Fortis Inc. (FTS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la infraestructura energética, Fortis Inc. (FTS) emerge como una potencia, tejiendo perfectamente la generación de electricidad, la distribución de gas natural y las soluciones de energía sostenible. Este lienzo de modelo de negocio integral revela un enfoque estratégico que trasciende los marcos de utilidad tradicionales, posicionando a la compañía como un jugador fundamental en el ecosistema de energía en evolución de América del Norte. Desde asociaciones sólidas con gobiernos provinciales hasta tecnologías de energía renovable de vanguardia, Fortis demuestra un intrincado plan que equilibra la confiabilidad, la innovación y la administración ambiental, lo que invita a los lectores para explorar la mecánica sofisticada detrás de una de las empresas de energía más adaptativa del continente.

Fortis Inc. (FTS) - Modelo de negocios: asociaciones clave

Asociaciones de servicios eléctricos con gobiernos provinciales

Fortis Inc. mantiene asociaciones estratégicas con gobiernos provinciales en todo Canadá, que incluyen:

Provincia	Detalles de la asociación	Valor de inversión
Columbia Británica	Acuerdos de transmisión Hydro de BC	Inversión de infraestructura de $ 412 millones
Alberta	Colaboración de distribución de electricidad	Desarrollo de redes de $ 287 millones
Ontario	Proyectos de interconexión de cuadrícula	Programa de infraestructura conjunta de $ 203 millones

Proveedores de tecnología de energía renovable

Fortis colabora con los principales socios de tecnología renovable:

• Vestas Wind Systems A/S - Tecnología de turbinas eólicas
• First Solar Inc. - Fabricación de paneles solares
• Siemens Gamessa Renewable Energy - Offshore Wind Solutions

Fabricantes de equipos de infraestructura de cuadrícula

Fabricante	Tipo de equipo	Valor de adquisición anual
ABB Ltd.	Transformadores de transmisión	$ 156 millones
Schneider Electric	Sistemas de SwitchGear y Control	$ 98 millones
Electric General	Equipo de monitoreo de cuadrícula	$ 87 millones

Colaboradores de la red de distribución de gas natural

Las asociaciones clave de la red de gas natural incluyen:

• ATCO Gas - Red de distribución de Alberta
• Fortisbc Energy Inc. - Infraestructura de gas de Columbia Británica
• Potencia de Terranova - Distribución de gases del este de Canadá

Empresas de consultoría ambiental y de sostenibilidad

Consultoría	Área de enfoque	Valor de compromiso
Deloitte Canadá	Estrategia de sostenibilidad	Contrato de consultoría anual de $ 2.3 millones
WSP Global Inc.	Evaluación del impacto ambiental	Compromiso anual de $ 1.7 millones
Aecom	Planificación de reducción de carbono	Servicios de consultoría de $ 1.5 millones

Fortis Inc. (FTS) - Modelo de negocio: actividades clave

Generación de energía eléctrica y transmisión

Fortis Inc. opera aproximadamente 9.300 MW de capacidad de generación de electricidad en múltiples jurisdicciones. La cartera de generación de la compañía incluye:

Tipo de generación	Capacidad (MW)	Porcentaje
Hidroeléctrico	4,700	50.5%
Gas natural	3,100	33.3%
Otro renovable	1,500	16.2%

Distribución y transporte de gas natural

Fortis atiende a aproximadamente 1.3 millones de clientes de gas natural en múltiples regiones, con una extensa red de distribución que abarca 64,000 kilómetros.

Desarrollo del proyecto de energía renovable

Inversión actual de energía renovable: $ 2.4 mil millones, con inversiones planificadas dirigidas:

• Expansión de energía eólica
• Proyectos de generación solar
• Tecnologías de almacenamiento de energía

Mantenimiento y actualizaciones de infraestructura

Inversión anual de infraestructura: $ 3.8 mil millones, centrándose en:

Categoría de infraestructura	Monto de la inversión
Líneas de transmisión	$ 1.2 mil millones
Instalaciones de generación	$ 1.5 mil millones
Redes de distribución	$ 1.1 mil millones

Cumplimiento regulatorio y gestión de riesgos

Presupuesto de cumplimiento: $ 125 millones anuales, cubriendo:

• Requisitos reglamentarios ambientales
• Protocolos de seguridad
• Normas de confiabilidad de la cuadrícula

Fortis Inc. (FTS) - Modelo de negocio: recursos clave

Extensas instalaciones de generación de electricidad

Fortis Inc. opera 10 servicios eléctricos en Canadá, Estados Unidos y el Caribe, con una capacidad de generación total de 5,501 megavatios a partir de 2022. La cartera de generación incluye:

Tipo de generación	Capacidad (MW)	Porcentaje
Hidroeléctrico	3,135	57%
Gas natural	1,941	35%
Otro renovable	425	8%

Redes de distribución de gas natural

Fortis posee una amplia infraestructura de distribución de gas natural en múltiples regiones:

• Atiende a aproximadamente 1.3 millones de clientes de gas natural
• Opera más de 64,000 kilómetros de tuberías de gas natural
• Redes de distribución de gas natural en Columbia Británica, Alberta y Arizona

Ingeniería especializada y fuerza laboral técnica

A partir de 2022, Fortis Inc. empleó 9,300 empleados totales En sus operaciones de servicios públicos, con una experiencia significativa en:

• Electrotecnia
• Gestión de infraestructura de servicios públicos
• Tecnologías de energía renovable
• Modernización de la cuadrícula

Capital financiero sustancial

Recursos financieros a partir de 2022:

Métrica financiera	Cantidad
Activos totales	$ 57.4 mil millones
Equidad total	$ 21.1 mil millones
Gastos de capital	$ 4.1 mil millones

Tecnologías avanzadas de gestión de energía

Las inversiones tecnológicas incluyen:

• Infraestructura de cuadrícula inteligente
• Sistemas de medición avanzados
• Plataformas de integración de energía renovable
• Soluciones de almacenamiento de energía

Fortis Inc. (FTS) - Modelo de negocio: propuestas de valor

Suministro de energía confiable y consistente

Fortis Inc. atiende a aproximadamente 3.4 millones de clientes en múltiples regiones en Canadá, Estados Unidos y el Caribe. A partir de 2023, la compañía mantiene una base de tasa de utilidad total de $ 34.4 mil millones.

Región	Base de clientes	Infraestructura energética
Canadá	1.2 millones	Transmisión eléctrica: 67,000 kilómetros
Estados Unidos	1.1 millones	Distribución de gas natural: 62,000 kilómetros
caribe	1.1 millones	Capacidad de generación de energía: 3.000 MW

Soluciones de energía verdes cada vez más sostenibles

Fortis Inc. se ha comprometido a reducir las emisiones de gases de efecto invernadero de 75% para 2035 en comparación con los niveles de 2019.

• Inversiones de energía renovable: $ 5.4 mil millones planeados hasta 2028
• Cartera actual de energía renovable: 2.4 GW de generación renovable
• Objetivo para electricidad sin carbono: 90% para 2035

Precios de servicios públicos competitivos

Las tarifas de electricidad residencial promedio para los territorios de Fortis varían de $ 0.10 a $ 0.15 por kilovatio-hora, lo que es competitivo con los promedios regionales del mercado.

Territorio de servicios públicos	Tarifa residencial promedio	Ingresos anuales
BC Hydro (Columbia Británica)	$ 0.12/kWh	$ 2.3 mil millones
Servicio Público de Arizona	$ 0.14/kWh	$ 1.8 mil millones

Infraestructura energética integral

Fortis Inc. opera en 5 provincias canadienses, 9 estados de EE. UU. Y 3 países del Caribe con activos totales de $ 58.5 mil millones a partir de 2023.

• Operaciones de servicios públicos totales: 10 empresas de servicios públicos regulados
• Líneas de transmisión eléctrica: más de 70,000 kilómetros
• Redes de distribución de gas natural: cubriendo 165 comunidades

Compromiso con la administración ambiental

La compañía ha asignado $ 22 mil millones para inversiones de capital centradas en la transición de energía limpia entre 2023-2028.

Categoría de inversión ambiental	Gasto planificado	Año objetivo
Infraestructura de energía renovable	$ 5.4 mil millones	2028
Modernización de la cuadrícula	$ 8.9 mil millones	2028
Tecnologías de reducción de carbono	$ 7.7 mil millones	2028

Fortis Inc. (FTS) - Modelo de negocios: relaciones con los clientes

Contratos de servicio de servicios públicos a largo plazo

Fortis Inc. mantiene aproximadamente 1.4 millones de clientes de electricidad y 1.1 millones de clientes de gas natural en múltiples regiones. La duración promedio del contrato oscila entre 3 y 5 años con opciones de tasa fija.

Segmento de clientes	Longitud del contrato	Valor anual del contrato
Clientes residenciales	3-5 años	$ 850- $ 1,200 por hogar
Clientes comerciales	5-7 años	$ 5,000- $ 25,000 por contrato

Plataformas de servicio al cliente digital

Fortis Inc. invirtió $ 12.3 millones en infraestructura digital en 2023 para mejorar las capacidades de servicio al cliente en línea.

• Descargas de aplicaciones móviles: 345,000
• Usuarios de administración de cuentas en línea: 782,000
• Tiempo promedio de resolución de interacción digital: 12 minutos

Seguimiento de facturación y consumo transparente

Seguimiento de consumo de energía en tiempo real disponible a través de plataformas digitales con una calificación de precisión del cliente 98.7%.

Función de facturación	Tasa de adopción del cliente
Pago de facturas en línea	87%
Seguimiento de consumo	76%

Programas de participación comunitaria

Fortis Inc. asignó $ 4.2 millones a los programas de sostenibilidad y eficiencia energética de la comunidad en 2023.

• Talleres de la comunidad: 127 eventos
• Participantes del programa de eficiencia energética: 56,000
• Iniciativas de reducción de carbono: 3 programas regionales principales

Comunicación regular sobre eficiencia energética

Presupuesto de comunicación anual de $ 1.7 millones dedicado a la conciencia de la eficiencia energética.

Canal de comunicación	Alcanzar	Tasa de compromiso
Boletines por correo electrónico	892,000 suscriptores	42%
Campañas de redes sociales	215,000 seguidores	33%

Fortis Inc. (FTS) - Modelo de negocio: canales

Portales de servicio al cliente en línea

Fortis opera plataformas digitales que atienden a 2.5 millones de clientes en Columbia Británica y Alberta. El portal en línea procesa aproximadamente 1,2 millones de transacciones digitales anualmente, con una calificación de satisfacción del cliente del 92%.

Canal digital	Estadísticas de uso
Usuarios registrados por portal web	1.4 millones
Transacciones en línea anuales	1,200,000
Descargas de aplicaciones móviles	675,000

Aplicaciones móviles

La aplicación Fortis Mobile admite 675,000 usuarios activos, lo que permite el seguimiento del consumo de energía en tiempo real y la gestión de facturas.

Centros de servicio al cliente físico

Fortis mantiene 22 centros de servicios físicos en Columbia Británica y Alberta, atendiendo aproximadamente 300,000 interacciones de clientes en persona anualmente.

Ubicación del centro de servicio	Interacciones anuales del cliente
Centros de Columbia Británica	12
Centros de Alberta	10
Interacciones anuales totales	300,000

Comunicaciones de facturación directa

Fortis procesa 2.3 millones de declaraciones de facturación mensuales, con un 68% entregados electrónicamente y 32% por correo tradicional.

Método de comunicación de facturación	Porcentaje
Facturación electrónica	68%
Facturación de correo en papel	32%

Eventos de divulgación y educación comunitaria

Fortis realiza 120 eventos de participación comunitaria anualmente, llegando a aproximadamente 45,000 personas a través de territorios de servicio.

• Talleres de conservación de energía
• Programas educativos escolares
• Seminarios de sostenibilidad de la comunidad

Fortis Inc. (FTS) - Modelo de negocio: segmentos de clientes

Consumidores de electricidad residencial

Fortis Inc. atiende a aproximadamente 1.3 millones de clientes de electricidad en múltiples regiones en Canadá y Estados Unidos.

Región	Número de clientes residenciales	Consumo anual promedio (KWH)
Columbia Británica	495,000	8,760
Alberta	270,000	7,200
Arizona	535,000	12,240

Usuarios de energía comercial e industrial

Fortis atiende a 54,000 clientes comerciales e industriales en sus territorios de servicio.

• El sector comercial representa el 22% de las ventas totales de energía
• El sector industrial representa el 18% del consumo total de energía
• Gastos de energía anuales promedio: $ 325,000 por cliente comercial

Entidades municipales y gubernamentales

Fortis brinda servicios de energía a 620 clientes municipales y gubernamentales.

Tipo de cliente	Número de clientes	Consumo anual de energía (MWH)
Municipios	385	1,250,000
Instalaciones gubernamentales	235	750,000

Clientes de energía agrícola

Fortis atiende a 3.750 clientes agrícolas principalmente en Columbia Británica y Alberta.

• Consumo promedio de energía anual: 85,000 kWh por cliente agrícola
• Ventas de energía agrícola total: 318.75 millones de kWh anualmente
• Las operaciones de riego y granja representan necesidades de energía primaria

Clientes de energía industrial a gran escala

Fortis brinda servicios de energía a 215 clientes industriales a gran escala.

Sector industrial	Número de clientes	Consumo anual de energía (MWH)
Minería	45	2,700,000
Fabricación	85	3,400,000
Petróleo y gas	85	3,000,000

Fortis Inc. (FTS) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de generación de energía

En el año fiscal 2022, Fortis Inc. informó gastos de mantenimiento de infraestructura de $ 384.2 millones. El desglose de los costos de mantenimiento incluye:

Tipo de infraestructura	Costo de mantenimiento
Sistemas de transmisión eléctrica	$ 156.7 millones
Distribución de gas natural	$ 112.3 millones
Infraestructura de energía renovable	$ 115.2 millones

Costos de adquisición de combustible

Fortis Inc. gastó $ 612.5 millones en adquisición de combustible en 2022, con la siguiente asignación:

• Adquisición de gas natural: $ 342.8 millones
• Adquisición de carbón: $ 189.7 millones
• Fuentes de combustible de energía renovable: $ 80 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para Fortis Inc. en 2022 fueron de $ 487.6 millones:

Categoría de gastos	Cantidad
Salarios base	$ 312.4 millones
Beneficios y pensión	$ 105.2 millones
Capacitación y desarrollo	$ 70 millones

Gastos de cumplimiento regulatorio

Fortis Inc. asignado $ 214.3 millones Para el cumplimiento regulatorio en 2022, incluyendo:

• Cumplimiento ambiental: $ 87.6 millones
• Adherencia a la regulación de seguridad: $ 63.5 millones
• Licencias y permisos: $ 63.2 millones

Actualizaciones de tecnología e infraestructura

Tecnología e inversión en infraestructura para Fortis Inc. en 2022 totalizó $ 523.7 millones:

Categoría de actualización	Monto de la inversión
Tecnología de la red inteligente	$ 187.4 millones
Mejoras de ciberseguridad	$ 112.6 millones
Infraestructura digital	$ 223.7 millones

Fortis Inc. (FTS) - Modelo de negocios: flujos de ingresos

Tarifas de transmisión de electricidad

En el año fiscal 2023, Fortis Inc. generó ingresos por transmisión de electricidad de $ 2.88 mil millones en sus operaciones de servicios públicos regulados en múltiples jurisdicciones.

Jurisdicción	Ingresos de transmisión (USD)
Columbia Británica	$ 987 millones
Alberta	$ 642 millones
Arizona	$ 536 millones
Otras regiones	$ 715 millones

Cargos de distribución de gas natural

Los ingresos por distribución de gas natural para Fortis Inc. alcanzaron $ 1.45 mil millones en 2023, con segmentos clave del mercado que incluyen:

• Clientes residenciales: $ 612 millones
• Clientes comerciales: $ 458 millones
• Clientes industriales: $ 380 millones

Inversiones de proyectos de energía renovable

Los rendimientos de inversión de energía renovable totalizaron $ 325 millones en 2023, con el siguiente desglose:

Fuente renovable	Retornos de inversión (USD)
Proyectos solares	$ 142 millones
Energía eólica	$ 108 millones
Hidroeléctrico	$ 75 millones

Comercio de energía y operaciones de mercado

Energy Trading Ingress para Fortis Inc. en 2023 fue de $ 276 millones, con segmentos de mercado primario:

• Comercio de electricidad al por mayor: $ 186 millones
• Instrumentos financieros derivados: $ 90 millones

Contratos e incentivos de energía del gobierno

Los ingresos energéticos relacionados con el gobierno en 2023 ascendieron a $ 215 millones, incluyendo:

• Incentivos de energía renovable: $ 95 millones
• Contratos de modernización de la cuadrícula: $ 78 millones
• Reembolsos del programa de eficiencia energética: $ 42 millones

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.