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Fortis Inc. owns utilities across Canada, the United States and Grand Cayman. Most revenue comes from electricity service, with natural gas delivery a smaller business concentrated in British Columbia. Utilities such as UNS Energy supply end users, combining generation with energy delivery, while FortisBC Energy delivers gas to homes and businesses. ITC operates electricity transmission networks and charges utilities and other wholesale customers to move power rather than selling electricity directly to households.
Customer rates are regulated. They generally give the utilities an opportunity to recover service costs and earn an approved return on the assets regulators allow into the rate base. Where permitted, purchased electricity, gas and fuel costs pass through to customers without markup. Earnings therefore depend on approved rates and returns, and on whether costs enter customer bills promptly—not simply on energy prices.
ITC relies on DTE, CMS and IPL for most of its revenue. Fortis itself is a holding company with no revenue-generating operations; cash reaches it through subsidiary dividends and loan repayments. Those payments depend on the utilities’ earnings and cash flow and are constrained by creditor obligations and regulatory capital requirements.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Emera Incorporated and Fortis both grow earnings by investing in Canadian and U.S. electric and gas utilities and securing approval to recover that investment through customer bills. Watch Emera's approved utility investment and allowed returns, especially at its Florida and Canadian electric utilities.
DTE Energy is a major paying customer of Fortis's ITC, buying transmission service to support its Michigan electricity business; it also operates a regulated gas utility. DTE's service to southeastern Michigan electricity customers is the business to watch for this customer tie.
CMS Energy is a principal customer paying Fortis's ITC to transmit electricity, while most of CMS's business comes from serving Michigan electric and gas customers through Consumers. Watch Consumers' utility revenue rather than CMS's smaller independent power business.
Alliant Energy's IPL is a principal customer paying Fortis's ITC for electricity transmission; Alliant serves electric and gas customers in Iowa and Wisconsin through regulated utilities. IPL's Iowa electricity business is the part most directly tied to Fortis, rather than Alliant's Wisconsin utility.
Exelon offers a delivery-network comparison for Fortis: both principally earn from regulated networks that carry electricity and gas to customers, rather than competitive generation. Exelon buys the electricity it delivers instead of generating it, so its transmission and distribution results are the relevant comparison.
National Grid and Fortis both invest in regulated networks that deliver electricity and gas to customers, including businesses in the northeastern United States. National Grid's U.S. network business is the closer comparison for Fortis than its electricity networks in England and Wales.
Con Edison's New York rate decisions offer a comparison for Fortis's Central Hudson, since both charge customers regulated rates to deliver electricity and gas. Watch the investment and returns approved in Con Edison's New York rate plans: Central Hudson's new rates and higher allowed equity return helped Fortis's 2024 earnings.
Ameren and Fortis share exposure to federal decisions on what their MISO transmission networks can charge utilities and other electricity customers, alongside regulated electric and gas businesses. Watch Ameren Transmission's return decisions: a retroactive MISO return reduction reduced ITC's 2024 earnings.
American Electric Power and Fortis both earn from regulated electricity delivery and substantial transmission networks, as well as utilities that generate and sell power to customers. AEP's transmission and distribution businesses provide the comparison for ITC, while its integrated utilities are closer to Fortis's Arizona operations.
FirstEnergy provides a comparison for Fortis's regulated grid investment, with both operating substantial networks that transmit electricity and deliver it to customers in North America. FirstEnergy's separate transmission results are the cleaner comparison for ITC than its integrated segment, which also includes generation.
CenterPoint Energy and Fortis both earn from electricity transmission and distribution networks alongside utilities delivering natural gas to customers. Houston Electric's Texas delivery business is the clearer network comparison; CenterPoint's Indiana electric business also generates and sells wholesale power.
Eversource Energy and Fortis principally earn from regulated networks carrying electricity and gas to customers. Watch Eversource's New England electric transmission and distribution results for the closest comparison, keeping its water utility business separate.
WEC Energy Group combines regulated electric and gas service to customers with a majority stake in ATC, a transmission-network business comparable to Fortis's ITC. ATC's operations in Illinois, Michigan, Minnesota and Wisconsin are the specific transmission business to watch.
Pinnacle West's APS and Fortis's UNS Energy share exposure to Arizona electricity demand and weather, generating and delivering power to customers under regulation. Watch APS's retail electricity business: milder weather lowered UNS Energy's retail electricity sales in fourth-quarter 2025.
Algonquin Power & Utilities Corp and Fortis both rely principally on regulated utilities paid by customers, and they also co-own Wataynikaneyap Power. Fortis holds 39% and Algonquin 10% of the transmission project connecting 17 remote First Nations communities to Ontario's grid.
FortisBC Energy depends on TC Energy's pipelines to bring in the Alberta-sourced portion of its gas supply for customers, though most supply travels on Westcoast Energy's T-South pipeline. Watch TC Energy's transportation capacity and service on that route; FortisBC Energy recovers pipeline charges through rates paid by core-market customers.
Housing Starts (Sep)
New-home construction tracks building activity that can create chances for Fortis to connect gas customers, while affecting demand for its gas-delivery service and related revenue.
Expected1.31MLast release1.275M
If it comes in above expectations
If the reading is above the 1.31M estimate, it is above the previous 1.275M. More building can give FortisBC Energy and other gas utilities more opportunities to connect homes, but if buyers choose electricity or other carbon-free options instead, gas-customer growth may be limited.
If it comes in below expectations
Less building can mean fewer opportunities for Fortis’s gas utilities to connect new homes, limiting potential growth in gas-delivery customers and revenue.
CMS Energy Corporation earningsCMS
CMS Energy's report will show how its Consumers utility business is holding up; Consumers is a major customer that pays Fortis's ITC for transmission service.
Focus on Consumers' utility revenue and operations, not CMS's smaller independent power business. If Consumers holds up, a major ITC customer's operating base looks steady; if it weakens, pressure at that customer bears watching, but this report alone cannot show how ITC's transmission revenue will change.
FirstEnergy Corp. earningsFE
FirstEnergy's separate transmission results will show how another regulated grid operator is faring, giving readers a comparison for Fortis's ITC.
Read FirstEnergy's separately reported transmission results and the company's explanation for any change. Stronger results would show that this peer's grid business is producing better outcomes; weaker results could reflect pressure on its own regulated returns or operations. The companies do not share the same rates or regulatory decisions, so this is a comparison for ITC, not a substitute for ITC's results.
Fed Interest Rate Decision
Fortis’s CAD 28.8 billion investment plan relies partly on regulated-utility debt, so interest-rate decisions affect what it pays to borrow and can pressure or ease earnings.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise the cost of new or repriced utility borrowing, increasing interest expense and leaving less earnings after financing Fortis’s investment.
If it comes in below expectations
Lower rates can reduce the cost of new or repriced utility borrowing, easing interest expense and leaving more earnings after financing Fortis’s investment.
Fortis Inc. earningsThis company
Fortis's report will show whether investment in its electricity and gas networks is translating into earnings for shareholders and cash to support capital spending.
Read earnings attributable to common shareholders alongside operating cash flow, then compare both with capital spending. If earnings and cash flow strengthen, regulated-network investment is contributing to returns and providing more cash for construction. If either weakens while spending remains high, Fortis will need more borrowing or other financing to carry out its plan.
Pinnacle West Capital Corporation earningsPNW
Pinnacle West's report will show how retail electricity sales at APS are changing in Arizona, offering a demand and weather comparison for Fortis's UNS Energy.
Read APS retail electricity sales alongside any weather explanation. Stronger sales would point to firmer electricity demand in the same state, which may support customer use at UNS Energy; weaker sales would suggest less demand support. The utilities have different rates and business mixes, so APS's results do not translate directly into UNS Energy revenue or profit.
Ameren Corporation earningsAEE
Ameren's report will show how MISO return decisions affect its transmission business, a useful comparison for the federal regulatory risk facing Fortis's ITC.
Watch Ameren's explanation of how MISO return decisions affect its transmission business. Stable or favorable returns would mean this peer is not facing similar return pressure; a reduction would show how federal regulation can lower transmission earnings. ITC is also federally regulated, but the companies have separate rate decisions, so Ameren's outcome does not establish ITC's.
Consolidated Edison, Inc. earningsED
Con Edison's report will show how investment and allowed returns figure in its regulated New York electric and gas results, offering a comparison for Fortis's Central Hudson.
Read Con Edison's New York utility results alongside the investment and allowed returns in its rate plans. If those investments and returns show up in stronger results, the plans are supporting this peer's earnings; if results are weaker, costs and other regulatory terms matter. Central Hudson also relies on regulated rates to recover service costs and earn an allowed return, but its rate plans are separate, so Con Edison is a comparison, not a direct read-through.
TC Energy Corporation earningsTRP
TC Energy's report will show how its pipelines are serving the Alberta-sourced portion of gas supplied to Fortis's FortisBC Energy, which relies on that transportation to serve customers.
Watch TC Energy's updates on transportation capacity and service on the relevant route. Reliable service gives FortisBC Energy a dependable path for this portion of its gas supply; constrained capacity or an interruption would put supply reliability under pressure. Pipeline charges are recovered through core-market customer rates, so they affect delivery and customer bills rather than directly adding to Fortis's profit. Most FortisBC Energy gas supply travels on Westcoast Energy's T-South pipeline.
