Fortis expanding into the United States

St. John’s-based Fortis Inc. is acquiring a Vermont-based integrated electric utility company for US$700 million, giving the Newfoundland-based company its first entry into the U.S. regulated power industry. “CVPS is a well-run utility whose operations are very similar to those of our Canadian regulated utilities, allowing us to use our collective competencies to further enhance service to customers and returns to our shareholders,” said Fortis president and CEO Stan Marshall. Fortis already owns Newfoundland Power as well as other utilities in Ontario, British Columbia, Alberta and P.E.I.

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