Here are 1-3 brief analogies for Fortis:

1. Fortis is like the Duke Energy or Southern Company of Canada and parts of the U.S. and Caribbean, providing essential electricity and natural gas.
2. Think of Fortis as a utility powerhouse that operates critical infrastructure to deliver power and gas, similar to how Consolidated Edison serves New York City, but on a much larger, multi-national scale.

• Electricity Generation: The production of electrical energy through various power plants.
• Electricity Transmission: The high-voltage transfer of electricity from generation sites to distribution networks.
• Electricity Distribution: The delivery of electricity at lower voltages from substations to homes and businesses.
• Natural Gas Distribution: The delivery of natural gas through pipelines to residential, commercial, and industrial customers.

Fortis Inc. (FTS) is an international electric and gas utility company. As such, it primarily sells electricity and natural gas directly to end-users within its various regulated and non-regulated service territories, rather than to a few major corporate customers.

The company primarily serves the following categories of customers:

• Residential Customers: These include households and individual consumers who use electricity and natural gas for personal and domestic purposes such as heating, cooling, lighting, and powering appliances.
• Commercial Customers: This category encompasses small and medium-sized businesses, offices, retail establishments, public institutions (e.g., schools, hospitals), government buildings, and other non-industrial enterprises that require energy for their operations.
• Industrial Customers: These are large-scale businesses, manufacturing plants, resource extraction operations, and other industrial facilities that consume substantial amounts of electricity and natural gas for their production processes and operations.

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Mr. Hutchens was appointed President and Chief Executive Officer of Fortis Inc. in January 2021. His career in the energy sector spans over 25 years, during which he has held various leadership positions within Fortis and its electric and gas utilities, particularly in Arizona. He served as Chief Operating Officer of Fortis (appointed in January 2020) while concurrently holding the position of CEO of UNS Energy Corporation, the parent company of Tucson Electric Power. Prior to these roles, he was the Executive Vice President of Western Utility Operations of Fortis, also maintaining his responsibilities as President and CEO of UNS Energy Corporation. Mr. Hutchens spent over 20 years with UNS Energy, advancing from Vice President to Executive Vice President, and then to President in December 2011, before becoming CEO in May 2014. He is a former nuclear submarine officer in the U.S. Navy.

Ms. Perry is the Executive Vice President and Chief Financial Officer of Fortis Inc., a position she was appointed to on April 30, 2018. She has an extensive career in the utility business, including 13 years at Newfoundland Power, a Fortis subsidiary, where she held various roles such as Chief Financial Officer, Chief Operating Officer, and President and Chief Executive Officer. Ms. Perry previously served as the Director of Finance at Fortis and held other financial capacities in the private sector prior to joining Fortis as Director of Financial Reporting in 2002. Earlier in her career, she worked in corporate audit for a local telecommunications company, where she was involved with the acquisitions team.

Mr. Smith serves as the Executive Vice President, Operations and Technology at Fortis Inc.. He has a long tenure with the Fortis group of companies, spanning over 35 to 40 years, holding numerous senior leadership positions. His past roles include Executive Vice President of Eastern Canadian and Caribbean Operations at Fortis Inc., President and Chief Executive Officer of Newfoundland Power, and Vice President of Operations and Engineering at FortisAlberta. He also served as Vice President of Customer Operations and Engineering of Newfoundland Power.

Mr. Reid is the Executive Vice President, Sustainability and Chief Legal Officer, and Corporate Secretary at Fortis Inc., having joined the company in 2018. Before his role at Fortis, he was a partner with Davies Ward Phillips & Vineberg LLP in Toronto for 20 years. During his time in private practice, Mr. Reid developed a diverse corporate and securities law practice, specializing in mergers and acquisitions and corporate finance. He also had a 15-year advisory relationship with Fortis on matters such as corporate governance, capital market transactions, regulatory applications, and M&A in Canada and the U.S.. Additionally, he taught an Advanced Business Law Workshop as an adjunct professor at Osgoode Hall Law School for a decade.

Mr. Lochray holds the position of Executive Vice President, Strategy & Business Development at Fortis Inc.. Specific details about his background, previous companies, or involvement with private equity firms were not readily available in the provided search results.

The proliferation of distributed energy resources (DERs) such as customer-owned rooftop solar and battery storage. As the costs for these technologies continue to decline, a growing number of customers may opt to generate and store their own electricity, reducing their reliance on the traditional grid and consequently diminishing demand for Fortis's centralized electricity generation and delivery services. This trend poses a direct threat to conventional utility revenue models, asset utilization, and future load growth projections, potentially leading to slower earnings growth or stranded assets if the company's business model does not adapt to grid modernization and service new distributed energy ecosystems.

Accelerating decarbonization mandates and policies from governments and regulators across Fortis's operating regions. Increasingly aggressive targets for phasing out fossil fuel-based electricity generation and transitioning natural gas distribution systems can compel rapid and substantial capital expenditures in new renewable energy infrastructure and grid modernization. This also introduces the risk of premature retirement and potential stranding of existing fossil fuel assets, presenting significant financial and operational challenges regarding cost recovery and the pace of transformation.

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Fortis Inc. (FTS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and underlying industry trends:

1. Substantial Capital Expenditure Plan and Rate Base Growth: Fortis has outlined a robust 2026-2030 capital plan totaling $28.8 billion, a $2.8 billion increase over its previous plan. This significant investment is projected to grow the midyear rate base from $41.9 billion in 2025 to $57.9 billion by 2030, representing an annual growth rate of 7.0%. This expansion of regulated assets provides a stable foundation for revenue growth through regulated returns.
2. Investments in Transmission and Distribution Infrastructure: A large portion, approximately 77%, of the new capital plan is specifically allocated to transmission and distribution investments. These investments are critical for enhancing grid reliability and modernizing infrastructure. For instance, the increase in the capital plan is driven by higher transmission investments at ITC, including new interconnections and projects related to the Midcontinent Independent System Operator (MISO) long-range transmission plan.
3. Cleaner Energy and Decarbonization Investments: Fortis is significantly investing in cleaner energy initiatives. Approximately 27% of its prior five-year capital plan was directed towards connecting renewables to the grid, renewable and storage projects in Arizona and the Caribbean, and cleaner fuel solutions in British Columbia. The current capital plan continues to support the interconnection of new energy resources and investments in renewable gas and liquefied natural gas infrastructure. Policy-driven decarbonization efforts are also expected to enhance net margins.
4. Customer and Load Growth: Growth in customer demand and electricity load across its service territories is a fundamental driver. Incremental capital at UNS Energy, for example, is intended to serve load growth and increase reliability. Beyond the current five-year plan, Fortis sees opportunities for further expansion of the electric transmission grid in the U.S. to support ongoing load growth and accelerate cleaner energy infrastructure investments.
5. Supportive Regulatory Environment and Rate Increases: As a regulated utility, Fortis's revenue is directly influenced by approved rate structures. The company leverages government-approved rate hikes to generate returns on its capital investments. Supportive regulations, including higher allowed returns on equity (ROEs) and formulaic rate plans, are anticipated to improve net margins and facilitate faster cost recovery, contributing to revenue growth.

Share Repurchases

No specific dollar amounts for share repurchases made over the last 3-5 years were explicitly provided in the search results. Fortis's "Stock Buybacks (Quarterly) Trends" showed -9.00M for June 30, 2025, which indicates repurchases.

Share Issuance

• Fortis utilizes its dividend reinvestment plan as a source of common equity proceeds to help fund its capital programs.
• A 2% discount on common share issuances under the dividend reinvestment plan was reinstated effective December 1, 2020.
• An at-the-market common equity program of up to $500 million was available, providing funding flexibility, and subsequently terminated upon the filing of a prospectus in September 2023.

Outbound Investments

• Fortis completed the sale of Aitken Creek for approximately $470 million in November 2023.
• The company finalized the disposition of FortisTCI in September 2025 and sold its Belize assets in October 2025 to strengthen its balance sheet.

Capital Expenditures

• Fortis has consistently outlined increasing five-year capital plans: $25.0 billion for 2024-2028, $26.0 billion for 2025-2029, and its largest-ever plan of $28.8 billion for 2026-2030.
• Actual capital expenditures were approximately $4.0 billion in 2022, $4.3 billion in 2023, and an expected $5.2 billion for 2024, with approximately $5.6 billion anticipated for 2025.
• The primary focus of these expenditures includes investments in transmission infrastructure (particularly regional transmission projects at ITC in the U.S. Midwest), resource transition efforts (such as Tucson Electric Power's exit from coal in Arizona), system adaptation and resiliency, and investments driven by customer growth across its utilities.