Power output during the late s and s, moreover, increased rapidly as Newfoundland Light and Power labored to extend its services outside of St. John's and throughout Newfoundland. The company constructed several new generation facilities and updated infrastructure throughout the period. New infrastructure included an innovative steam plant during the mids and replacement of incandescent street lights with high-efficiency mercury-vapor lamps during the early s.
Meanwhile, the company overcame memorable obstacles to progress, including a devastating sleet storm that wreaked havoc on the electricity delivery systems. It was during the s and s, when Newfoundland Light and Power began reaching outside of its traditional boundaries near St. John's, that its potential service offerings began to overlap with those of other power companies.
Since the early s, in fact, several smaller electric companies had emerged in more rural areas of Newfoundland. John's since the early s. UELP had started in and, like UTE, had merged with or purchased several other power suppliers to become a major rural power company. During the early s, UTE, UELP, and Newfoundland Light and Power--the three established private utility companies in Newfoundland--became physically joined when they linked power lines in various projects.
The linking of the three companies started the ball rolling toward the inevitable merger of a province-wide utility company. Other factors driving the union included pubic pressure for uniform electric rates, territorial disputes between the three companies, and the need for an integrated provincial power grid system.
The Newfoundland Light and Power moniker carried over primarily because that predecessor company was far and away the largest energy producer with about 95, kilowatts of capacity, compared to 25, and 4, for UTE and UELP, respectively. The newly amalgamated company enjoyed a customer base of more than 80, Executives spent the next few years consolidating operations and streamlining the 77 different rate categories into just three.
Management and administrative operations were combined and the systems were updated to create a uniform, Province-wide company. Meanwhile, electricity consumption in the region soared, particularly during the s when the company encouraged customers to heat their homes with electricity.
In alone, Newfoundland's electricity use surged more then 20 percent. To keep up with increased demand Newfoundland Light and Power added capacity and updated infrastructure. During the early s rampant growth was squelched by the energy crises that pushed up electricity prices. Still, Newfoundland Light managed to post five percent annual consumption gains throughout the period and into the mids.
Its growth was predictably stable during most of the decade and into the s because of its status as a government-regulated and protected utility. During the same period, the company's customer base increased from about , to ,, and then to , By the company was operating about 30 generating plants and serving roughly 85 percent of the province's electricity consumers. It purchased most of the electricity it sold from the Newfoundland and Labrador Hydro Electric Corporation.
After years of operating purely as a government-regulated utility, however, Newfoundland Light and Power embarked on a new course in the late s and early s. The change was partially the result of a new president.
In Angus Bruneau was hired to run the company. Bruneau differed from his immediate predecessors in that his background was not in the utility or government sector. Among other initiatives, Bruneau created an advisory council designed to improve the company's customer relations. More importantly, it was under Bruneau's leadership that Newfoundland Light and Power began the transformation from a regulated public utility to a private-sector company engaged in nonregulated business.
In the company created a holding company--Fortis, Inc. The move was designed to allow the company, through Fortis, to participate in non-utility ventures. James R. Regan P. Tracey Colleen Ball Independent Director. Blouin Independent Director. Clark Independent Director. Dilley Independent Director. Jo Mark Zurel Independent Director. Lawrence T.
Borgard Independent Director. Bonavia Independent Director. Dobson Independent Director. Average Growth Rates Fortis Inc. Insider Trading Fortis Inc. Ownership Fortis Inc. Investment Management 2. Source: FactSet Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays.
Source: FactSet Data are provided 'as is' for informational purposes only and are not intended for trading purposes. Sources: CoinDesk Bitcoin , Kraken all other cryptocurrencies Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. Douglas J. Telecon, Inc. Newmont Corp. CH Energy Group, Inc. Major Drilling Group International, Inc. He served as Chairman of Fortis Inc. Maritime Electric, located on Prince Edward Island, was our first electric utility investment in This was followed by investments in Ontario in His career with Fortis spanned 35 years and, under his leadership, Fortis became the largest investor-owned gas and electric distribution utility in Canada.
Fortis embarked on international expansion with investments in Belize in and the Cayman Islands in Fortis announced an agreement to acquire electric utilities in Alberta and British Columbia from Aquila Inc. Fortis added to its Caribbean interests with the purchase of two utilities on the Turks and Caicos Islands. Fortis expanded its activities to include gas distribution with the purchase of Terasen in British Columbia in Terasen was later renamed FortisBC Energy.
ITC owns and operates high-voltage transmission operations in seven states. The transaction closed on October In , the common shares of Fortis Inc. Fortis celebrated its 30th year of trading on the Toronto Stock Exchange as it began trading on December 29, During that time, the Company has grown significantly, becoming a leader in the North American regulated electric and gas utility industry.
These utilities are included in the "Other Electric" segment in financial and investor relations materials. Fortis is a responsible energy partner for our communities and customers and we are committed to doing our part to deliver a cleaner energy future. Fortis demonstrates leadership in advancing inclusion and diversity in our workplace by taking meaningful and sustainable actions that influence our culture, our people and our community.
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