Fortis Inc. (FTS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da infraestrutura de energia, a Fortis Inc. (STS) surge como uma potência, tecendo perfeitamente a geração de eletricidade, a distribuição de gás natural e as soluções de energia sustentável. Essa tela abrangente do modelo de negócios revela uma abordagem estratégica que transcende as estruturas de utilidade tradicionais, posicionando a empresa como um participante fundamental no ecossistema de energia em evolução da América do Norte. De parcerias robustas com governos provinciais a tecnologias de energia renovável de ponta, o Fortis demonstra um projeto intrincado que equilibra confiabilidade, inovação e administração ambiental-invidando os leitores para explorar a sofisticada mecânica por trás de uma das empresas de energia mais adaptativa do continente.

Fortis Inc. (FTS) - Modelo de Negócios: Principais Parcerias

Parcerias de concessionárias elétricas com governos provinciais

A Fortis Inc. mantém parcerias estratégicas com governos provinciais em todo o Canadá, incluindo:

Província	Detalhes da parceria	Valor de investimento
Colúmbia Britânica	BC Hydro Transmission Acordes	Investimento de infraestrutura de US $ 412 milhões
Alberta	Colaboração de distribuição de eletricidade	Desenvolvimento de rede de US $ 287 milhões
Ontário	Projetos de interconexão da grade	Programa de infraestrutura conjunta de US $ 203 milhões

Provedores de tecnologia de energia renovável

A Fortis colabora com os principais parceiros de tecnologia renovável:

• Vestas Wind Systems A/S - Tecnologia de turbina eólica
• First Solar Inc. - Fabricação de painel solar
• Siemens Gamesa Renewable Energy - Soluções eólicas offshore

Fabricantes de equipamentos de infraestrutura de grade

Fabricante	Tipo de equipamento	Valor anual de compras
Abb Ltd.	Transformadores de transmissão	US $ 156 milhões
Schneider Electric	Sistemas de switchgem e controle	US $ 98 milhões
General Electric	Equipamento de monitoramento da grade	US $ 87 milhões

Colaboradores de rede de distribuição de gás natural

As principais parcerias de rede de gás natural incluem:

• ATCO GAS - Rede de distribuição de Alberta
• Fortisbc Energy Inc. - Infraestrutura de gás da Colúmbia Britânica
• Power de Terra Nova - Distribuição de gás do leste do Canadá

Empresas de consultoria ambiental e de sustentabilidade

Empresa de consultoria	Área de foco	Valor de engajamento
Deloitte Canadá	Estratégia de Sustentabilidade	Contrato de consultoria anual de US $ 2,3 milhões
WSP Global Inc.	Avaliação de impacto ambiental	US $ 1,7 milhão de engajamento anual
Aecom	Planejamento de redução de carbono	Serviços de consultoria de US $ 1,5 milhão

Fortis Inc. (FTS) - Modelo de Negócios: Atividades -chave

Geração de energia elétrica e transmissão

A Fortis Inc. opera aproximadamente 9.300 MW de capacidade de geração de eletricidade em várias jurisdições. O portfólio de geração da empresa inclui:

Tipo de geração	Capacidade (MW)	Percentagem
Hidrelétrico	4,700	50.5%
Gás natural	3,100	33.3%
Outro renovável	1,500	16.2%

Distribuição e transporte de gás natural

A Fortis atende a aproximadamente 1,3 milhão de clientes de gás natural em várias regiões, com uma extensa rede de distribuição, abrangendo 64.000 quilômetros.

Desenvolvimento de projetos de energia renovável

Investimento atual de energia renovável: US $ 2,4 bilhões, com investimentos planejados segmentando:

• Expansão da energia eólica
• Projetos de geração solar
• Tecnologias de armazenamento de energia

Manutenção e atualizações de infraestrutura

Investimento anual de infraestrutura: US $ 3,8 bilhões, com foco em:

Categoria de infraestrutura	Valor do investimento
Linhas de transmissão	US $ 1,2 bilhão
Instalações de geração	US $ 1,5 bilhão
Redes de distribuição	US $ 1,1 bilhão

Conformidade regulatória e gerenciamento de riscos

Orçamento de conformidade: US $ 125 milhões anualmente, cobrindo:

• Requisitos regulatórios ambientais
• Protocolos de segurança
• Padrões de confiabilidade da grade

Fortis Inc. (FTS) - Modelo de negócios: Recursos -chave

Extensas instalações de geração de eletricidade

A Fortis Inc. opera 10 concessionárias de energia elétrica em todo o Canadá, Estados Unidos e Caribe, com uma capacidade total de geração de 5.501 megawatts a partir de 2022. O portfólio de geração inclui:

Tipo de geração	Capacidade (MW)	Percentagem
Hidrelétrico	3,135	57%
Gás natural	1,941	35%
Outro renovável	425	8%

Redes de distribuição de gás natural

A Fortis possui uma extensa infraestrutura de distribuição de gás natural em várias regiões:

• Serve aproximadamente 1,3 milhão de clientes de gás natural
• Opera mais de 64.000 quilômetros de gasodutos de gás natural
• Redes de distribuição de gás natural na Colúmbia Britânica, Alberta e Arizona

Engenharia qualificada e força de trabalho técnica

A partir de 2022, Fortis Inc. empregado 9.300 funcionários totais em suas operações de utilidade, com experiência significativa em:

• Engenharia Elétrica
• Gerenciamento de infraestrutura de utilidade
• Tecnologias de energia renovável
• Modernização da grade

Capital financeiro substancial

Recursos Financeiros a partir de 2022:

Métrica financeira	Quantia
Total de ativos	US $ 57,4 bilhões
Patrimônio total	US $ 21,1 bilhões
Despesas de capital	US $ 4,1 bilhões

Tecnologias avançadas de gerenciamento de energia

Os investimentos em tecnologia incluem:

• Infraestrutura de grade inteligente
• Sistemas de medição avançada
• Plataformas de integração de energia renovável
• Soluções de armazenamento de energia

Fortis Inc. (FTS) - Modelo de Negócios: Proposições de Valor

Fornecimento de energia confiável e consistente

A Fortis Inc. atende a aproximadamente 3,4 milhões de clientes em várias regiões do Canadá, Estados Unidos e Caribe. A partir de 2023, a empresa mantém uma base total de taxas de utilidade de US $ 34,4 bilhões.

Região	Base de clientes	Infraestrutura energética
Canadá	1,2 milhão	Transmissão elétrica: 67.000 quilômetros
Estados Unidos	1,1 milhão	Distribuição de gás natural: 62.000 quilômetros
Caribe	1,1 milhão	Capacidade de geração de energia: 3.000 MW

Soluções de energia cada vez mais sustentável e verde

Fortis Inc. se comprometeu a reduzir as emissões de gases de efeito estufa por 75% até 2035 comparado aos níveis de 2019.

• Investimentos de energia renovável: US $ 5,4 bilhões planejados até 2028
• Portfólio de energia renovável atual: 2,4 GW de geração renovável
• Alvo de eletricidade sem carbono: 90% até 2035

Preços de utilidade competitiva

As taxas médias de eletricidade residencial para os territórios da Fortis variam de US $ 0,10 a US $ 0,15 por quilowatt-hora, o que é competitivo com as médias regionais do mercado.

Território de utilidade	Taxa residencial média	Receita anual
BC Hydro (Colúmbia Britânica)	$ 0,12/kWh	US $ 2,3 bilhões
Serviço Público do Arizona	$ 0,14/kWh	US $ 1,8 bilhão

Infraestrutura de energia abrangente

A Fortis Inc. opera em 5 províncias canadenses, 9 estados dos EUA e 3 países do Caribe, com ativos totais de US $ 58,5 bilhões em 2023.

• Operações totais de utilidade: 10 empresas de serviços públicos regulamentados
• Linhas de transmissão elétrica: mais de 70.000 quilômetros
• Redes de distribuição de gás natural: cobrindo 165 comunidades

Compromisso com a administração ambiental

A empresa alocou US $ 22 bilhões para investimentos em capital focados na transição de energia limpa entre 2023-2028.

Categoria de investimento ambiental	Despesa planejada	Ano -alvo
Infraestrutura de energia renovável	US $ 5,4 bilhões	2028
Modernização da grade	US $ 8,9 bilhões	2028
Tecnologias de redução de carbono	US $ 7,7 bilhões	2028

Fortis Inc. (FTS) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de utilidade de longo prazo

A Fortis Inc. mantém aproximadamente 1,4 milhão de clientes de eletricidade e 1,1 milhão de clientes de gás natural em várias regiões. A duração média do contrato varia entre 3 e 5 anos com opções de taxa fixa.

Segmento de clientes	Duração do contrato	Valor anual do contrato
Clientes residenciais	3-5 anos	$ 850- $ 1.200 por família
Clientes comerciais	5-7 anos	US $ 5.000 a US $ 25.000 por contrato

Plataformas de atendimento ao cliente digital

A Fortis Inc. investiu US $ 12,3 milhões em infraestrutura digital em 2023 para aprimorar os recursos de atendimento ao cliente on -line.

• Downloads de aplicativos móveis: 345.000
• Usuários de gerenciamento de contas on -line: 782.000
• Tempo médio de resolução de interação digital: 12 minutos

Faturamento transparente e rastreamento de consumo

Rastreamento de consumo de energia em tempo real disponível através de plataformas digitais com classificação de precisão de 98,7% do cliente.

Recurso de cobrança	Taxa de adoção do cliente
Pagamento da conta on -line	87%
Rastreamento de consumo	76%

Programas de envolvimento da comunidade

A Fortis Inc. alocou US $ 4,2 milhões aos programas de sustentabilidade e eficiência energética da comunidade em 2023.

• Oficinas comunitárias: 127 eventos
• Programa de Eficiência Energética Participantes: 56.000
• Iniciativas de redução de carbono: 3 principais programas regionais

Comunicação regular sobre eficiência energética

Orçamento anual de comunicação de US $ 1,7 milhão dedicado à conscientização da eficiência energética.

Canal de comunicação	Alcançar	Taxa de engajamento
Boletins por e -mail	892.000 assinantes	42%
Campanhas de mídia social	215.000 seguidores	33%

Fortis Inc. (FTS) - Modelo de Negócios: Canais

Portais de atendimento ao cliente online

A Fortis opera plataformas digitais que atende 2,5 milhões de clientes em toda a Colúmbia Britânica e Alberta. O portal on -line processa aproximadamente 1,2 milhão de transações digitais anualmente, com uma classificação de satisfação do cliente de 92%.

Canal digital	Estatísticas de uso
Usuários registrados no portal da web	1,4 milhão
Transações online anuais	1,200,000
Downloads de aplicativos móveis	675,000

Aplicativos móveis

O App Mobile da Fortis suporta 675.000 usuários ativos, permitindo o rastreamento de consumo de energia em tempo real e o gerenciamento de contas.

Centros de atendimento ao cliente físico

A Fortis mantém 22 centros de serviços físicos em toda a Colúmbia Britânica e Alberta, servindo aproximadamente 300.000 interações pessoais de clientes anualmente.

Localização do centro de serviço	Interações anuais do cliente
Centros da Colúmbia Britânica	12
Centros de Alberta	10
Interações anuais totais	300,000

Comunicações de cobrança direta

A Fortis processa 2,3 milhões de declarações de cobrança mensal, com 68% entregues eletronicamente e 32% por correio tradicional.

Método de comunicação de cobrança	Percentagem
Cobrança eletrônica	68%
Cobrança de correio em papel	32%

Eventos comunitários de divulgação e educação

A Fortis realiza 120 eventos de envolvimento da comunidade anualmente, atingindo aproximadamente 45.000 indivíduos em territórios de serviço.

• Oficinas de conservação de energia
• Programas educacionais escolares
• Seminários de sustentabilidade da comunidade

Fortis Inc. (FTS) - Modelo de Negócios: Segmentos de Clientes

Consumidores de eletricidade residencial

A Fortis Inc. atende a aproximadamente 1,3 milhão de clientes de eletricidade em várias regiões no Canadá e nos Estados Unidos.

Região	Número de clientes residenciais	Consumo médio anual (kWh)
Colúmbia Britânica	495,000	8,760
Alberta	270,000	7,200
Arizona	535,000	12,240

Usuários de energia comercial e industrial

A Fortis atende a 54.000 clientes comerciais e industriais em seus territórios de serviço.

• O setor comercial representa 22% do total de vendas de energia
• O setor industrial é responsável por 18% do consumo total de energia
• Despesas com energia anual média: US $ 325.000 por cliente comercial

Entidades municipais e governamentais

A Fortis fornece serviços de energia a 620 clientes municipais e governamentais.

Tipo de cliente	Número de clientes	Consumo anual de energia (MWH)
Municípios	385	1,250,000
Instalações do governo	235	750,000

Clientes de energia agrícola

A Fortis atende a 3.750 clientes agrícolas principalmente na Colúmbia Britânica e Alberta.

• Consumo médio anual de energia: 85.000 kWh por cliente agrícola
• Vendas totais de energia agrícola: 318,75 milhões de kWh anualmente anualmente
• Irrigação e operações agrícolas representam necessidades de energia primária

Clientes de energia industrial em larga escala

A Fortis fornece serviços de energia a 215 clientes industriais em larga escala.

Setor da indústria	Número de clientes	Consumo anual de energia (MWH)
Mineração	45	2,700,000
Fabricação	85	3,400,000
Petróleo e gás	85	3,000,000

Fortis Inc. (FTS) - Modelo de Negócios: Estrutura de Custo

Manutenção de infraestrutura de geração de energia

No ano fiscal de 2022, a Fortis Inc. relatou despesas de manutenção de infraestrutura de US $ 384,2 milhões. A quebra dos custos de manutenção inclui:

Tipo de infraestrutura	Custo de manutenção
Sistemas de transmissão elétrica	US $ 156,7 milhões
Distribuição de gás natural	US $ 112,3 milhões
Infraestrutura de energia renovável	US $ 115,2 milhões

Custos de aquisição de combustível

A Fortis Inc. gastou US $ 612,5 milhões em compras de combustível em 2022, com a seguinte alocação:

• Aquisição de gás natural: US $ 342,8 milhões
• Compras de carvão: US $ 189,7 milhões
• Fontes de combustível de energia renovável: US $ 80 milhões

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários da Fortis Inc. em 2022 foram de US $ 487,6 milhões:

Categoria de despesa	Quantia
Salários da base	US $ 312,4 milhões
Benefícios e pensão	US $ 105,2 milhões
Treinamento e desenvolvimento	US $ 70 milhões

Despesas de conformidade regulatória

Fortis Inc. alocado US $ 214,3 milhões para conformidade regulatória em 2022, incluindo:

• Conformidade ambiental: US $ 87,6 milhões
• Aderência da regulamentação de segurança: US $ 63,5 milhões
• Licenciamento e licenças: US $ 63,2 milhões

Atualizações de tecnologia e infraestrutura

Investimento de tecnologia e infraestrutura para a Fortis Inc. em 2022 totalizou US $ 523,7 milhões:

Categoria de atualização	Valor do investimento
Tecnologia de grade inteligente	US $ 187,4 milhões
Aprimoramentos de segurança cibernética	US $ 112,6 milhões
Infraestrutura digital	US $ 223,7 milhões

Fortis Inc. (FTS) - Modelo de negócios: fluxos de receita

Taxas de transmissão de eletricidade

No ano fiscal de 2023, a Fortis Inc. gerou receita de transmissão de eletricidade de US $ 2,88 bilhões em suas operações de serviços públicos regulamentados em várias jurisdições.

Jurisdição	Receita de transmissão (USD)
Colúmbia Britânica	US $ 987 milhões
Alberta	US $ 642 milhões
Arizona	US $ 536 milhões
Outras regiões	US $ 715 milhões

Taxas de distribuição de gás natural

A receita de distribuição de gás natural para a Fortis Inc. atingiu US $ 1,45 bilhão em 2023, com os principais segmentos de mercado, incluindo:

• Clientes residenciais: US $ 612 milhões
• Clientes comerciais: US $ 458 milhões
• Clientes industriais: US $ 380 milhões

Investimentos de projeto de energia renovável

Os retornos de investimento em energia renovável totalizaram US $ 325 milhões em 2023, com a seguinte quebra:

Fonte renovável	Retornos de investimento (USD)
Projetos solares	US $ 142 milhões
Energia eólica	US $ 108 milhões
Hidrelétrico	US $ 75 milhões

Negociação de energia e operações de mercado

A Receita de Negociação de Energia da Fortis Inc. em 2023 foi de US $ 276 milhões, com segmentos de mercado primários:

• Negociação de eletricidade por atacado: US $ 186 milhões
• Instrumentos financeiros derivados: US $ 90 milhões

Contratos de energia do governo e incentivos

A receita energética relacionada ao governo em 2023 totalizou US $ 215 milhões, incluindo:

• Incentivos de energia renovável: US $ 95 milhões
• Contratos de modernização da grade: US $ 78 milhões
• Programa de eficiência energética reembolsos: US $ 42 milhões

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.