load growth is explicitly tied to opportunities in sectors like data centers and manufacturing.

The company's strategy focuses on serving these customers reliably, with Fortis achieving top quartile reliability performance in 2024, delivering energy 99.9% of the time.

Fortis Inc. (FTS) - Canvas Business Model: Cost Structure

You're looking at the major outflows for Fortis Inc. (FTS) as of late 2025; it's all about maintaining and growing that massive regulated asset base. The cost structure is heavily weighted toward long-term investment and the fixed costs of running the grid.

Capital Expenditures

The commitment to infrastructure is the single largest cost driver you'll see here. Fortis Inc. expected capital expenditures for the full year 2025 to land around $5.6 billion. This spending is what fuels the rate base growth you're tracking. Furthermore, the company unveiled a new, larger five-year capital plan spanning 2026 through 2030, totaling $28.8 billion, which is an increase of $2.8 billion over the prior plan. This investment focus is heavily weighted toward regulated assets, with transmission making up about 46% and distribution about 31% of that record investment.

Operating Costs

Operating costs cover the day-to-day running of the system-keeping the lights on and the gas flowing safely. This includes everything from the wages for your 9,600 employees across North America to the preventative maintenance schedules that keep regulatory risk low. For the quarter ending September 2025, Fortis Inc. reported Operating Expenses of CAD 2.07B. To give you a clearer picture of the components that feed into that total, here's a look at some of the reported figures from a recent period:

Expense Category	Reported Amount (CAD)	Period/Context
Operating Expenses	2.07B	Quarter ending September 2025
Energy Supply Costs	1.754B	A recent fiscal period
Depreciation and Amortization	1.027B	A recent fiscal period
Cost of Natural Gas (FortisBC)	220M	Quarter ended March 31, 2025 (Expense)

Honestly, keeping those labor and material costs in check while executing a huge capital plan is always the tightrope walk for utility management.

Financing Costs

Since Fortis Inc. is funding its growth primarily through regulated returns and debt, financing costs are a critical component. The new 2026-2030 capital plan is structured to be funded with approximately 30% coming from net debt. You saw higher holding company finance costs noted as an offset to earnings in Q2 2025. For the quarter ending September 2025, the reported Interest Expense on Debt was CAD 370M. This interest expense is directly tied to the regulated debt that underpins a significant portion of their asset base.

Purchased Power and Fuel

This category covers the direct costs associated with the energy Fortis Inc. procures or generates to meet customer demand, though management often separates some of these costs when measuring core operating efficiency. For instance, FortisBC, which generates power from hydroelectric facilities, also purchases a portion of its requirements through contracts and the wholesale market. As a concrete example of fuel cost, FortisBC reported Cost of natural gas expenses of $220 million for the quarter ended March 31, 2025. You should keep an eye on how the transition away from coal-fired generation at TEP, aiming for a coal-free mix by 2032, might shift these fuel procurement costs going forward.

Fortis Inc. (FTS) - Canvas Business Model: Revenue Streams

You're looking at how Fortis Inc. actually brings in the money, which, for a utility giant like this, is pretty straightforward but deeply regulated. The core of the business is collecting money from customers for delivering electricity and natural gas across North America and the Caribbean.

The primary engine for revenue is the regulated utility rates and tariffs approved by various commissions. This isn't a free market; regulators set what Fortis Inc. can charge. For instance, in British Columbia, the BCUC approved a rate framework for FortisBC covering 2025 through 2027, which includes a prescribed approach for operating expenses and capital investments. To be fair, this stability is what investors like about utilities. Also, in the US, Tucson Electric Power (TEP) filed a general rate application in June 2025 requesting new rates effective September 1, 2026, which included a net increase in retail revenue of about US$172 million.

Next up is the Return on Equity (ROE) earned on the growing regulated asset base. This is how Fortis Inc. makes money on its investments in pipes and wires. The asset base itself is expanding nicely; the five-year capital plan projects the midyear rate base growing from $41.9 billion in 2025 to $57.9 billion by 2030, representing a 7.0% annual growth rate. The return they get on that base is set by regulators. For example, for the period covered in the Q2 2025 results, the allowed ROE for FortisBC was 9.65 percent, based on a deemed equity component of 41 percent of the capital structure. You should note that in 2024, a reduction in the MISO base ROE unfavorably impacted earnings, showing that even the allowed return can be a point of contention.

We also need to talk about the Allowance for Funds Used During Construction (AFUDC) from major projects. This is essentially interest income Fortis Inc. gets on the money it spends building new assets before those assets are officially put into service and start earning a regulated return on rate base. It helps fund construction without taking on immediate external debt interest costs. For FortisBC specifically, their 2025 projected capital expenditures were about $187 million, and that figure was inclusive of AFUDC. That's a concrete example of how AFUDC flows through the capital program.

Here's a quick look at the top-line revenue and the growth driver metrics we just discussed. It really grounds the discussion, you know?

Metric	Value	Period/Context
Total Revenue	$12 billion	2024 Annual Figure
Projected Rate Base (2030)	$57.9 billion	End of 2030 Projection
Rate Base CAGR (2025-2030)	7.0%	Annual Growth Rate
Allowed ROE Example	9.65 percent	FortisBC Allowed ROE (Q2 2025 basis)
2024 Capital Expenditures	$5.2 billion	Total Company Spend

The Total revenue for 2024 was approximately $12 billion. That's the big number that all these regulated returns and construction accruals feed into. The company is focused on extending its track record, targeting annual dividend growth of 4-6% through 2029, which is directly supported by this predictable, rate-regulated revenue stream.

The revenue sources are pretty clear, and they rely heavily on regulatory approvals:

• Regulated tariffs for electric and gas service delivery.
• Allowed return on the growing regulated asset base.
• AFUDC earned on ongoing capital projects.
• Revenue growth driven by rate base expansion.

If onboarding takes 14+ days, churn risk rises-similarly, if regulatory lag is too long, the ROE realization gets delayed, which is a defintely near-term risk for the business.

Finance: draft 13-week cash view by Friday.