Fortis is a Canadian regulated utility holding company that owns and operates electricity and natural gas delivery infrastructure across North America and the Caribbean. Fortis's core business is owning the "wires and pipes" — transmission lines, distribution networks, and gas pipelines — that move energy from generators or suppliers to end customers. Fortis does not take meaningful commodity risk; commodity costs pass through to customers at cost. Fortis operates through a portfolio of regulated subsidiaries, each serving a defined geographic territory as the sole energy delivery provider, with no customer choice of competing utility. Key subsidiaries include ITC (pure-play electric transmission in the U.S. Midwest), UNS Energy (vertically integrated electric and gas utility in Arizona), FortisBC Energy (the largest natural gas distributor in British Columbia), and Central Hudson (electric and gas distribution in New York's Mid-Hudson Valley). Fortis earns money by investing capital into regulated utility infrastructure and earning a regulator-approved return on that rate base, typically 9%–9.5% ROE across U.S. subsidiaries. Rate base growth directly drives earnings growth, and Fortis targets a ~7% rate base CAGR from roughly $42B in 2025 to $58B in 2030, funded by a $28.8B five-year capital plan. The largest growth driver is ITC's transmission buildout, followed by UNS Energy investment in Arizona, including potential data center load connections. Fortis has raised its dividend for 52 consecutive years and guides to 4%–6% annual dividend growth through 2030.