Overview Key strengths Key risks Low-risk utility operations across U.S., Canada, and the Caribbean.Large scale with geographic and regulatory diversity. Large capital spending program over our forecast period. Negative discretionary cash flows over our forecast period indicate external funding needs. Fortis and its subsidiaries have a consistent track record of service reliability. Regulatory risk in some jurisdictions, including in New York, and Alberta. Effective regulatory risk management. Potential changes in incentive return on equity (ROE) for its U.S. subsidiary ITC Holdings Corp business. Managing energy transition risk at subsidiary Tucson Electric Power Co (TEP). These include funding its large capital spending programs in a credit-supportive manner, maintaining its effective regulatory risk management across its many jurisdictions, and managing energy transition
