| Table of Contents | ||||||||||||||
| Forward-Looking Information | 2 | Governance and Oversight | 19 | |||||||||||
| Glossary | 3 | Risk Management and Strategy | 20 | |||||||||||
| Corporate Structure | 5 | Social and Environmental Policies | 21 | |||||||||||
| Name and Incorporation | 5 | Ethical Conduct | 21 | |||||||||||
| Inter-Corporate Relationships | 5 | Climate Change and Environmental Matters | 21 | |||||||||||
| General Development of the Business | 5 | Safety and Reliability | 21 | |||||||||||
| Overview | 5 | Environmental Regulation and Contingencies | 21 | |||||||||||
| Three-Year History | 6 | Capital Structure and Dividends | 22 | |||||||||||
| Outlook | 7 | Description of Capital Structure | 22 | |||||||||||
| Description of the Business | 7 | Dividends and Distributions | 22 | |||||||||||
| Regulated Utilities | 8 | Debt Covenant Restrictions on Dividend Distributions | 23 | |||||||||||
| ITC | 8 | Credit Ratings | 23 | |||||||||||
| UNS Energy | 10 | Directors and Officers | 25 | |||||||||||
| Central Hudson | 12 | Audit Committee | 27 | |||||||||||
| FortisBC Energy | 12 | Members | 27 | |||||||||||
| FortisAlberta | 14 | Education and Experience | 27 | |||||||||||
| FortisBC Electric | 14 | Pre-Approval Policies and Procedures | 28 | |||||||||||
| Other Electric | 15 | External Auditor Service Fees | 28 | |||||||||||
| Non-Regulated | 17 | Transfer Agent and Registrar | 28 | |||||||||||
| Corporate and Other | 17 | Interests of Experts | 28 | |||||||||||
| Human Resources | 18 | Additional Information | 29 | |||||||||||
| Legal Proceedings and Regulatory Actions | 18 | Exhibit A: Summary of Terms and Conditions of Authorized Securities | 30 | |||||||||||
| Interest of Management and Others in Material Transactions | 19 | Exhibit B: Market for Securities | 32 | |||||||||||
| Risk Factors | 19 | Exhibit C: Audit Committee Mandate | 34 | |||||||||||
| Cybersecurity | 19 | Exhibit D: Material Contracts | 41 | |||||||||||
| Revenue (%) | ||||||||
| 2024 | 2023 | |||||||
| Network revenues | 72.3 | 70.7 | ||||||
| Regional cost-sharing revenues | 24.7 | 24.8 | ||||||
| Point-to-point | 1.3 | 1.2 | ||||||
| Scheduling, control and dispatch | 1.1 | 1.3 | ||||||
| Other | 0.6 | 2.0 | ||||||
| Total | 100.0 | 100.0 | ||||||
| Revenue (%) | GWh Sales (%) | PJ Volumes (%) | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Residential | 63.1 | 61.9 | 42.9 | 42.6 | 22.3 | 22.1 | ||||||||||||||
| Commercial | 30.0 | 29.4 | 39.7 | 39.4 | 28.7 | 28.3 | ||||||||||||||
| Industrial | 4.6 | 3.8 | 16.6 | 17.5 | 42.5 | 42.6 | ||||||||||||||
| Wholesale (1) | 0.9 | 1.2 | 0.8 | 0.5 | 6.5 | 7.0 | ||||||||||||||
| Other (2) | 1.4 | 3.7 | — | — | — | — | ||||||||||||||
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | ||||||||||||||
| Customers | Peak Demand (1) | Electric T&D Lines (circuit km) | Gas T&D Lines (km) | Generating Capacity (MW) | Revenue ($ millions) | GWh Sales | Gas Volumes (PJ) | Employees | |||||||||||||||||||||||||||
| Regulated Utilities | |||||||||||||||||||||||||||||||||||
| ITC | — | 22,683 | MW | 26,100 | — | — | 2,229 | — | — | 787 | |||||||||||||||||||||||||
| UNS Energy | 727,000 | 3,291 | MW | 23,300 | 5,100 | 3,442 | 3,007 | 16,680 | 17 | 2,087 | |||||||||||||||||||||||||
| 114 | TJ | ||||||||||||||||||||||||||||||||||
| Central Hudson | 405,000 | 1,103 | MW | 15,300 | 2,400 | 43 | 1,372 | 5,060 | 25 | 1,245 | |||||||||||||||||||||||||
| 137 | TJ | ||||||||||||||||||||||||||||||||||
| FortisBC Energy | 1,098,000 | 1,705 | TJ | — | 51,700 | — | 1,665 | — | 220 | 2,160 | |||||||||||||||||||||||||
| FortisAlberta | 603,000 | 2,867 | MW | 91,100 | — | — | 817 | 17,324 | — | 1,326 | |||||||||||||||||||||||||
| FortisBC Electric | 195,000 | 818 | MW | 7,400 | — | 225 | 545 | 3,513 | — | 583 | |||||||||||||||||||||||||
| Other Electric | |||||||||||||||||||||||||||||||||||
| Newfoundland Power | 277,000 | 1,510 | MW | 11,600 | — | 145 | 782 | 5,926 | — | 647 | |||||||||||||||||||||||||
| Maritime Electric | 91,000 | 313 | MW | 7,000 | — | 90 | 281 | 1,523 | — | 242 | |||||||||||||||||||||||||
| FortisOntario | 70,000 | 268 | MW | 3,400 | — | 3 | 241 | 1,366 | — | 227 | |||||||||||||||||||||||||
| Caribbean Utilities | 35,000 | 128 | MW | 800 | — | 166 | 410 | 749 | — | 275 | |||||||||||||||||||||||||
| FortisTCI | 18,000 | 46 | MW | 700 | — | 99 | 124 | 315 | — | 165 | |||||||||||||||||||||||||
| Non-Regulated | |||||||||||||||||||||||||||||||||||
| Corporate and Other | — | — | — | — | 51 | 35 | 215 | — | 104 | ||||||||||||||||||||||||||
| Total | 3,519,000 | 33,027 | MW | 186,700 | 59,200 | 4,264 | 11,508 | 52,671 | 262 | 9,848 | |||||||||||||||||||||||||
| 1,956 | TJ | ||||||||||||||||||||||||||||||||||
| Customers | Peak Demand (MW) | T&D Lines (circuit km) | Generating Capacity (MW) | Resource Type(s) | |||||||||||||
| Newfoundland Power | 277,000 | 1,510 | 11,600 | 145 | Hydroelectric, Gas, Diesel | ||||||||||||
| Maritime Electric | 91,000 | 313 | 7,000 | 90 | Diesel | ||||||||||||
| FortisOntario (1) | 70,000 | 268 | 3,400 | 3 | Natural Gas Cogeneration | ||||||||||||
| Caribbean Utilities (2) | 35,000 | 128 | 800 | 166 | Diesel | ||||||||||||
| FortisTCI | 18,000 | 46 | 700 | 99 | Diesel, Solar | ||||||||||||
| Total | 491,000 | 2,265 | 23,500 | 503 | |||||||||||||
