04:45:52 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Fortis Inc
Symbol FTS
Shares Issued 284,486,903
Close 2016-10-03 C$ 41.53
Market Cap C$ 11,814,741,082
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Globe says outlook bright for Fortis in Arizona

2016-10-04 09:23 ET - In the News

The Globe and Mail reports in its Tuesday, Oct. 4, edition that Fortis acquired a utility company in Arizona in 2014. The Globe's guest columnist Gail Johnson writes that the purchase allowed Fortis to gain a stronger foothold in the United States after its initial foray there in New York two years earlier. Chief executive officer Barry Perry says that Fortis began looking at the U.S. several years ago, after it expanded across Canada. It acquired Central Hudson Gas and Electric in 2012 as its "small, first entry" into the U.S., before acquiring UNS Energy. Its Tucson Electric Power employs about 2,000 people and supplies electricity to about one million people in that city and surrounding area. Mr. Perry says Fortis's experience in Arizona "has been very positive." Fortis has since gone on to announce an agreement to acquire ITC Holdings, the largest independent transmission utility in the U.S. with operations in seven states. However, Mr. Perry says he sees the possibility of expanding in Arizona because of the potential growth of renewable power and solar generation. The sun shines 350 days a year there. Export Development Canada says Arizona has the potential to be the "Saudi Arabia of solar power."

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