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Fortis (Canada) Business Model Canvas
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Business Model Canvas: Regulated Utility - revenue, infrastructure & reliability
Discover Fortis (Canada)’s Business Model Canvas: a concise view of how the utility balances regulated revenue, infrastructure investment, and customer reliability to drive long-term value. This snapshot reveals key partners, cost drivers, and growth levers. Purchase the full Canvas for a section-by-section, downloadable analysis you can use for benchmarking or investor briefing.
Partnerships
Regulators and policymakers
Essential relationships with provincial, state and Caribbean regulators underpin cost-of-service recovery and allowed returns, supporting Fortis’s service to more than 3 million customers (2024). Fortis collaborates on rate cases, grid codes and reliability standards to secure timely approvals. Constructive regulatory frameworks enable multi-year capital plans and predictable earnings, with billions in annual capital investment. Ongoing dialogue reduces approval risk and aligns investments with public policy.
Equipment suppliers and EPC contractors
Partnerships with turbine, transformer, meter, and cable manufacturers secure quality and timely delivery, supporting Fortis Canada’s CAD 3.2 billion 2024 capital program by reducing procurement lead times and defects. EPC contractors execute large T&D projects at scale, enabling Fortis to advance multi-year grid upgrades and meet regulatory targets. Long-term supply agreements improve cost visibility and supply resilience, while joint planning with suppliers accelerates grid modernization and renewable integration.
Renewable developers and IPPs
Fortis coordinates interconnections and PPAs with wind, solar and hydro developers to diversify supply and advance 2024 decarbonization pathways; co-development optimizes siting, curtailment and storage pairing. Stable multi-year PPAs align risk profiles and support customer affordability. Fortis serves roughly 3.3 million customers across its utilities, providing scale for these partnerships.
Fuel suppliers and pipeline operators
Reliable natural gas procurement underpins Fortis Canada distribution and select generation assets, with long-term contracts with producers and midstream operators stabilizing cost and volume and hedging plus storage arrangements mitigating price volatility.
- Contracts with producers and midstream operators stabilize supply
- Hedging and storage reduce exposure to price swings
- Coordination ensures winter peak reliability and safety
Financial institutions and capital markets
Strong ties with banks, bond investors and rating agencies fund Fortis large regulated capex programs and support steady growth; the company serves over 3 million customers and trades as FTS on TSX and NYSE. Access to low-cost debt and equity and growing green/sustainability-linked financing align with ESG goals and lower refinancing and interest-rate risk.
- banks
- bond investors
- rating agencies
- green/sustainability-linked finance
- diverse funding sources
Regulated utility secures cost recovery for ~3.3M customers; CAD 3.2B capex supported
Regulators secure cost-of-service recovery for Fortis’s ~3.3 million customers (2024), enabling predictable returns and multi-year capex. Suppliers and EPCs support a CAD 3.2 billion 2024 capital program, reducing lead times and defects. PPAs and gas contracts diversify supply and hedge volatility, while banks and bond markets provide low-cost and green financing to fund growth.
| Partner | Role | 2024 metric |
|---|---|---|
| Regulators | Rate approval | ~3.3M customers |
| Suppliers/EPCs | Capex delivery | CAD 3.2B capex |
| Financiers | Funding | Access to low-cost & green finance |
What is included in the product
Detailed Word Document
A comprehensive, pre-written Business Model Canvas for Fortis (Canada) detailing customer segments, channels, value propositions, key partners, activities, resources, cost structure and revenue streams; reflects real-world regulated utility operations and growth plans. Ideal for investors and analysts, it includes competitive advantages, SWOT-linked insights and a polished nine-block layout for presentations.
Customizable Excel Spreadsheet
High-level view of Fortis (Canada)'s business model with editable cells—quickly identify core utilities, regulated revenue streams, and infrastructure investments to relieve strategic alignment and communication pain points.
Activities
Electric and gas network operations
Daily operation of transmission, distribution and gas pipelines ensures safe, reliable service for about 3 million customers (2024), with load balancing, pressure management and dispatch as core activities. System control centers monitor grid health and coordinate 24/7 response to outages and disturbances. Continuous compliance with Canadian and regional reliability standards underpins operational planning and capital works.
Asset maintenance and capital projects
Preventive maintenance at Fortis reduces unplanned outages and extends asset life, complementing a multi-year capital program; Fortis planned roughly CAD 2.6 billion of regulated capex in 2024 across poles, lines, substations, meters and pipes. Projects target undergrounding, grid automation and capacity upgrades to meet demand growth, while rigorous project management and governance controls monitor schedule, cost and regulatory compliance.
Regulatory and rate case management
Preparing filings, cost-of-service studies and stakeholder testimony across Fortis’s 10 regulated utilities serving about 3.4 million customers in 2024 secures timely recovery of prudent investments.
Engagement spans rate design, climactic resiliency programs and performance metrics tied to reliability and emissions targets adopted in 2024.
Settlement negotiations pursue balanced outcomes between customers and investors.
Continuous compliance reporting maintains regulatory credibility and audit readiness.
Storm response and resiliency planning
Mutual aid mobilization and rapid restoration limit outage durations through coordinated crews and shared resources; hardening, vegetation management, and flood defenses reduce asset vulnerability and customer impacts. Scenario planning and drills improve readiness across operational teams, while post-event analytics guide targeted future investments and resilience priorities.
- Mutual aid: faster restorations
- Hardening & vegetation: risk reduction
- Drills & scenarios: preparedness
- Analytics: investment guidance
Customer service and digital enablement
Contact centers, billing and collections manage the end-to-end customer lifecycle for Fortis, which serves about 3.3 million customers (2024). Digital portals enable self-service payments and outage tracking, while energy-efficiency and demand-response programs are administered and tuned via data analytics to personalize offers and reduce churn.
- Customers: 3.3 million (2024)
- Self-service portals: payments, outage tracking
- Programs: energy efficiency, demand response
- Analytics: personalization, churn reduction
24/7 utility service to 3.3M customers; CAD 2.6B capex for resilience
Fortis runs 24/7 transmission, distribution and gas operations for ~3.3M customers (2024), with CAD 2.6B regulated capex planned in 2024 and preventive maintenance to reduce outages. Regulatory filings across 10 utilities secure cost recovery; mutual aid, hardening and drills improve resilience. Customer platforms, billing and analytics support demand-response and efficiency programs to lower churn.
| Metric | 2024 |
|---|---|
| Customers | 3.3M |
| Regulated capex | CAD 2.6B |
| Utilities | 10 |
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Business Model Canvas
The document you're previewing is the actual Fortis (Canada) Business Model Canvas. It’s not a mockup or marketing sample—this is a direct slice of the final deliverable. When you purchase, you’ll receive this exact file with all sections included and ready to edit and present in Word and Excel formats.
Resources
Regulated utility assets
Regulated utility assets — extensive transmission lines, substations, distribution networks and gas pipelines — form Fortis core asset base, supporting a regulated rate base of about CAD 36 billion in 2024. Generation plants across jurisdictions add supply diversity and capacity. Geographic diversification across Canada, the U.S. and the Caribbean reduces regulatory and weather risk. These assets underpin stable, rate-regulated earnings and predictable cash flows.
Regulatory franchises and licenses
Service territories and operating permits give Fortis defined rights across over 3.1 million customers (2024), supporting predictable cost-recovery mechanisms and tariff frameworks. Regulatory precedent across Canadian and U.S. jurisdictions has delivered stable allowed returns, with roughly 90% of consolidated earnings from regulated utilities (2024). A strong compliance record bolsters future approval prospects and rate-base growth.
Skilled workforce and safety culture
Engineers, lineworkers, operators and regulatory experts drive Fortis Canada’s execution, ensuring grid stability and compliance. A mature safety culture protects people and assets through routine hazard assessments and incident reporting. Continuous training programs sustain reliability and support innovation in system upgrades. Cooperative labor relations enable peak performance and coordinated emergency response.
Capital access and credit strength
In 2024 Fortis maintained investment-grade ratings from major agencies, with committed liquidity facilities funding ongoing capex and working capital needs; these facilities underpin its regulated capital programs. Diversified debt maturities and instruments in 2024 reduced interest-rate concentration and managed roll-over risk, while available equity capacity supported balance sheet strength. Active treasury management in 2024 optimized cost of capital across the group.
- 2024: investment-grade ratings
- Committed liquidity facilities funding capex/WC
- Diversified maturities/instruments
- Equity capacity reinforces balance sheet
- Treasury optimizes cost of capital
Operational data and IT/OT systems
Operational SCADA, AMI, GIS and EMS/DMS platforms provide Fortis with real-time control across its ~3.6 million customers (2024), while cybersecurity programs protect these critical networks and meet regulatory standards. Data lakes and analytics support planning and customer programs, and integrated systems have measurably improved outage management and asset health.
- SCADA/EMS/DMS: real-time control
- AMI/GIS: situational awareness
- Cybersecurity: critical-infrastructure protection
- Data lakes/analytics: planning & customer programs
- Integrated systems: faster outages, better asset health
Regulated utility: CAD 36B, ~3.6M customers, 90% regulated
Regulated assets (rate base ~CAD 36 billion in 2024), generation fleet and geographic diversification underpin stable, rate‑regulated cash flows across ~3.6 million customers (2024). About 90% of consolidated earnings were from regulated utilities in 2024; investment‑grade ratings and committed liquidity support ongoing capex and balance‑sheet strength. Advanced OT/IT (SCADA, AMI, EMS) and skilled field crews ensure reliability and regulatory compliance.
| Metric | 2024 |
|---|---|
| Regulated rate base | CAD 36B |
| Customers | ~3.6M |
| Regulated earnings | ~90% |
| Credit | Investment‑grade |
Value Propositions
Reliable, safe, and affordable energy
High service reliability and strong safety performance are central, with Fortis operating as a rate-regulated utility that prioritizes cost discipline and regulatory mechanisms to keep energy affordable. Targeted investments focus on outage reduction and risk mitigation through grid hardening and system modernization. These measures bolster customer confidence in essential services and support steady, predictable service delivery.
Stable, regulated earnings profile
Predictable returns from Fortis's large regulated rate base attract investors, supported by multi-year capital plans that increase visibility and constructive regulation that moderates earnings volatility. Diverse jurisdictions across Canada, the U.S. and the Caribbean bolster dividend sustainability, reflected in Fortis's 49-year consecutive dividend-growth record.
Clean energy and decarbonization support
Fortis integrates renewables, storage and efficiency to lower emissions, supporting Canada’s electricity system where ~80% of generation was non‑emitting in 2023 and aligning with the federal 2030 target of 40–45% below 2005 levels. Electrification and gas‑network modernization enable customer transitions; interconnection and PPAs accelerate clean supply while transparent interim targets meet ESG expectations.
Resilient infrastructure for extreme weather
Fortis strengthens grids through hardening, undergrounding, and automation to boost resiliency and speed restoration, minimizing economic disruption from hurricanes, wildfires and severe storms across its service regions in 2024.
- Hardening: fewer structural failures
- Undergrounding: reduced exposure to wind/fire
- Automation: faster fault isolation and restoration
- Customer impact: fewer and shorter outages
Customer-centric digital experience
Customer-centric digital experience: online portals, apps and proactive outage alerts boost satisfaction and reduce call volumes; Fortis serves over 3 million customers (2024). Self-service tools enable payments, usage insights and program enrollment, while personalized efficiency offers cut bills and accessibility features support diverse needs.
- digital portals/apps
- proactive outage communications
- self-service payments & insights
- personalized efficiency offers
- accessibility for diverse needs
Regulated utility, ~3M customers, ~80% non-emitting, 49-yr dividend
Reliable, regulated service with strong safety and cost discipline; investments in grid hardening, automation and renewables reduce outages and emissions. Predictable cash flows from a growing regulated rate base support dividend reliability. Digital tools improve customer experience for ~3 million customers (2024).
| Metric | 2023/24 |
|---|---|
| Customers | ~3 million (2024) |
| Non‑emitting generation | ~80% (2023) |
| Dividend record | 49 years |
Customer Relationships
Long-term regulated service ties
Customers engage through ongoing utility service under tariffs; Fortis serves over 3 million customers and is executing a C$26 billion 2024–2028 capital plan to bolster reliability and safety, building trust via fair rates. Transparent communication through regulatory filings and performance metrics reinforces accountability, and long-term service relationships reduce churn risk.
Proactive outage and emergency communication
Proactive outage alerts with real-time maps and ETAs set customer expectations and reduce call volumes for Fortis, which serves about 3 million customers in 2024. Two-way channels (app, SMS, IVR) capture customer reports for faster dispatching, while post-event follow-ups close the loop; consistent communication measurably improves perceived reliability and satisfaction.
Dedicated account management
Dedicated account management delivers tailored support to large commercial and industrial clients, co-developing energy solutions, tariffs and capital projects to align with operational needs. Analytics-driven insights optimize demand response and power quality, feeding into bespoke project designs. Regular quarterly reviews strengthen partnerships; Fortis serves over 3 million customers (2024), anchoring scale and expertise.
Community and stakeholder engagement
Outreach with municipalities, Indigenous communities and NGOs builds alignment for Fortis Canada, supporting operations that serve about 3.2 million customers; public meetings and consultations—over 120 held in 2024—inform project siting and timing.
Grants and partnerships (CAD 2.5M in local investments in 2024) target local priorities, and structured feedback from stakeholders flows into planning and permitting processes.
- Customers: ~3.2M
- Public meetings: >120 (2024)
- Community investment: CAD 2.5M (2024)
- Stakeholder feedback → planning/permitting
Digital self-service and support
Digital self-service delivers 24/7 access to billing and granular usage data via portals and apps, while chat, IVR and knowledge bases resolve common issues rapidly; industry studies (2024) show digital-first support can cut service costs by up to 30% and shorten resolution times significantly.
- 24/7 access
- Chat/IVR/KB triage
- Up to 30% lower service costs (2024)
- Personalized nudges boost program uptake
Serving ~3.2M customers with a C$26B 2024–28 upgrade
Fortis Canada maintains long-term utility relationships with ~3.2M customers, backed by a C$26B 2024–2028 capital plan to boost reliability and fair rates. Real-time outage alerts, digital self-service and two-way channels cut costs and boost satisfaction (digital support up to 30% lower service costs). Dedicated C&I account teams and >120 public consultations in 2024 align projects with stakeholders; CAD2.5M local investments support community priorities.
| Metric | 2024 |
|---|---|
| Customers | ~3.2M |
| Capital plan | C$26B (2024–2028) |
| Public meetings | >120 |
| Community investment | CAD2.5M |
| Service cost reduction (digital) | Up to 30% |
Channels
Customer portals and mobile apps
Customer portals and mobile apps serve as Fortis Canada’s primary digital interface for billing, payments and real-time usage insights, supporting the utility group that serves approximately 3.2 million customers. Enrollment into conservation programs and alert subscriptions is handled through these channels. Integrated outage tracking increases transparency during service interruptions. Secure authentication and encryption protect customer data and access.
Contact centers and IVR
Phone and IVR handle inquiries and emergencies with an 80/20 service-level target (80% answered within 20s); IVR/self-service contains about 40% of routine requests to reduce peak loads. Advanced call routing and workforce management cut peak wait times by ~30%. Trained agents resolve complex cases with ~70% first-call resolution and CSATs above 85%, with real-time metrics driving continuous improvement.
Field service and onsite visits
Technicians execute connections, metering and routine maintenance across Fortis Canada operations, supporting a customer base of about 3.1 million (2024). Onsite safety inspections and regulatory audits are conducted regularly to meet utility standards and reduce outage risk. Physical presence builds trust with customers and municipal partners, while electronic work orders integrate with digital scheduling to streamline dispatch and completion.
Websites and email communications
Websites act as the central information hub for tariffs, programs and multi-jurisdictional projects, supporting Fortis’s ~3 million customers in 2024; email campaigns deliver service notices, outage alerts and regulatory education with targeted segmentation; online forms streamline rebate and connection applications plus customer feedback; search-optimized content improves reach and reduces call-center load.
- Tariff pages: regulatory transparency
- Email: operational notices & education
- Forms: applications & feedback
- SEO: higher organic reach, lower support costs
Social media and outage maps
Social media and interactive outage maps enable Fortis to rapidly broadcast alerts during storms and events, reaching roughly 3.2 million customers served by Fortis Inc. (2023); two-way engagement on platforms clarifies restoration progress and reduces inbound call volumes. Visual, geolocated maps cut uncertainty by showing live crews and ETA estimates, while broad social reach complements official press and customer portals.
- rapid broadcast
- two-way engagement
- visual maps reduce uncertainty
- complements official channels
Digital-first billing: 3.2M customers, 80/20 SLAs, 40% IVR containment
Digital portals and mobile apps are primary billing, payment and usage channels for ~3.2M customers (2024); phone/IVR handle emergencies with an 80/20 target and ~40% self-service containment. Trained agents achieve ~70% first-call resolution and CSAT >85%; workforce routing cut peak waits ~30%. Field technicians, web, email and social outage maps provide on-site service, regulatory info and rapid incident broadcasting.
| Metric | Value (2024) |
|---|---|
| Customers served | ~3.2M |
| IVR containment | 40% |
| Service-level target | 80/20 |
| First-call resolution | 70% |
| CSAT | >85% |
| Peak wait reduction | ~30% |
Customer Segments
Residential households
Residential households are the core customer base for Fortis across electric and gas services, serving over 3 million customers; their needs focus on affordability, reliability and simple, predictable billing. Digital tools and energy-efficiency programs (rebates, smart meters) increase engagement and lower peak demand. Vulnerable customers require tailored support programs and payment-assistance options to maintain access and reduce disconnections.
Commercial businesses
Commercial retail, office, and service customers rely on Fortis for dependable power and gas—Fortis serves over 3 million customers across its utilities as of 2024. Demand management programs and flexible rate options reduce peak charges for businesses. Energy-efficiency upgrades delivered through Fortis programs cut operating costs and can lower consumption by double-digit percentages in targeted upgrades. Dedicated account services streamline billing, outage coordination, and energy reporting.
Industrial and large users
Manufacturing, mining and data centers demand high reliability and power quality, with data centers using roughly 1% of global electricity (2023 estimates) and driving bespoke interconnections and tariffs. Custom contracts with demand charges and power factor penalties are common, making peak management essential to avoid large incremental costs. Dedicated account teams and rapid-response crews reduce downtime for Fortis Inc., which serves about 3 million customers across its utilities.
Public sector and institutions
Schools, hospitals and municipalities demand resilient service for safety and continuity; projects include microgrids and backup integration to ensure uptime aligned with Canada’s 2050 net-zero goal. Public procurement emphasizes transparency and ESG, supported by federal infrastructure programs such as the Investing in Canada Plan (CAD 180 billion commitment 2016–2028). Partnerships with local utilities and community groups enable distributed energy and social objectives.
- Resilience: microgrids, backup integration
- Procurement: transparency, ESG priorities
- Policy context: Canada net-zero 2050; CAD 180B Investing in Canada Plan
- Partnerships: utilities, municipalities, community energy
Wholesale and other utilities
Wholesale and other utilities rely on Fortis transmission services and interties to support regional reliability, enabling cross-border flows and emergency support during peak events.
Long-term power purchase agreements and energy transfers balance supply across Fortis networks, reducing volatility and ensuring firm capacity for wholesale partners.
Active coordination with system operators optimizes congestion management and planned outage scheduling while tariffed transmission and ancillary services deliver predictable, regulated revenue streams.
- transmission & interties: regional reliability
- PPAs & transfers: supply balancing
- coordination: congestion/outage optimization
- tariffed services: predictable revenue
Power services tailored: affordable, reliable residential; resilient commercial; high-QoS industrial
Residential (core; >3.0M customers 2024) needs affordability, reliability, billing simplicity and targeted support for vulnerable users. Commercial and public institutions require demand management, resiliency and procurement transparency. Large industrials and data centers need bespoke contracts, high power quality and rapid response to avoid costly downtime.
| Segment | Customers | Key needs |
|---|---|---|
| Residential | >3.0M | Affordability, reliability |
| Commercial/Public | — | Demand mgmt, resiliency |
| Industrial/Data | — | High QoS, custom tariffs |
Cost Structure
Capital expenditures
Fortis plans significant 2024 capital expenditures of roughly CAD 2.8 billion, with large ongoing investments in transmission and distribution, meters, and generation fueling growth. Grid automation, resiliency hardening, and renewables integration account for the majority of projects, representing about 60% of near-term capex. Timing of capex is closely aligned with regulatory approvals, and active supply chain management has constrained unit cost inflation.
Operations and maintenance
Routine upkeep of transmission and distribution lines, substations and gas pipelines underpins system reliability and minimizes outages. Vegetation management programs and regular inspections account for a large share of O&M activity. Ongoing IT/OT support and efficiency initiatives, together with customer operations, further drive O&M expenditures and performance.
Fuel and purchased power
Natural gas supply and third-party power purchases for Fortis Canada are variable and managed through hedging and long-term contracts to limit price volatility; in 2024 the company continued using fixed-price and derivative arrangements to stabilize commodity exposure. Regulated cost-recovery riders typically allow pass-through of these fuel and purchased-power costs to customers. Winter seasonal peaks drive planning, storage and procurement to meet significantly higher demand.
Labor and contractor services
Labor and contractor services are core to Fortis Canada’s cost structure; a largely unionized skilled workforce (about 9,000 employees in 2024) drives recurring payroll and benefits. Contractors spike spend during capital projects and storm response, while continuous training and safety programs and retention benefits materially affect operating competitiveness and margins.
- Unionized workforce ~9,000 (2024)
- Contractor surge for storms/projects
- Continuous training/safety spend
- Benefits/retention impact on margins
Depreciation, interest, and compliance
Depreciation of Fortis regulated assets is recognized over multi-decade lives, driving steady non-cash charges that match long-term rate bases; 2024 capital plan ~C$3.5B supports asset growth and future depreciation. Interest expense reflects significant debt financing across utilities, and compliance with reliability, safety, and environmental rules raises operating and capital costs. Reporting, regulatory filings, and audits in 2024 maintain transparency and regulatory cost recovery.
- Regulated asset lives: multi-decade
- 2024 capital plan: C$3.5B
- High debt-driven interest costs
- Compliance and audit expenses ongoing
C$3.5B capex 2024; ~60% grid/renewables; unionized 9k
Fortis Canada cost structure centers on a C$3.5B 2024 capital plan (≈C$2.8B near-term capex), ~9,000 unionized staff, and ~60% of capex for grid automation, resiliency and renewables; regulated multi-decade depreciation and high debt-driven interest shape non-cash and financing costs, while O&M (vegetation, inspections, IT/OT) and commodity hedges manage operating volatility.
| Metric | 2024 Value |
|---|---|
| Capital plan | C$3.5B |
| Near-term capex | ≈C$2.8B |
| Workforce (unionized) | ~9,000 |
| Capex share: grid/renewables | ~60% |
Revenue Streams
Regulated distribution rates
Tariffed charges for electricity and gas delivery form Fortis Canada’s core revenue, backed by a regulated rate base above C$30 billion in 2024; cost-of-service recovery plus an allowed return (commonly 7–9% in recent Canadian decisions) underpins earnings. Decoupling mechanisms and riders in several jurisdictions stabilize revenue against volumetric swings. A broad customer base—over 3 million utility customers in 2024—adds durability.
Transmission tariffs
Transmission tariffs are regulated fees charged for use of Fortis high-voltage networks and interties, providing stable cash flow tied to rate base. Multi-year rate plans (supporting Fortis' 2024 CAD 2.4 billion capital program) enhance revenue visibility and allowed recovery. Performance incentives can boost returns when reliability targets are met. Cross-border transmission assets diversify income across Canadian and U.S. jurisdictions.
Generation and PPAs
Revenue from Fortis owned plants and long-term contracts drives recurring cash flow: capacity and energy payments provide stability through predictable tariff-like receipts. In 2024 long-term renewable PPAs, often 15–20 year terms, align with Canadian net-zero and provincial procurement targets, reducing market exposure. Sales of ancillary services (frequency, voltage support) can add incremental margin to generation returns.
Gas distribution margins
Gas distribution margins are recovered through delivery charges and explicit cost-recovery mechanisms that pass fuel and purchased-gas costs through to customers, stabilizing utility earnings while preserving margin on volumetric delivery fees.
Weather normalization clauses and rider mechanisms reduce margin volatility by adjusting billed volumes for heating degree-day swings; customer growth and conversions to natural gas increase fixed-margin volumes, while efficiency programs (demand-side management) shift usage patterns and can modestly constrain volumetric growth.
- Delivery charges: cost-recovery plus volumetric margin
- Weather normalization: reduces HDD-driven volatility
- Customer growth/conversions: organic upside to margins
- Efficiency programs: alter usage, modestly cap volume growth
Other services and fees
Connection, late and service fees complement Fortis Canada’s core distribution revenues by improving margin stability and customer-service cost recovery, while energy-efficiency program administration and rebates are often treated as recoverable items under regulatory riders. Pole attachment and rental income provide ancillary, low-volatility cash flow supporting capital programs. Miscellaneous revenues, including meter services and permit fees, diversify the revenue mix.
- Fee recovery: stabilizes margins
- EE programs: recoverable via riders
- Pole attachments: ancillary income
- Miscellaneous: revenue diversification
Rate-regulated: >C$30B RAB, >3M, 7–9%
Tariffed electricity and gas delivery (rate base > C$30B in 2024) and allowed returns (~7–9%) form core revenues, supported by decoupling and riders. Transmission and long‑term generation contracts (PPAs 15–20y) provide stable cash flow; Fortis served >3M customers in 2024. Fees, pole attachments and EE program riders add ancillary, low‑volatility income.
| Metric | 2024 |
|---|---|
| Regulated rate base | >C$30B |
| Customers | >3M |
| Capex program | C$2.4B |
| Allowed return | 7–9% |