FTS Fortis Inc

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Nature of Operations

Fortis Inc. ("Fortis" or the "Corporation") is a well-diversified North American regulated electric and gas utility holding company.

Earnings for interim periods may not be indicative of annual results due to: (i) the impact of seasonal weather conditions on customer demand; (ii) the impact of market conditions, particularly with respect to long-term wholesale sales at UNS Energy; (iii) changes in the U.S.-to-Canadian dollar exchange rate; and (iv) the timing and significance of regulatory decisions. Earnings of the gas utilities tend to be highest in the first and fourth quarters due to space-heating requirements. Earnings of the electric distribution utilities in the U.S. tend to be highest in the second and third quarters due to the use of air conditioning and other cooling equipment.

Entities within the reporting segments that follow operate with substantial autonomy.

Regulated Utilities

ITC: ITC Investment Holdings Inc., ITC Holdings Corp. and the electric transmission operations of its regulated operating subsidiaries, which include International Transmission Company, Michigan Electric Transmission Company, LLC, ITC Midwest LLC and ITC Great Plains, LLC. Fortis owns 80.1% of ITC and an affiliate of GIC Private Limited owns a 19.9% minority interest.

UNS Energy: UNS Energy Corporation, which primarily includes Tucson Electric Power Company ("TEP"), UNS Electric, Inc. ("UNSE") and UNS Gas, Inc.

Central Hudson: CH Energy Group, Inc., which primarily includes Central Hudson Gas & Electric Corporation.

FortisBC Energy: FortisBC Energy Inc.

FortisAlberta: FortisAlberta Inc.

FortisBC Electric: FortisBC Inc.

Other Electric: Eastern Canadian and Caribbean utilities, as follows: Newfoundland Power Inc.; Maritime Electric Company, Limited; FortisOntario Inc.; a 39% equity investment in Wataynikaneyap Power Limited Partnership; an approximate 60% controlling interest in Caribbean Utilities Company, Ltd. ("Caribbean Utilities"); FortisTCI Limited and Turks and Caicos Utilities Limited (collectively "FortisTCI"); and a 33% equity investment in Belize Electricity Limited ("Belize Electricity").

Non-Regulated

Corporate and Other: Captures expenses and revenues not specifically related to any reportable segment and those business operations that are below the required threshold for segmented reporting. Consists of non-regulated holding company expenses, as well as non-regulated long-term contracted generation assets in Belize. Also includes results for the Aitken Creek natural gas storage facility ("Aitken Creek") until the November 1, 2023 date of disposition.

Regulation of the Corporation's utilities is generally consistent with that disclosed in Note 2 of the Corporation's annual audited consolidated financial statements ("2023 Annual Financial Statements"). A summary of significant outstanding regulatory matters follows.

ITC

MISO Base ROE: In 2022, the U.S. Court of Appeals for the District of Columbia Circuit issued a decision vacating certain Federal Energy Regulatory Commission ("FERC") orders that had established the methodology for setting the base return on equity ("ROE") for transmission owners operating in the Midcontinent Independent System Operator, Inc. ("MISO") region, including ITC. This matter dates back to complaints filed at FERC in 2013 and 2015 challenging the MISO base ROE then in effect. The court has remanded the matter to FERC for further process, the timing and outcome of which remain unknown.

Transmission Incentives: In 2021, FERC issued a supplemental notice of proposed rulemaking ("NOPR") on transmission incentives modifying the proposal in the initial NOPR released by FERC in 2020. The supplemental NOPR proposes to eliminate the 50-basis point regional transmission organization ("RTO") ROE incentive adder for RTO members that have been members for longer than three years. The timing and outcome of this proceeding remain unknown.

Transmission Right of First Refusal ("ROFR"): In December 2023, the Iowa District Court ruled that the manner in which Iowa's ROFR statute was passed is unconstitutional. The statute granted incumbent electric transmission owners, including ITC, a ROFR to construct, own and maintain certain electric transmission assets in the state. The District Court did not make any determination on the merits of the ROFR itself, but did issue a permanent injunction preventing ITC and others from taking further action to construct the MISO long range transmission plan ("LRTP") tranche 1 Iowa projects in reliance on the ROFR. In July 2024, a judge on the Iowa Supreme Court granted a motion filed by ITC requesting a stay of the injunction issued by the District Court. With the stay of the injunction in place, ITC is permitted to advance construction of all Iowa tranche 1 projects originally awarded to the company in 2022. Certain complainants have requested that the judge's order be reviewed by a full quorum of the Iowa Supreme Court. Until there is more certainty around the resolution of these matters, we cannot predict the impact on the timing of capital expenditures related to the LRTP tranche 1 Iowa projects.

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Central Hudson

2024 General Rate Application: In July 2024, the New York State Public Service Commission ("PSC") approved a one-year rate plan for Central Hudson with retroactive application to July 1, 2024, including an allowed ROE of 9.5%, an increase from the previous allowed ROE of 9.0%. The decision also concluded that there will be no change in the common equity component of capital structure of 48%.

Customer Information System ("CIS") Implementation: In June 2024, the PSC issued an order that concluded the investigation concerning Central Hudson's billing system implementation. The PSC also released the final report issued by an independent third-party which determined that the CIS is stable and the critical issues have been resolved. As part of the order, total costs of US$63 million were agreed to not be recovered from customers, of which the majority were recognized prior to 2024. The remaining costs to be recognized associated with the order, including Central Hudson's US$4 million contribution to a customer benefit fund recorded in the second quarter of 2024, are not expected to be material.

FortisBC Energy and FortisBC Electric

2025-2027 Rate Framework: In April 2024, FortisBC filed an application with the British Columbia Utilities Commission requesting approval of a rate framework for the period 2025 through 2027. The rate framework builds upon the current multi-year rate plan and includes, amongst other items, a revised level of operation and maintenance expense per customer indexed for inflation less a fixed productivity adjustment factor, a similar approach to growth capital, a forecast approach to sustaining and other capital, continued collection of an innovation fund recognizing the need to accelerate investment in clean energy innovation, and the continued sharing with customers of variances from the allowed ROE. The rate framework also proposes the continuation of deferral mechanisms currently in place. The regulatory process will continue throughout 2024, with a decision expected in mid-2025.

FortisAlberta

Generic Cost of Capital ("GCOC") Decision: In October 2023, the Alberta Utilities Commission ("AUC") issued a decision on the 2024 GCOC proceeding. In November 2023, FortisAlberta sought permission to appeal the GCOC decision to the Court of Appeal of Alberta ("Court of Appeal") on the basis that the AUC erred in its decision to not adjust FortisAlberta's ROE and common equity component of capital structure to address incremental business risk associated with competition from Rural Electrification Associations ("REAs") located in FortisAlberta's service area, as well as heightened regulatory risk due to the non-recovery of costs attributable to REAs. In April 2024, the Court of Appeal granted FortisAlberta permission to appeal, which is expected to be complete in the first quarter of 2025.

Third PBR Term Decision: In October 2023, the AUC issued a decision establishing the parameters for the third performance-based rate ("PBR") setting term for the period of 2024 through 2028. In November 2023, FortisAlberta sought permission to appeal the decision to the Court of Appeal on the basis that the AUC erred in its decision to determine capital funding using 2018-2022 historical capital investments without consideration for funding of new capital programs included in the company's 2023 cost of service revenue requirement as approved by the AUC. The timing and outcome of a decision on the request for appeal is unknown.

These condensed consolidated interim financial statements ("Interim Financial Statements") have been prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for rate-regulated entities and are in Canadian dollars unless otherwise indicated.

The Interim Financial Statements include the accounts of the Corporation and its subsidiaries and reflect the equity method of accounting for entities in which Fortis has significant influence, but not control, and proportionate consolidation for assets that are jointly owned with non-affiliated entities.

Intercompany transactions have been eliminated, except for transactions between non-regulated and regulated entities in accordance with U.S. GAAP for rate-regulated entities.

These Interim Financial Statements do not include all of the disclosures required in the annual financial statements and should be read in conjunction with the Corporation's 2023 Annual Financial Statements. In management's opinion, these Interim Financial Statements include all adjustments that are of a normal recurring nature, necessary for fair presentation.

The preparation of the Interim Financial Statements required management to make estimates and judgments, including those related to regulatory decisions, that affect the reported amounts of, and disclosures related to, assets, liabilities, revenues, expenses, gains, losses and contingencies. Actual results could differ materially from estimates.

The accounting policies applied herein are consistent with those outlined in the Corporation's 2023 Annual Financial Statements.

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Future Accounting Pronouncements

The Corporation considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board. Any ASUs not included in these Interim Financial Statements were assessed and determined to be either not applicable to the Corporation or are not expected to have a material impact on the Interim Financial Statements.

Segment Reporting: ASU No. 2023-07, Improvements to Reportable Segment Disclosures, is effective for Fortis' December 31, 2024 annual financial statements and for interim periods beginning in 2025, on a retrospective basis. The ASU requires disclosure of incremental segment information, including significant segment expenses and other items that are included in segment profit or loss. Fortis is continuing to assess the impact on its disclosures.

Income Taxes: ASU No. 2023-09, Improvements to Income Tax Disclosures, is effective for Fortis on January 1, 2025 on a prospective basis, with retrospective application and early adoption permitted. The ASU requires additional disclosure of income tax information by jurisdiction to reflect an entity's exposure to potential changes in tax legislation, and associated risks and opportunities. Fortis does not expect the ASU to materially impact its disclosures.

Fortis segments its business based on regulatory jurisdiction and service territory, as well as the information used by its President and Chief Executive Officer in deciding how to allocate resources. Segment performance is evaluated principally on net earnings attributable to common equity shareholders.

Related-Party and Inter-Company Transactions

Related-party transactions are in the normal course of operations and are measured at the amount of consideration agreed to by the related parties. There were no material related-party transactions for the three and six months ended June 30, 2024 and 2023.

Fortis periodically provides short-term financing to subsidiaries to support capital expenditures and seasonal working capital requirements, the impacts of which are eliminated on consolidation. As at June 30, 2024 and December 31, 2023, there were no material inter-segment loans outstanding. Interest charged on inter-segment loans was not material for the three and six months ended June 30, 2024 and 2023.

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			Regulated																														Non-Regulated
																																				Inter-
						UNS			Central			FortisBC			Fortis			FortisBC			Other			Sub									Corporate			segment
($ millions)			ITC			Energy			Hudson			Energy			Alberta			Electric			Electric			Total									and Other			eliminations			Total
Quarter ended June 30, 2024
Revenue			556			710			303			336			204			120			433			2,662									8			—			2,670
Energy supply costs			—			272			96			77			—			21			247			713									—			—			713
Operating expenses			129			189			167			101			50			34			62			732									7			—			739
Depreciation and amortization			111			101			31			84			75			22			55			479									1			—			480
Operating income			316			148			9			74			79			43			69			738									—			—			738
Other income, net			26			9			16			10			3			1			2			67									(2)			—			65
Finance charges			120			37			18			39			34			20			23			291									56			—			347
Income tax expense			51			16			2			13			8			4			5			99									(30)			—			69
Net earnings			171			104			5			32			40			20			43			415									(28)			—			387
Non-controlling interests			32			—			—			1			—			—			5			38									—			—			38
Preference share dividends			—			—			—			—			—			—			—			—									18			—			18
Net earnings attributable to common equity shareholders			139			104			5			31			40			20			38			377									(46)			—			331
Additions to property, plant and equipment and intangible assets			309			209			98			221			135			33			106			1,111									1			—			1,112
As at June 30, 2024
Goodwill			8,395			1,890			617			913			228			235			260			12,538									—			—			12,538
Total assets			25,437			13,454			5,637			9,612			6,120			2,744			5,388			68,392									422			(42)			68,772
Quarter ended June 30, 2023
Revenue			519			661			317			362			181			116			420			2,576									18			—			2,594
Energy supply costs			—			262			121			141			—			22			241			787									—			—			787
Operating expenses			125			204			144			91			44			31			56			695									18			—			713
Depreciation and amortization			103			88			28			78			67			24			51			439									1			—			440
Operating income			291			107			24			52			70			39			72			655									(1)			—			654
Other income, net			19			12			13			9			3			1			5			62									2			—			64
Finance charges			105			37			15			43			30			19			21			270									53			—			323
Income tax expense			49			12			5			(5)			2			3			8			74									(25)			—			49
Net earnings			156			70			17			23			41			18			48			373									(27)			—			346
Non-controlling interests			29			—			—			—			—			—			6			35									—			—			35
Preference share dividends			—			—			—			—			—			—			—			—									17			—			17
Net earnings attributable to common equity shareholders			127			70			17			23			41			18			42			338									(44)			—			294
Additions to property, plant and equipment and intangible assets			264			183			78			125			182			35			115			982									—			—			982
As at June 30, 2023
Goodwill			8,127			1,829			597			913			228			235			254			12,183									—			—			12,183
Total assets			23,838			12,303			5,105			8,587			5,718			2,625			4,993			63,169									941			(29)			64,081

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			Regulated																											Non-Regulated
																																	Inter-
						UNS			Central			FortisBC			Fortis			FortisBC			Other			Sub						Corporate			segment
($ millions)			ITC			Energy			Hudson			Energy			Alberta			Electric			Electric			Total						and Other			eliminations			Total
Year-to-date June 30, 2024
Revenue			1,106			1,465			678			897			401			266			960			5,773						15			—			5,788
Energy supply costs			—			598			218			239			—			70			597			1,722						—			—			1,722
Operating expenses			265			395			338			196			97			67			125			1,483						22			—			1,505
Depreciation and amortization			220			199			61			168			144			44			108			944						3			—			947
Operating income			621			273			61			294			160			85			130			1,624						(10)			—			1,614
Other income, net			54			21			30			19			5			3			10			142						(4)			—			138
Finance charges			233			72			36			78			67			40			47			573						110			—			683
Income tax expense			102			30			13			57			13			8			12			235						(65)			—			170
Net earnings			340			192			42			178			85			40			81			958						(59)			—			899
Non-controlling interests			63			—			—			1			—			—			9			73						—			—			73
Preference share dividends			—			—			—			—			—			—			—			—						36			—			36
Net earnings attributable to common equity shareholders			277			192			42			177			85			40			72			885						(95)			—			790
Additions to property, plant and equipment and intangible assets			666			423			187			423			263			60			201			2,223						2			—			2,225
As at June 30, 2024
Goodwill			8,395			1,890			617			913			228			235			260			12,538						—			—			12,538
Total assets			25,437			13,454			5,637			9,612			6,120			2,744			5,388			68,392						422			(42)			68,772
Year-to-date June 30, 2023
Revenue			1,038			1,401			759			1,117			360			255			927			5,857						56			—			5,913
Energy supply costs			—			599			328			518			—			69			585			2,099						—			—			2,099
Operating expenses			260			394			306			189			86			61			116			1,412						42			—			1,454
Depreciation and amortization			204			175			56			155			131			48			101			870						6			—			876
Operating income			574			233			69			255			143			77			125			1,476						8			—			1,484
Other income, net			36			26			27			16			3			2			12			122						11			—			133
Finance charges			204			73			33			84			60			39			42			535						103			—			638
Income tax expense			96			26			14			40			5			4			14			199						(50)			—			149
Net earnings			310			160			49			147			81			36			81			864						(34)			—			830
Non-controlling interests			57			—			—			—			—			—			9			66						—			—			66
Preference share dividends			—			—			—			—			—			—			—			—						33			—			33
Net earnings attributable to common equity shareholders			253			160			49			147			81			36			72			798						(67)			—			731
Additions to property, plant and equipment and intangible assets			600			368			156			239			301			62			208			1,934						2			—			1,936
As at June 30, 2023
Goodwill			8,127			1,829			597			913			228			235			254			12,183						—			—			12,183
Total assets			23,838			12,303			5,105			8,587			5,718			2,625			4,993			63,169						941			(29)			64,081

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The allowance for credit losses balance, which is recorded in accounts receivable and other current assets, changed as follows.

			Quarter												Year-to-Date
($ millions)			2024						2023						2024						2023
Periods ended June 30
Balance, beginning of period			(69)						(59)						(68)						(58)
Credit loss expense			(8)						(3)						(16)						(11)
Credit loss deferral			(9)						(2)						(20)						(3)
Write-offs, net of recoveries			17						4						36						12
Foreign exchange			—						—						(1)						—
Balance, end of period			(69)						(60)						(69)						(60)

See Note 14 for disclosure on the Corporation's credit risk.

Detailed information about the Corporation's regulatory assets and liabilities is provided in Note 8 to the 2023 Annual Financial Statements. A summary follows.

			As at
			June 30,						December 31,
($ millions)			2024						2023
Regulatory assets
Deferred income taxes			2,141						2,058
Deferred energy management costs			532						521
Rate stabilization and related accounts			492						521
Employee future benefits			257						254
Derivatives			182						197
Deferred lease costs			139						137
Deferred restoration costs			134						115
Manufactured gas plant site remediation deferral			78						81
Generation early retirement costs			72						64
Other regulatory assets			515						436
Total regulatory assets			4,542						4,384
Less: Current portion			(780)						(866)
Long-term regulatory assets			3,762						3,518
Regulatory liabilities
Future cost of removal			1,631						1,547
Deferred income taxes			1,291						1,280
Employee future benefits			292						294
Rate stabilization and related accounts			291						292
Renewable energy surcharge			129						129
Alberta Electric System Operator charges deferral			115						121
Energy efficiency liability			88						78
Other regulatory liabilities			236						217
Total regulatory liabilities			4,073						3,958
Less: Current portion			(607)						(577)
Long-term regulatory liabilities			3,466						3,381

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						As at
						June 30,						December 31,
($ millions)						2024						2023
Long-term debt						29,474						28,131
Credit facility borrowings						2,006						1,572
Total long-term debt						31,480						29,703
Less: Deferred financing costs and debt discounts						(179)						(172)
Less: Current installments of long-term debt						(2,630)						(2,296)
						28,671						27,235

Significant Long-Term Debt Issuances						Interest
Year-to-date June 30, 2024			Month			Rate												Use of
($ millions, except as noted)			Issued			(%)						Maturity			Amount			Proceeds
ITC
Secured senior notes			January			5.98						2034			US	85		(1) (2) (3)
First mortgage bonds			January			5.11						2029			US	75		(1) (2) (3)
First mortgage bonds			January			5.38						2034			US	75		(1) (2) (3)
Unsecured senior notes			May			5.65						2034			US	400		(3) (4)
Central Hudson
Senior notes			April			5.59						2031			US	25		(1) (3)
Senior notes			April			5.69						2034			US	35		(1) (3)
FortisAlberta
Unsecured debentures			May			4.90						2054			300			(1) (2) (3) (4)
Caribbean Utilities
Unsecured senior notes			May			6.17						2039			US	40		(1) (2) (3) (5)
Unsecured senior notes			May			6.37						2049			US	40		(1) (2) (3) (5)
UNS Energy
Unsecured senior notes			June			5.60						2036			US	30		(1) (3)

(1)    Repay short-term and/or credit facility borrowings

(2)    Fund capital expenditures

(3)    General corporate purposes

(4)     Repay maturing long-term debt

(5)     Total of US$50 million expected to be used to fund or refinance a portfolio of new and/or existing qualifying green initiatives

In November 2022, Fortis filed a short-form base shelf prospectus with a 25-month life under which it may issue common or preference shares, subscription receipts, or debt securities in an aggregate principal amount of up to $2.0 billion. In September 2023, Fortis established an at-the-market equity program ("ATM Program") pursuant to the short-form base shelf prospectus, that allows the Corporation to issue up to $500 million of common shares from treasury to the public from time to time, at the Corporation's discretion, effective until December 22, 2024. As at June 30, 2024, $500 million remained available under the ATM Program and $1.5 billion remained available under the short-form base shelf prospectus.

															As at
Credit facilities			Regulated						Corporate						June 30,						December 31,
($ millions)			Utilities						and Other						2024						2023
Total credit facilities			4,234						2,260						6,494						6,176
Credit facilities utilized:
Short-term borrowings (1)			(68)						—						(68)						(119)
Long-term debt (including current portion) (2)			(1,192)						(814)						(2,006)						(1,572)
Letters of credit outstanding			(55)						(21)						(76)						(101)
Credit facilities unutilized			2,919						1,425						4,344						4,384

(1)    The weighted average interest rate was 7.3% (December 31, 2023 - 6.9%).

(2)    The weighted average interest rate was 5.7% (December 31, 2023 - 6.2%). The current portion was $1,610 million (December 31, 2023 - $1,160 million).

Credit facilities are syndicated primarily with large banks in Canada and the U.S., with no one bank holding more than approximately 20% of the Corporation's total revolving credit facilities. Approximately $6.0 billion of the total credit facilities are committed with maturities ranging from 2024 through 2029.

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See Note 14 in the 2023 Annual Financial Statements for a description of the credit facilities as at December 31, 2023.

In April 2024, FortisBC Energy increased its operating credit facility from $700 million to $900 million and extended the maturity to July 2028. In May 2024, FortisBC Electric increased its operating credit facility from $150 million to $200 million and extended the maturity to April 2028.

On March 1, 2024, the annual fixed dividend per share for the First Preference Shares, Series K was reset from $0.9823 to $1.3673 for the five-year period up to but excluding March 1, 2029.

Fortis and each subsidiary maintain one or a combination of defined benefit pension plans and defined contribution pension plans, as well as other post-employment benefit ("OPEB") plans, including health and dental coverage and life insurance benefits, for qualifying members. The net benefit cost is detailed below.

			Defined Benefit Pension Plans												OPEB Plans
($ millions)			2024						2023						2024						2023
Quarter ended June 30
Service costs			19						16						6						6
Interest costs			40						40						8						7
Expected return on plan assets			(55)						(50)						(7)						(5)
Amortization of actuarial gains			—						(3)						(5)						(5)
Amortization of past service credits/plan amendments			(1)						(1)						—						(1)
Regulatory adjustments			—						2						1						1
Net benefit cost			3						4						3						3
Year-to-date June 30
Service costs			37						31						12						11
Interest costs			80						80						15						15
Expected return on plan assets			(110)						(100)						(13)						(11)
Amortization of actuarial gains			—						(5)						(9)						(9)
Amortization of past service credits/plan amendments			(1)						(1)						—						(1)
Regulatory adjustments			—						6						1						3
Net benefit cost			6						11						6						8

Defined contribution pension plan expense for the three and six months ended June 30, 2024 was $14 million and $31 million, respectively (three and six months ended June 30, 2023 - $13 million and $29 million, respectively).

In November 2023, Fortis sold its Aitken Creek business to a subsidiary of Enbridge Inc. for approximately $470 million including working capital and closing adjustments.

For the three and six months ended June 30, 2023, Aitken Creek had net earnings of $3 million and $18 million, respectively.

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			Quarter												Year-to-Date
($ millions)			2024						2023						2024						2023
Periods ended June 30
Equity component, allowance for funds used during construction			32						23						62						46
Non-service component of net periodic benefit cost			18						16						36						32
Interest income (1)			16						18						32						34
Equity income			(1)						2						4						7
(Loss) gain on derivatives, net			(1)						3						(6)						12
Other			1						2						10						2
			65						64						138						133

(1)    Includes interest on short-term deposits, as well as interest on regulatory deferrals, including the PPFAC at TEP and UNSE

Diluted earnings per share ("EPS") was calculated using the treasury stock method for stock options.

			2024									2023
			Net Earnings			Weighted						Net Earnings			Weighted
			to Common			Average						to Common			Average
			Shareholders			Shares			EPS			Shareholders			Shares			EPS
			($ millions)			(# millions)			($)			($ millions)			(# millions)			($)
Quarter ended June 30
Basic EPS			331			494.0			0.67			294			485.4			0.61
Potential dilutive effect of stock options			—			0.2						—			0.3
Diluted EPS			331			494.2			0.67			294			485.7			0.61
Year-to-date June 30
Basic EPS			790			492.8			1.60			731			484.3			1.51
Potential dilutive effect of stock options			—			0.4						—			0.3
Diluted EPS			790			493.2			1.60			731			484.6			1.51

			Quarter												Year-to-Date
($ millions)			2024						2023						2024						2023
Periods ended June 30
Change in working capital
Accounts receivable and other current assets			128						208						63						489
Prepaid expenses			(27)						(19)						(29)						(19)
Inventories			(44)						(29)						(14)						62
Regulatory assets - current portion			42						164						134						160
Accounts payable and other current liabilities			(160)						(132)						(347)						(537)
Regulatory liabilities - current portion			17						25						18						22
			(44)						217						(175)						177
Non-cash investing and financing activities
Accrued capital expenditures			469						366						469						366
Common share dividends reinvested			107						102						218						205
Contributions in aid of construction			9						10						9						10

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Derivatives

The Corporation generally limits the use of derivatives to those that qualify as accounting, economic or cash flow hedges, or those that are approved for regulatory recovery.

Derivatives are recorded at fair value with certain exceptions including those derivatives that qualify for the normal purchase and normal sale exception. Fair values reflect estimates based on current market information about the derivatives as at the balance sheet dates. The estimates cannot be determined with precision as they involve uncertainties and matters of judgment and, therefore, may not be relevant in predicting the Corporation's future consolidated earnings or cash flow.

Energy Contracts Subject to Regulatory Deferral

UNS Energy holds electricity power purchase contracts, customer supply contracts and gas swap contracts to reduce its exposure to energy price risk. Fair values are measured primarily under the market approach using independent third-party information, where possible. When published prices are not available, adjustments are applied based on historical price curve relationships, transmission costs and line losses.

Central Hudson holds swap contracts for electricity and natural gas to minimize price volatility by fixing the effective purchase price. Fair values are measured using forward pricing provided by independent third-party information.

FortisBC Energy holds gas supply contracts to fix the effective purchase price of natural gas. Fair values reflect the present value of future cash flows based on published market prices and forward natural gas price curves.

Unrealized gains or losses associated with changes in the fair value of these energy contracts are deferred as a regulatory asset or liability for recovery from, or refund to, customers in future rates, as permitted by the regulators. As at June 30, 2024, unrealized losses of $182 million (December 31, 2023 - $197 million) were recognized as regulatory assets and unrealized gains of $42 million (December 31, 2023 - $37 million) were recognized as regulatory liabilities.

Energy Contracts Not Subject to Regulatory Deferral

UNS Energy holds wholesale trading contracts to fix power prices and realize potential margin, of which 10% of any realized gains is shared with customers through rate stabilization accounts. Fair values are measured using a market approach incorporating, where possible, independent third-party information.

Aitken Creek, which was sold on November 1, 2023, held gas swap contracts to manage its exposure to changes in natural gas prices, capture natural gas price spreads, and manage the financial risk posed by physical transactions. Fair values were measured using forward pricing from published market sources.

Unrealized gains or losses associated with changes in the fair value of these energy contracts are recognized in revenue. During the three and six months ended June 30, 2024, unrealized gains of $nil and $36 million were recognized in revenue, respectively (three and six months ended June 30, 2023 - unrealized losses of $8 million and unrealized gains of $6 million, respectively).

Total Return Swaps

The Corporation holds total return swaps to manage the cash flow risk associated with forecast future cash and/or share settlements of certain stock-based compensation obligations. The swaps have a combined notional amount of $134 million and terms of one to three years expiring at varying dates through January 2027. Fair value is measured using an income valuation approach based on forward pricing curves. Unrealized gains and losses associated with changes in fair value are recognized in other income, net. During the three and six months ended June 30, 2024, unrealized losses of $1 million and $4 million, respectively were recognized in other income, net (three and six months ended June 30, 2023 - unrealized losses of $1 million and unrealized gains of $5 million, respectively).

Foreign Exchange Contracts

The Corporation holds U.S. dollar denominated foreign exchange contracts to help mitigate exposure to foreign exchange rate volatility. The contracts expire at varying dates through March 2026 and have a combined notional amount of $440 million. Fair value was measured using independent third-party information. Unrealized gains and losses associated with changes in fair value are recognized in other income, net. During the three and six months ended June 30, 2024, unrealized losses of $2 million and $5 million, respectively were recognized in other income, net (three and six months ended June 30, 2023 - unrealized gains of $5 million and $7 million, respectively).

Interest Rate Locks

During the second quarter of 2024, ITC entered into and settled interest rate locks with a combined notional value of US$300 million. These contracts were used to manage interest rate risk associated with the issuance of US$400 million unsecured senior notes in May 2024. Realized losses of US$3 million were recognized in other comprehensive income, which will be reclassified to earnings as a component of interest expense over 5 years.

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Cross-Currency Interest Rate Swaps

The Corporation holds cross-currency interest rate swaps, maturing in 2029, to effectively convert its $500 million, 4.43% unsecured senior notes to US$391 million, 4.34% debt. The Corporation has designated this notional U.S. debt as an effective hedge of its foreign net investments and unrealized gains and losses associated with exchange rate fluctuations on the notional U.S. debt are recognized in other comprehensive income, consistent with the translation adjustment related to the foreign net investments. Other changes in the fair value of the swaps are also recognized in other comprehensive income but are excluded from the assessment of hedge effectiveness. Fair value is measured using a discounted cash flow method based on secured overnight financing rates. During the three and six months ended June 30, 2024, unrealized losses of $2 million and $15 million, respectively were recorded in other comprehensive income (three and six months ended June 30, 2023 - unrealized gains of $9 million and $10 million, respectively).

Other Investments

UNS Energy holds investments in money market accounts, and ITC and Central Hudson hold investments in trust associated with supplemental retirement benefit plans for select employees, which include mutual funds and money market accounts. These investments are recorded at fair value based on quoted market prices in active markets. Gains and losses are recognized in other income, net. During the three and six months ended June 30, 2024, gains of $2 million and $6 million, respectively were recognized in other income, net (three and six months ended June 30, 2023 - gains of $1 million and $3 million, respectively).

Recurring Fair Value Measures

The following table presents assets and liabilities that are accounted for at fair value on a recurring basis.

($ millions)			Level 1 (1)						Level 2 (1)						Level 3 (1)						Total
As at June 30, 2024
Assets
Energy contracts subject to regulatory deferral (2) (3)			—						57						—						57
Energy contracts not subject to regulatory deferral (2)			—						40						—						40
Other investments (4)			132						—						—						132
			132						97						—						229
Liabilities
Energy contracts subject to regulatory deferral (3) (5)			—						(197)						—						(197)
Energy contracts not subject to regulatory deferral (5)			—						(2)						—						(2)
Foreign exchange contracts, total return and cross-currency interest rate swaps (5)			—						(24)						—						(24)
			—						(223)						—						(223)
As at December 31, 2023
Assets
Energy contracts subject to regulatory deferral (2) (3)			—						49						—						49
Energy contracts not subject to regulatory deferral (2)			—						6						—						6
Foreign exchange contracts (2)			—						5						—						5
Other investments (4)			145						—						—						145
			145						60						—						205
Liabilities
Energy contracts subject to regulatory deferral (3) (5)			—						(209)						—						(209)
Energy contracts not subject to regulatory deferral (5)			—						(3)						—						(3)
Total return and cross-currency interest rate swaps (5)			—						(6)						—						(6)
			—						(218)						—						(218)

(1)Under the hierarchy, fair value is determined using: (i) level 1 - unadjusted quoted prices in active markets; (ii) level 2 - other pricing inputs directly or indirectly observable in the marketplace; and (iii) level 3 - unobservable inputs, used when observable inputs are not available. Classifications reflect the lowest level of input that is significant to the fair value measurement.

(2)Included in accounts receivable and other current assets or other assets

(3)Unrealized gains and losses arising from changes in fair value of these contracts are deferred as a regulatory asset or liability for recovery from, or refund to, customers in future rates as permitted by the regulators, with the exception of long-term wholesale trading contracts and certain gas swap contracts.

(4)Included in cash and cash equivalents and other assets

(5)Included in accounts payable and other current liabilities or other liabilities

Energy Contracts

The Corporation has elected gross presentation for its derivative contracts under master netting agreements and collateral positions, which apply only to its energy contracts. The following table presents the potential offset of counterparty netting.

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14. FAIR VALUE OF FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont'd)

			Gross Amount						Counterparty
			Recognized in						Netting of						Cash Collateral
($ millions)			Balance Sheet						Energy Contracts						Posted/(Received)						Net Amount
As at June 30, 2024
Derivative assets			97						(34)						15						78
Derivative liabilities			(199)						34						(10)						(175)
As at December 31, 2023
Derivative assets			55						(24)						28						59
Derivative liabilities			(212)						24						(1)						(189)

Volume of Derivative Activity

As at June 30, 2024, the Corporation had various energy contracts that will settle on various dates through 2029. The volumes related to electricity and natural gas derivatives are outlined below.

			As at
			June 30,						December 31,
			2024						2023
Energy contracts subject to regulatory deferral (1)
Electricity swap contracts (GWh)			831						628
Electricity power purchase contracts (GWh)			492						588
Gas swap contracts (PJ)			247						228
Gas supply contracts (PJ)			113						134
Energy contracts not subject to regulatory deferral (1)
Wholesale trading contracts (GWh)			4,092						1,310
Gas swap contracts (PJ)			2						3

(1)GWh means gigawatt hours and PJ means petajoules.

Credit Risk

For cash equivalents, accounts receivable and other current assets, and long-term other receivables, credit risk is generally limited to the carrying value on the consolidated balance sheets. The Corporation's subsidiaries generally have a large and diversified customer base, which minimizes the concentration of credit risk. Policies in place to minimize credit risk include requiring customer deposits, prepayments and/or credit checks for certain customers, performing disconnections and/or using third-party collection agencies for overdue accounts.

ITC has a concentration of credit risk as approximately 70% of its revenue is derived from three customers. The customers have investment-grade credit ratings and credit risk is further managed by MISO by requiring a letter of credit or cash deposit equal to the credit exposure, which is determined by a credit-scoring model and other factors.

FortisAlberta has a concentration of credit risk as distribution service billings are to a relatively small group of retailers. Credit risk is managed by obtaining from the retailers either a cash deposit, letter of credit, an investment-grade credit rating, or a financial guarantee from an entity with an investment-grade credit rating.

Central Hudson has seen an increase in accounts receivable since the suspension of collection efforts initially required in response to the COVID-19 pandemic. Central Hudson continues to proactively contact customers regarding past-due balances to advise them of financial assistance available through state programs, and collection efforts continue to expand. Under its regulatory framework, Central Hudson can defer uncollectible write-offs that exceed 10 basis points above the amounts collected in customer rates for future recovery.

UNS Energy, Central Hudson, FortisBC Energy, and the Corporation may be exposed to credit risk in the event of non-performance by counterparties to derivatives. Credit risk is managed by net settling payments, when possible, and dealing only with counterparties that have investment-grade credit ratings. At UNS Energy, Central Hudson and FortisBC Energy, certain contractual arrangements require counterparties to post collateral.

The value of derivatives in net liability positions under contracts with credit risk-related contingent features that, if triggered, could require the posting of a like amount of collateral was $111 million as at June 30, 2024 (December 31, 2023 - $117 million).

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Hedge of Foreign Net Investments

The reporting currency of ITC, UNS Energy, Central Hudson, Caribbean Utilities, FortisTCI, Fortis Belize Limited and Belize Electricity is, or is pegged to, the U.S. dollar. The earnings and cash flow from, and net investments in, these entities are exposed to fluctuations in the U.S. dollar-to-Canadian dollar exchange rate. The Corporation has reduced this exposure through hedging.

As at June 30, 2024, US$2.6 billion (December 31, 2023 - US$2.6 billion) of corporately issued U.S. dollar-denominated long-term debt has been designated as an effective hedge of net investments, leaving approximately US$11.8 billion (December 31, 2023 - US$11.5 billion) unhedged. Exchange rate fluctuations associated with the net investment in foreign subsidiaries and the debt serving as the hedge are recognized in accumulated other comprehensive income.

Financial Instruments Not Carried at Fair Value

Excluding long-term debt, the consolidated carrying value of the Corporation's remaining financial instruments approximates fair value, reflecting their short-term maturity, normal trade credit terms and/or nature.

As at June 30, 2024, the carrying value of long-term debt, including current portion, was $31.5 billion (December 31, 2023 - $29.7 billion) compared to an estimated fair value of $28.9 billion (December 31, 2023 - $27.9 billion).

Commitments

There were no material changes in commitments from that disclosed in the Corporation's 2023 Annual Financial Statements.

Contingency

In April 2013, FortisBC Holdings Inc. and Fortis were named as defendants in an action in the British Columbia Supreme Court by the Coldwater Indian Band ("Band") regarding interests in a pipeline across reserve lands. The Band seeks cancellation of the right-of-way and damages for wrongful interference with the Band's use and enjoyment of reserve lands. In 2016, the Federal Court dismissed the Band's application for judicial review of the ministerial consent. In 2017, the Federal Court of Appeal set aside the minister's consent and returned the matter to the minister for redetermination. No amount has been accrued as the outcome cannot yet be reasonably determined.

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v3.24.2

Cover Page	6 Months Ended
	Jun. 30, 2024
Cover [Abstract]
Document Type	6-K
Entity Registrant Name	Fortis Inc.
Entity Address, Address Line Three	Fortis Place
Entity Address, Address Line Two	Suite 1100
Entity Address, Address Line One	5 Springdale Street
Entity Address, City or Town	St. John's
Entity Address, State or Province	NL
Entity Address, Country	CA
Entity Address, Postal Zip Code	A1E 0E4
Entity Central Index Key	0001666175
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

v3.24.2

Condensed Consolidated Interim Balance Sheets (Unaudited) - CAD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 561	$ 625
Accounts receivable and other current assets (Note 5)		1,787	1,818
Prepaid expenses		193	150
Inventories		596	566
Regulatory assets (Note 6)		780	866
Total current assets		3,917	4,025
Other assets		1,364	1,298
Regulatory assets (Note 6)		3,762	3,518
Property, plant and equipment, net		45,636	43,385
Intangible assets, net		1,555	1,510
Goodwill		12,538	12,184
Total assets		68,772	65,920
Current liabilities
Short-term borrowings (Note 7)		68	119
Accounts payable and other current liabilities		2,376	2,972
Regulatory liabilities (Note 6)		607	577
Current installments of long-term debt (Note 7)		2,630	2,296
Total current liabilities		5,681	5,964
Regulatory liabilities (Note 6)		3,466	3,381
Deferred income taxes		4,657	4,399
Long-term debt (Note 7)		28,671	27,235
Finance leases		338	339
Other liabilities		1,302	1,270
Total liabilities		44,115	42,588
Commitments and contingencies (Note 15)
Equity
Common shares	[1]	15,346	15,108
Preference shares		1,623	1,623
Additional paid-in capital		8	9
Accumulated other comprehensive income		1,161	653
Retained earnings		4,611	4,112
Shareholders' equity		22,749	21,505
Non-controlling interests		1,908	1,827
Total equity		24,657	23,332
Total liabilities and equity		$ 68,772	$ 65,920
[1] No par value. Unlimited authorized shares. 495.2 million and 490.6 million issued and outstanding as at June 30, 2024 and December 31, 2023, respectively.

v3.24.2

Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - shares shares in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, shares issued (in shares)	495.2	490.6
Common stock, shares outstanding (in shares)	495.2	490.6

v3.24.2

Condensed Consolidated Interim Statements of Earnings (Unaudited) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 2,670	$ 2,594	$ 5,788	$ 5,913
Expenses
Energy supply costs	713	787	1,722	2,099
Operating expenses	739	713	1,505	1,454
Depreciation and amortization	480	440	947	876
Total expenses	1,932	1,940	4,174	4,429
Operating income	738	654	1,614	1,484
Other income, net (Note 11)	65	64	138	133
Finance charges	347	323	683	638
Earnings before income tax expense	456	395	1,069	979
Income tax expense	69	49	170	149
Net earnings	387	346	899	830
Net earnings attributable to:
Non-controlling interests	38	35	73	66
Preference equity shareholders (Note 8)	18	17	36	33
Net earnings attributable to common equity shareholders	331	294	790	731
Net earnings	$ 387	$ 346	$ 899	$ 830
Earnings per common share (Note 12)
Basic (CAD per share)	$ 0.67	$ 0.61	$ 1.60	$ 1.51
Diluted (CAD per share)	$ 0.67	$ 0.61	$ 1.60	$ 1.51

v3.24.2

Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings		$ 387	$ 346	$ 899	$ 830
Other comprehensive income (loss)
Unrealized foreign currency translation gains (losses)	[1]	182	(339)	564	(383)
Other	[2]	(1)	5	3	3
Other comprehensive income (loss)		181	(334)	567	(380)
Comprehensive income		568	12	1,466	450
Comprehensive income attributable to:
Non-controlling interests		56	(1)	132	25
Preference equity shareholders		18	17	36	33
Common equity shareholders		494	(4)	1,298	392
Comprehensive income		$ 568	$ 12	$ 1,466	$ 450
[1] Net of hedging activities and income tax recovery of $2 million and $8 million for the three and six months ended June 30, 2024, respectively (three and six months ended June 30, 2023 - income tax expense of $6 million) [2] Net of income tax expense of $nil for the three and six months ended June 30, 2024 (three and six months ended June 30, 2023 - income tax expense of $2 million)

v3.24.2

Condensed Consolidated Interim Statements of Comprehensive Income (Unaudited) (Parenthetical) - CAD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Unrealized foreign currency translation, tax expense (recovery)	$ (2,000,000)	$ 6,000,000	$ (8,000,000)	$ 6,000,000
Other, tax expense	$ 0	$ 2,000,000	$ 0	$ 2,000,000

v3.24.2

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net earnings	$ 387	$ 346	$ 899	$ 830
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation - property, plant and equipment	421	381	830	759
Amortization - intangible assets	39	38	77	76
Amortization - other	20	21	40	41
Deferred income tax expense	21	24	51	55
Equity component, allowance for funds used during construction (Note 11)	(32)	(23)	(62)	(46)
Other	22	43	22	49
Change in long-term regulatory assets and liabilities	(20)	(103)	(100)	(82)
Change in working capital (Note 13)	(44)	217	(175)	177
Cash from operating activities	814	944	1,582	1,859
Investing activities
Additions to property, plant and equipment	(1,064)	(938)	(2,135)	(1,845)
Additions to intangible assets	(48)	(44)	(90)	(91)
Contributions in aid of construction	24	20	51	71
Other	(59)	(51)	(112)	(89)
Cash used in investing activities	(1,147)	(1,013)	(2,286)	(1,954)
Financing activities
Proceeds from long-term debt, net of issuance costs (Note 7)	1,071	1,247	1,418	1,881
Repayments of long-term debt and finance leases	(692)	(364)	(696)	(697)
Borrowings under committed credit facilities	1,824	1,972	3,728	3,875
Repayments under committed credit facilities	(1,593)	(2,201)	(3,330)	(3,938)
Net change in short-term borrowings	(59)	(273)	(52)	(165)
Issue of common shares, net of costs and dividends reinvested	8	14	21	28
Dividends
Common shares, net of dividends reinvested	(184)	(172)	(363)	(342)
Preference shares	(18)	(17)	(36)	(33)
Subsidiary dividends paid to non-controlling interests	(24)	(17)	(54)	(40)
Other	(14)	20	(13)	28
Cash from financing activities	319	209	623	597
Effect of exchange rate changes on cash and cash equivalents	6	(7)	17	(2)
Change in cash and cash equivalents	(8)	133	(64)	500
Change in cash associated with assets held for sale	0	(19)	0	(19)
Cash and cash equivalents, beginning of period	569	576	625	209
Cash and cash equivalents, end of period	$ 561	$ 690	$ 561	$ 690

v3.24.2

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited) - CAD ($) shares in Millions, $ in Millions	Total	Common Shares	Preference Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Non-Controlling Interests
Balance, beginning of period (shares) at Dec. 31, 2022		482.2
Balance, beginning of period at Dec. 31, 2022	$ 22,842	$ 14,656	$ 1,623	$ 10	$ 1,008	$ 3,733	$ 1,812
Increase (Decrease) in Equity [Roll Forward]
Net earnings	830					764	66
Other comprehensive income (loss)	(380)				(339)		(41)
Common shares issued (shares)		4.2
Common shares issued	232	$ 233		(1)
Subsidiary dividends paid to non-controlling interests	(40)						(40)
Dividends declared on common shares	(274)					(274)
Dividends on preference shares	(33)					(33)
Other	0			(1)			1
Balance, end of period (shares) at Jun. 30, 2023		486.4
Balance, end of period at Jun. 30, 2023	23,177	$ 14,889	1,623	8	669	4,190	1,798
Balance, beginning of period (shares) at Mar. 31, 2023		484.4
Balance, beginning of period at Mar. 31, 2023	23,083	$ 14,773	1,623	8	967	3,896	1,816
Increase (Decrease) in Equity [Roll Forward]
Net earnings	346					311	35
Other comprehensive income (loss)	(334)				(298)		(36)
Common shares issued (shares)		2.0
Common shares issued	115	$ 116		(1)
Subsidiary dividends paid to non-controlling interests	(17)						(17)
Dividends on preference shares	(17)					(17)
Other	1			1
Balance, end of period (shares) at Jun. 30, 2023		486.4
Balance, end of period at Jun. 30, 2023	23,177	$ 14,889	1,623	8	669	4,190	1,798
Balance, beginning of period (shares) at Dec. 31, 2023		490.6
Balance, beginning of period at Dec. 31, 2023	23,332	$ 15,108	1,623	9	653	4,112	1,827
Increase (Decrease) in Equity [Roll Forward]
Net earnings	899					826	73
Other comprehensive income (loss)	567				508		59
Common shares issued (shares)		4.6
Common shares issued	238	$ 238
Subsidiary dividends paid to non-controlling interests	(54)						(54)
Dividends declared on common shares	(291)					(291)
Dividends on preference shares	(36)					(36)
Other	2			(1)			3
Balance, end of period (shares) at Jun. 30, 2024		495.2
Balance, end of period at Jun. 30, 2024	24,657	$ 15,346	1,623	8	1,161	4,611	1,908
Balance, beginning of period (shares) at Mar. 31, 2024		493.0
Balance, beginning of period at Mar. 31, 2024	24,015	$ 15,232	1,623	8	998	4,279	1,875
Increase (Decrease) in Equity [Roll Forward]
Net earnings	387					349	38
Other comprehensive income (loss)	181				163		18
Common shares issued (shares)		2.2
Common shares issued	114	$ 114
Subsidiary dividends paid to non-controlling interests	(24)						(24)
Dividends on preference shares	(18)					(18)
Other	2					1	1
Balance, end of period (shares) at Jun. 30, 2024		495.2
Balance, end of period at Jun. 30, 2024	$ 24,657	$ 15,346	$ 1,623	$ 8	$ 1,161	$ 4,611	$ 1,908

v3.24.2

Condensed Consolidated Interim Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared on common shares (CAD per share)	$ 0.59	$ 0.565

v3.24.2

Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	DESCRIPTION OF BUSINESS Nature of Operations Fortis Inc. ("Fortis" or the "Corporation") is a well-diversified North American regulated electric and gas utility holding company. Earnings for interim periods may not be indicative of annual results due to: (i) the impact of seasonal weather conditions on customer demand; (ii) the impact of market conditions, particularly with respect to long-term wholesale sales at UNS Energy; (iii) changes in the U.S.-to-Canadian dollar exchange rate; and (iv) the timing and significance of regulatory decisions. Earnings of the gas utilities tend to be highest in the first and fourth quarters due to space-heating requirements. Earnings of the electric distribution utilities in the U.S. tend to be highest in the second and third quarters due to the use of air conditioning and other cooling equipment. Entities within the reporting segments that follow operate with substantial autonomy. Regulated Utilities ITC: ITC Investment Holdings Inc., ITC Holdings Corp. and the electric transmission operations of its regulated operating subsidiaries, which include International Transmission Company, Michigan Electric Transmission Company, LLC, ITC Midwest LLC and ITC Great Plains, LLC. Fortis owns 80.1% of ITC and an affiliate of GIC Private Limited owns a 19.9% minority interest. UNS Energy: UNS Energy Corporation, which primarily includes Tucson Electric Power Company ("TEP"), UNS Electric, Inc. ("UNSE") and UNS Gas, Inc. Central Hudson: CH Energy Group, Inc., which primarily includes Central Hudson Gas & Electric Corporation. FortisBC Energy: FortisBC Energy Inc. FortisAlberta: FortisAlberta Inc. FortisBC Electric: FortisBC Inc. Other Electric: Eastern Canadian and Caribbean utilities, as follows: Newfoundland Power Inc.; Maritime Electric Company, Limited; FortisOntario Inc.; a 39% equity investment in Wataynikaneyap Power Limited Partnership; an approximate 60% controlling interest in Caribbean Utilities Company, Ltd. ("Caribbean Utilities"); FortisTCI Limited and Turks and Caicos Utilities Limited (collectively "FortisTCI"); and a 33% equity investment in Belize Electricity Limited ("Belize Electricity"). Non-Regulated Corporate and Other: Captures expenses and revenues not specifically related to any reportable segment and those business operations that are below the required threshold for segmented reporting. Consists of non-regulated holding company expenses, as well as non-regulated long-term contracted generation assets in Belize. Also includes results for the Aitken Creek natural gas storage facility ("Aitken Creek") until the November 1, 2023 date of disposition.

v3.24.2

Regulatory Matters	6 Months Ended
	Jun. 30, 2024
Regulated Operations [Abstract]
Regulatory Matters	REGULATORY MATTERS Regulation of the Corporation's utilities is generally consistent with that disclosed in Note 2 of the Corporation's annual audited consolidated financial statements ("2023 Annual Financial Statements"). A summary of significant outstanding regulatory matters follows. ITC MISO Base ROE: In 2022, the U.S. Court of Appeals for the District of Columbia Circuit issued a decision vacating certain Federal Energy Regulatory Commission ("FERC") orders that had established the methodology for setting the base return on equity ("ROE") for transmission owners operating in the Midcontinent Independent System Operator, Inc. ("MISO") region, including ITC. This matter dates back to complaints filed at FERC in 2013 and 2015 challenging the MISO base ROE then in effect. The court has remanded the matter to FERC for further process, the timing and outcome of which remain unknown. Transmission Incentives: In 2021, FERC issued a supplemental notice of proposed rulemaking ("NOPR") on transmission incentives modifying the proposal in the initial NOPR released by FERC in 2020. The supplemental NOPR proposes to eliminate the 50-basis point regional transmission organization ("RTO") ROE incentive adder for RTO members that have been members for longer than three years. The timing and outcome of this proceeding remain unknown. Transmission Right of First Refusal ("ROFR"): In December 2023, the Iowa District Court ruled that the manner in which Iowa's ROFR statute was passed is unconstitutional. The statute granted incumbent electric transmission owners, including ITC, a ROFR to construct, own and maintain certain electric transmission assets in the state. The District Court did not make any determination on the merits of the ROFR itself, but did issue a permanent injunction preventing ITC and others from taking further action to construct the MISO long range transmission plan ("LRTP") tranche 1 Iowa projects in reliance on the ROFR. In July 2024, a judge on the Iowa Supreme Court granted a motion filed by ITC requesting a stay of the injunction issued by the District Court. With the stay of the injunction in place, ITC is permitted to advance construction of all Iowa tranche 1 projects originally awarded to the company in 2022. Certain complainants have requested that the judge's order be reviewed by a full quorum of the Iowa Supreme Court. Until there is more certainty around the resolution of these matters, we cannot predict the impact on the timing of capital expenditures related to the LRTP tranche 1 Iowa projects. Central Hudson 2024 General Rate Application: In July 2024, the New York State Public Service Commission ("PSC") approved a one-year rate plan for Central Hudson with retroactive application to July 1, 2024, including an allowed ROE of 9.5%, an increase from the previous allowed ROE of 9.0%. The decision also concluded that there will be no change in the common equity component of capital structure of 48%. Customer Information System ("CIS") Implementation: In June 2024, the PSC issued an order that concluded the investigation concerning Central Hudson's billing system implementation. The PSC also released the final report issued by an independent third-party which determined that the CIS is stable and the critical issues have been resolved. As part of the order, total costs of US$63 million were agreed to not be recovered from customers, of which the majority were recognized prior to 2024. The remaining costs to be recognized associated with the order, including Central Hudson's US$4 million contribution to a customer benefit fund recorded in the second quarter of 2024, are not expected to be material. FortisBC Energy and FortisBC Electric 2025-2027 Rate Framework: In April 2024, FortisBC filed an application with the British Columbia Utilities Commission requesting approval of a rate framework for the period 2025 through 2027. The rate framework builds upon the current multi-year rate plan and includes, amongst other items, a revised level of operation and maintenance expense per customer indexed for inflation less a fixed productivity adjustment factor, a similar approach to growth capital, a forecast approach to sustaining and other capital, continued collection of an innovation fund recognizing the need to accelerate investment in clean energy innovation, and the continued sharing with customers of variances from the allowed ROE. The rate framework also proposes the continuation of deferral mechanisms currently in place. The regulatory process will continue throughout 2024, with a decision expected in mid-2025. FortisAlberta Generic Cost of Capital ("GCOC") Decision: In October 2023, the Alberta Utilities Commission ("AUC") issued a decision on the 2024 GCOC proceeding. In November 2023, FortisAlberta sought permission to appeal the GCOC decision to the Court of Appeal of Alberta ("Court of Appeal") on the basis that the AUC erred in its decision to not adjust FortisAlberta's ROE and common equity component of capital structure to address incremental business risk associated with competition from Rural Electrification Associations ("REAs") located in FortisAlberta's service area, as well as heightened regulatory risk due to the non-recovery of costs attributable to REAs. In April 2024, the Court of Appeal granted FortisAlberta permission to appeal, which is expected to be complete in the first quarter of 2025. Third PBR Term Decision: In October 2023, the AUC issued a decision establishing the parameters for the third performance-based rate ("PBR") setting term for the period of 2024 through 2028. In November 2023, FortisAlberta sought permission to appeal the decision to the Court of Appeal on the basis that the AUC erred in its decision to determine capital funding using 2018-2022 historical capital investments without consideration for funding of new capital programs included in the company's 2023 cost of service revenue requirement as approved by the AUC. The timing and outcome of a decision on the request for appeal is unknown.

v3.24.2

Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Accounting Policies	ACCOUNTING POLICIES These condensed consolidated interim financial statements ("Interim Financial Statements") have been prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for rate-regulated entities and are in Canadian dollars unless otherwise indicated. The Interim Financial Statements include the accounts of the Corporation and its subsidiaries and reflect the equity method of accounting for entities in which Fortis has significant influence, but not control, and proportionate consolidation for assets that are jointly owned with non-affiliated entities. Intercompany transactions have been eliminated, except for transactions between non-regulated and regulated entities in accordance with U.S. GAAP for rate-regulated entities. These Interim Financial Statements do not include all of the disclosures required in the annual financial statements and should be read in conjunction with the Corporation's 2023 Annual Financial Statements. In management's opinion, these Interim Financial Statements include all adjustments that are of a normal recurring nature, necessary for fair presentation. The preparation of the Interim Financial Statements required management to make estimates and judgments, including those related to regulatory decisions, that affect the reported amounts of, and disclosures related to, assets, liabilities, revenues, expenses, gains, losses and contingencies. Actual results could differ materially from estimates. The accounting policies applied herein are consistent with those outlined in the Corporation's 2023 Annual Financial Statements. Future Accounting Pronouncements The Corporation considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board. Any ASUs not included in these Interim Financial Statements were assessed and determined to be either not applicable to the Corporation or are not expected to have a material impact on the Interim Financial Statements. Segment Reporting: ASU No. 2023-07, Improvements to Reportable Segment Disclosures, is effective for Fortis' December 31, 2024 annual financial statements and for interim periods beginning in 2025, on a retrospective basis. The ASU requires disclosure of incremental segment information, including significant segment expenses and other items that are included in segment profit or loss. Fortis is continuing to assess the impact on its disclosures. Income Taxes: ASU No. 2023-09, Improvements to Income Tax Disclosures, is effective for Fortis on January 1, 2025 on a prospective basis, with retrospective application and early adoption permitted. The ASU requires additional disclosure of income tax information by jurisdiction to reflect an entity's exposure to potential changes in tax legislation, and associated risks and opportunities. Fortis does not expect the ASU to materially impact its disclosures.

v3.24.2

Segmented Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segmented Information	SEGMENTED INFORMATION Fortis segments its business based on regulatory jurisdiction and service territory, as well as the information used by its President and Chief Executive Officer in deciding how to allocate resources. Segment performance is evaluated principally on net earnings attributable to common equity shareholders. Related-Party and Inter-Company Transactions Related-party transactions are in the normal course of operations and are measured at the amount of consideration agreed to by the related parties. There were no material related-party transactions for the three and six months ended June 30, 2024 and 2023. Fortis periodically provides short-term financing to subsidiaries to support capital expenditures and seasonal working capital requirements, the impacts of which are eliminated on consolidation. As at June 30, 2024 and December 31, 2023, there were no material inter-segment loans outstanding. Interest charged on inter-segment loans was not material for the three and six months ended June 30, 2024 and 2023. Regulated Non-Regulated Inter- UNS Central FortisBC Fortis FortisBC Other Sub Corporate segment ($ millions) ITC Energy Hudson Energy Alberta Electric Electric Total and Other eliminations Total Quarter ended June 30, 2024 Revenue 556  710  303  336  204  120  433  2,662  8  — 2,670  Energy supply costs —  272  96  77  —  21  247  713  —  — 713  Operating expenses 129  189  167  101  50  34  62  732  7  — 739  Depreciation and amortization 111  101  31  84  75  22  55  479  1  — 480  Operating income 316  148  9  74  79  43  69  738  —  — 738  Other income, net 26  9  16  10  3  1  2  67  (2) — 65  Finance charges 120  37  18  39  34  20  23  291  56  — 347  Income tax expense 51  16  2  13  8  4  5  99  (30) — 69  Net earnings 171  104  5  32  40  20  43  415  (28) — 387  Non-controlling interests 32  —  —  1  —  —  5  38  —  — 38  Preference share dividends —  —  —  —  —  —  —  —  18  — 18  Net earnings attributable to common equity shareholders 139  104  5  31  40  20  38  377  (46) — 331  Additions to property, plant and equipment and intangible assets 309  209  98  221  135  33  106  1,111  1  — 1,112  As at June 30, 2024 Goodwill 8,395  1,890  617  913  228  235  260  12,538  —  — 12,538  Total assets 25,437  13,454  5,637  9,612  6,120  2,744  5,388  68,392  422  (42) 68,772  Quarter ended June 30, 2023 Revenue 519  661  317  362  181  116  420  2,576  18  — 2,594  Energy supply costs —  262  121  141  —  22  241  787  —  — 787  Operating expenses 125  204  144  91  44  31  56  695  18  — 713  Depreciation and amortization 103  88  28  78  67  24  51  439  1  — 440  Operating income 291  107  24  52  70  39  72  655  (1) — 654  Other income, net 19  12  13  9  3  1  5  62  2  — 64  Finance charges 105  37  15  43  30  19  21  270  53  — 323  Income tax expense 49  12  5  (5) 2  3  8  74  (25) — 49  Net earnings 156  70  17  23  41  18  48  373  (27) — 346  Non-controlling interests 29  —  —  —  —  —  6  35  —  — 35  Preference share dividends —  —  —  —  —  —  —  —  17  — 17  Net earnings attributable to common equity shareholders 127  70  17  23  41  18  42  338  (44) — 294  Additions to property, plant and equipment and intangible assets 264  183  78  125  182  35  115  982  —  — 982  As at June 30, 2023 Goodwill 8,127  1,829  597  913  228  235  254  12,183  —  — 12,183  Total assets 23,838  12,303  5,105  8,587  5,718  2,625  4,993  63,169  941  (29) 64,081  Regulated Non-Regulated Inter- UNS Central FortisBC Fortis FortisBC Other Sub Corporate segment ($ millions) ITC Energy Hudson Energy Alberta Electric Electric Total and Other eliminations Total Year-to-date June 30, 2024 Revenue 1,106  1,465  678  897  401  266  960  5,773  15  — 5,788  Energy supply costs —  598  218  239  —  70  597  1,722  —  — 1,722  Operating expenses 265  395  338  196  97  67  125  1,483  22  — 1,505  Depreciation and amortization 220  199  61  168  144  44  108  944  3  — 947  Operating income 621  273  61  294  160  85  130  1,624  (10) — 1,614  Other income, net 54  21  30  19  5  3  10  142  (4) — 138  Finance charges 233  72  36  78  67  40  47  573  110  — 683  Income tax expense 102  30  13  57  13  8  12  235  (65) — 170  Net earnings 340  192  42  178  85  40  81  958  (59) — 899  Non-controlling interests 63  —  —  1  —  —  9  73  —  — 73  Preference share dividends —  —  —  —  —  —  —  —  36  — 36  Net earnings attributable to common equity shareholders 277  192  42  177  85  40  72  885  (95) — 790  Additions to property, plant and equipment and intangible assets 666  423  187  423  263  60  201  2,223  2  — 2,225  As at June 30, 2024 Goodwill 8,395  1,890  617  913  228  235  260  12,538  —  — 12,538  Total assets 25,437  13,454  5,637  9,612  6,120  2,744  5,388  68,392  422  (42) 68,772  Year-to-date June 30, 2023 Revenue 1,038  1,401  759  1,117  360  255  927  5,857  56  — 5,913  Energy supply costs —  599  328  518  —  69  585  2,099  —  — 2,099  Operating expenses 260  394  306  189  86  61  116  1,412  42  — 1,454  Depreciation and amortization 204  175  56  155  131  48  101  870  6  — 876  Operating income 574  233  69  255  143  77  125  1,476  8  — 1,484  Other income, net 36  26  27  16  3  2  12  122  11  — 133  Finance charges 204  73  33  84  60  39  42  535  103  — 638  Income tax expense 96  26  14  40  5  4  14  199  (50) — 149  Net earnings 310  160  49  147  81  36  81  864  (34) — 830  Non-controlling interests 57  —  —  —  —  —  9  66  —  — 66  Preference share dividends —  —  —  —  —  —  —  —  33  — 33  Net earnings attributable to common equity shareholders 253  160  49  147  81  36  72  798  (67) — 731  Additions to property, plant and equipment and intangible assets 600  368  156  239  301  62  208  1,934  2  — 1,936  As at June 30, 2023 Goodwill 8,127  1,829  597  913  228  235  254  12,183  —  — 12,183  Total assets 23,838  12,303  5,105  8,587  5,718  2,625  4,993  63,169  941  (29) 64,081

v3.24.2

Allowance for Credit Losses	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Allowance for Credit Losses	ALLOWANCE FOR CREDIT LOSSES The allowance for credit losses balance, which is recorded in accounts receivable and other current assets, changed as follows. Quarter Year-to-Date ($ millions) 2024  2023  2024  2023  Periods ended June 30 Balance, beginning of period (69) (59) (68) (58) Credit loss expense (8) (3) (16) (11) Credit loss deferral (9) (2) (20) (3) Write-offs, net of recoveries 17  4  36  12  Foreign exchange —  —  (1) —  Balance, end of period (69) (60) (69) (60) See Note 14 for disclosure on the Corporation's credit risk.

v3.24.2

Regulatory Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
Regulated Operations [Abstract]
Regulatory Assets and Liabilities	REGULATORY ASSETS AND LIABILITIES Detailed information about the Corporation's regulatory assets and liabilities is provided in Note 8 to the 2023 Annual Financial Statements. A summary follows. As at June 30, December 31, ($ millions) 2024  2023  Regulatory assets Deferred income taxes 2,141  2,058  Deferred energy management costs 532  521  Rate stabilization and related accounts 492  521  Employee future benefits 257  254  Derivatives 182  197  Deferred lease costs 139  137  Deferred restoration costs 134  115  Manufactured gas plant site remediation deferral 78  81  Generation early retirement costs 72  64  Other regulatory assets 515  436  Total regulatory assets 4,542  4,384  Less: Current portion (780) (866) Long-term regulatory assets 3,762  3,518  Regulatory liabilities Future cost of removal 1,631  1,547  Deferred income taxes 1,291  1,280  Employee future benefits 292  294  Rate stabilization and related accounts 291  292  Renewable energy surcharge 129  129  Alberta Electric System Operator charges deferral 115  121  Energy efficiency liability 88  78  Other regulatory liabilities 236  217  Total regulatory liabilities 4,073  3,958  Less: Current portion (607) (577) Long-term regulatory liabilities 3,466  3,381

v3.24.2

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	LONG-TERM DEBT As at June 30, December 31, ($ millions) 2024  2023  Long-term debt 29,474  28,131  Credit facility borrowings 2,006  1,572  Total long-term debt 31,480  29,703  Less: Deferred financing costs and debt discounts (179) (172) Less: Current installments of long-term debt (2,630) (2,296) 28,671  27,235  Significant Long-Term Debt Issuances Interest Year-to-date June 30, 2024 Month Rate Use of ($ millions, except as noted) Issued (%) Maturity Amount Proceeds ITC Secured senior notes January 5.98  2034 US 85  (1) (2) (3) First mortgage bonds January 5.11  2029 US 75  (1) (2) (3) First mortgage bonds January 5.38  2034 US 75  (1) (2) (3) Unsecured senior notes May 5.65  2034 US 400  (3) (4) Central Hudson Senior notes April 5.59  2031 US 25  (1) (3) Senior notes April 5.69  2034 US 35  (1) (3) FortisAlberta Unsecured debentures May 4.90  2054 300  (1) (2) (3) (4) Caribbean Utilities Unsecured senior notes May 6.17  2039 US 40  (1) (2) (3) (5) Unsecured senior notes May 6.37  2049 US 40  (1) (2) (3) (5) UNS Energy Unsecured senior notes June 5.60  2036 US 30  (1) (3) (1)    Repay short-term and/or credit facility borrowings (2)    Fund capital expenditures (3)    General corporate purposes (4)     Repay maturing long-term debt (5)     Total of US$50 million expected to be used to fund or refinance a portfolio of new and/or existing qualifying green initiatives In November 2022, Fortis filed a short-form base shelf prospectus with a 25-month life under which it may issue common or preference shares, subscription receipts, or debt securities in an aggregate principal amount of up to $2.0 billion. In September 2023, Fortis established an at-the-market equity program ("ATM Program") pursuant to the short-form base shelf prospectus, that allows the Corporation to issue up to $500 million of common shares from treasury to the public from time to time, at the Corporation's discretion, effective until December 22, 2024. As at June 30, 2024, $500 million remained available under the ATM Program and $1.5 billion remained available under the short-form base shelf prospectus. As at Credit facilities Regulated Corporate June 30, December 31, ($ millions) Utilities and Other 2024  2023  Total credit facilities 4,234  2,260  6,494  6,176  Credit facilities utilized: Short-term borrowings (1) (68) —  (68) (119) Long-term debt (including current portion) (2) (1,192) (814) (2,006) (1,572) Letters of credit outstanding (55) (21) (76) (101) Credit facilities unutilized 2,919  1,425  4,344  4,384  (1)    The weighted average interest rate was 7.3% (December 31, 2023 - 6.9%). (2)    The weighted average interest rate was 5.7% (December 31, 2023 - 6.2%). The current portion was $1,610 million (December 31, 2023 - $1,160 million). Credit facilities are syndicated primarily with large banks in Canada and the U.S., with no one bank holding more than approximately 20% of the Corporation's total revolving credit facilities. Approximately $6.0 billion of the total credit facilities are committed with maturities ranging from 2024 through 2029. See Note 14 in the 2023 Annual Financial Statements for a description of the credit facilities as at December 31, 2023. In April 2024, FortisBC Energy increased its operating credit facility from $700 million to $900 million and extended the maturity to July 2028. In May 2024, FortisBC Electric increased its operating credit facility from $150 million to $200 million and extended the maturity to April 2028. In May 2024, the Corporation extended the maturity on its unsecured US$500 million non-revolving term credit facility to May 2025. The facility is repayable at any time without penalty. In June 2024, the Corporation amended its $1.3 billion revolving term committed credit facility to extend the maturity to July 2029.

v3.24.2

Preference Shares	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Preference Shares	PREFERENCE SHARES On March 1, 2024, the annual fixed dividend per share for the First Preference Shares, Series K was reset from $0.9823 to $1.3673 for the five-year period up to but excluding March 1, 2029.

v3.24.2

Employee Future Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Employee Future Benefits	EMPLOYEE FUTURE BENEFITS Fortis and each subsidiary maintain one or a combination of defined benefit pension plans and defined contribution pension plans, as well as other post-employment benefit ("OPEB") plans, including health and dental coverage and life insurance benefits, for qualifying members. The net benefit cost is detailed below. Defined Benefit Pension Plans OPEB Plans ($ millions) 2024  2023  2024  2023  Quarter ended June 30 Service costs 19  16  6  6  Interest costs 40  40  8  7  Expected return on plan assets (55) (50) (7) (5) Amortization of actuarial gains —  (3) (5) (5) Amortization of past service credits/plan amendments (1) (1) —  (1) Regulatory adjustments —  2  1  1  Net benefit cost 3  4  3  3  Year-to-date June 30 Service costs 37  31  12  11  Interest costs 80  80  15  15  Expected return on plan assets (110) (100) (13) (11) Amortization of actuarial gains —  (5) (9) (9) Amortization of past service credits/plan amendments (1) (1) —  (1) Regulatory adjustments —  6  1  3  Net benefit cost 6  11  6  8  Defined contribution pension plan expense for the three and six months ended June 30, 2024 was $14 million and $31 million, respectively (three and six months ended June 30, 2023 - $13 million and $29 million, respectively).

v3.24.2

Disposition	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposition	DISPOSITION In November 2023, Fortis sold its Aitken Creek business to a subsidiary of Enbridge Inc. for approximately $470 million including working capital and closing adjustments. For the three and six months ended June 30, 2023, Aitken Creek had net earnings of $3 million and $18 million, respectively.

v3.24.2

Other Income, Net	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Income, Net	OTHER INCOME, NET Quarter Year-to-Date ($ millions) 2024  2023  2024  2023  Periods ended June 30 Equity component, allowance for funds used during construction 32  23  62  46  Non-service component of net periodic benefit cost 18  16  36  32  Interest income (1) 16  18  32  34  Equity income (1) 2  4  7  (Loss) gain on derivatives, net (1) 3  (6) 12  Other 1  2  10  2  65  64  138  133  (1)    Includes interest on short-term deposits, as well as interest on regulatory deferrals, including the PPFAC at TEP and UNSE

v3.24.2

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS PER COMMON SHARE Diluted earnings per share ("EPS") was calculated using the treasury stock method for stock options. 2024 2023 Net Earnings Weighted Net Earnings Weighted to Common Average to Common Average Shareholders Shares EPS Shareholders Shares EPS ($ millions) (# millions) ($) ($ millions) (# millions) ($) Quarter ended June 30 Basic EPS 331  494.0  0.67  294  485.4  0.61  Potential dilutive effect of stock options —  0.2  —  0.3  Diluted EPS 331  494.2  0.67  294  485.7  0.61  Year-to-date June 30 Basic EPS 790  492.8  1.60  731  484.3  1.51  Potential dilutive effect of stock options —  0.4  —  0.3  Diluted EPS 790  493.2  1.60  731  484.6  1.51

v3.24.2

Supplementary Cash Flow Information	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplementary Cash Flow Information	SUPPLEMENTARY CASH FLOW INFORMATION Quarter Year-to-Date ($ millions) 2024  2023  2024  2023  Periods ended June 30 Change in working capital Accounts receivable and other current assets 128  208  63  489  Prepaid expenses (27) (19) (29) (19) Inventories (44) (29) (14) 62  Regulatory assets - current portion 42  164  134  160  Accounts payable and other current liabilities (160) (132) (347) (537) Regulatory liabilities - current portion 17  25  18  22  (44) 217  (175) 177  Non-cash investing and financing activities Accrued capital expenditures 469  366  469  366  Common share dividends reinvested 107  102  218  205  Contributions in aid of construction 9  10  9  10

v3.24.2

Fair Value of Financial Instruments and Risk Management	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Risk Management	FAIR VALUE OF FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Derivatives The Corporation generally limits the use of derivatives to those that qualify as accounting, economic or cash flow hedges, or those that are approved for regulatory recovery. Derivatives are recorded at fair value with certain exceptions including those derivatives that qualify for the normal purchase and normal sale exception. Fair values reflect estimates based on current market information about the derivatives as at the balance sheet dates. The estimates cannot be determined with precision as they involve uncertainties and matters of judgment and, therefore, may not be relevant in predicting the Corporation's future consolidated earnings or cash flow. Energy Contracts Subject to Regulatory Deferral UNS Energy holds electricity power purchase contracts, customer supply contracts and gas swap contracts to reduce its exposure to energy price risk. Fair values are measured primarily under the market approach using independent third-party information, where possible. When published prices are not available, adjustments are applied based on historical price curve relationships, transmission costs and line losses. Central Hudson holds swap contracts for electricity and natural gas to minimize price volatility by fixing the effective purchase price. Fair values are measured using forward pricing provided by independent third-party information. FortisBC Energy holds gas supply contracts to fix the effective purchase price of natural gas. Fair values reflect the present value of future cash flows based on published market prices and forward natural gas price curves. Unrealized gains or losses associated with changes in the fair value of these energy contracts are deferred as a regulatory asset or liability for recovery from, or refund to, customers in future rates, as permitted by the regulators. As at June 30, 2024, unrealized losses of $182 million (December 31, 2023 - $197 million) were recognized as regulatory assets and unrealized gains of $42 million (December 31, 2023 - $37 million) were recognized as regulatory liabilities. Energy Contracts Not Subject to Regulatory Deferral UNS Energy holds wholesale trading contracts to fix power prices and realize potential margin, of which 10% of any realized gains is shared with customers through rate stabilization accounts. Fair values are measured using a market approach incorporating, where possible, independent third-party information. Aitken Creek, which was sold on November 1, 2023, held gas swap contracts to manage its exposure to changes in natural gas prices, capture natural gas price spreads, and manage the financial risk posed by physical transactions. Fair values were measured using forward pricing from published market sources. Unrealized gains or losses associated with changes in the fair value of these energy contracts are recognized in revenue. During the three and six months ended June 30, 2024, unrealized gains of $nil and $36 million were recognized in revenue, respectively (three and six months ended June 30, 2023 - unrealized losses of $8 million and unrealized gains of $6 million, respectively). Total Return Swaps The Corporation holds total return swaps to manage the cash flow risk associated with forecast future cash and/or share settlements of certain stock-based compensation obligations. The swaps have a combined notional amount of $134 million and terms of one to three years expiring at varying dates through January 2027. Fair value is measured using an income valuation approach based on forward pricing curves. Unrealized gains and losses associated with changes in fair value are recognized in other income, net. During the three and six months ended June 30, 2024, unrealized losses of $1 million and $4 million, respectively were recognized in other income, net (three and six months ended June 30, 2023 - unrealized losses of $1 million and unrealized gains of $5 million, respectively). Foreign Exchange Contracts The Corporation holds U.S. dollar denominated foreign exchange contracts to help mitigate exposure to foreign exchange rate volatility. The contracts expire at varying dates through March 2026 and have a combined notional amount of $440 million. Fair value was measured using independent third-party information. Unrealized gains and losses associated with changes in fair value are recognized in other income, net. During the three and six months ended June 30, 2024, unrealized losses of $2 million and $5 million, respectively were recognized in other income, net (three and six months ended June 30, 2023 - unrealized gains of $5 million and $7 million, respectively). Interest Rate Locks During the second quarter of 2024, ITC entered into and settled interest rate locks with a combined notional value of US$300 million. These contracts were used to manage interest rate risk associated with the issuance of US$400 million unsecured senior notes in May 2024. Realized losses of US$3 million were recognized in other comprehensive income, which will be reclassified to earnings as a component of interest expense over 5 years. Cross-Currency Interest Rate Swaps The Corporation holds cross-currency interest rate swaps, maturing in 2029, to effectively convert its $500 million, 4.43% unsecured senior notes to US$391 million, 4.34% debt. The Corporation has designated this notional U.S. debt as an effective hedge of its foreign net investments and unrealized gains and losses associated with exchange rate fluctuations on the notional U.S. debt are recognized in other comprehensive income, consistent with the translation adjustment related to the foreign net investments. Other changes in the fair value of the swaps are also recognized in other comprehensive income but are excluded from the assessment of hedge effectiveness. Fair value is measured using a discounted cash flow method based on secured overnight financing rates. During the three and six months ended June 30, 2024, unrealized losses of $2 million and $15 million, respectively were recorded in other comprehensive income (three and six months ended June 30, 2023 - unrealized gains of $9 million and $10 million, respectively). Other Investments UNS Energy holds investments in money market accounts, and ITC and Central Hudson hold investments in trust associated with supplemental retirement benefit plans for select employees, which include mutual funds and money market accounts. These investments are recorded at fair value based on quoted market prices in active markets. Gains and losses are recognized in other income, net. During the three and six months ended June 30, 2024, gains of $2 million and $6 million, respectively were recognized in other income, net (three and six months ended June 30, 2023 - gains of $1 million and $3 million, respectively). Recurring Fair Value Measures The following table presents assets and liabilities that are accounted for at fair value on a recurring basis. ($ millions) Level 1 (1) Level 2 (1) Level 3 (1) Total As at June 30, 2024 Assets Energy contracts subject to regulatory deferral (2) (3) —  57  —  57  Energy contracts not subject to regulatory deferral (2) —  40  —  40  Other investments (4) 132  —  —  132  132  97  —  229  Liabilities Energy contracts subject to regulatory deferral (3) (5) —  (197) —  (197) Energy contracts not subject to regulatory deferral (5) —  (2) —  (2) Foreign exchange contracts, total return and cross-currency interest rate swaps (5) —  (24) —  (24) —  (223) —  (223) As at December 31, 2023 Assets Energy contracts subject to regulatory deferral (2) (3) —  49  —  49  Energy contracts not subject to regulatory deferral (2) —  6  —  6  Foreign exchange contracts (2) —  5  —  5  Other investments (4) 145  —  —  145  145  60  —  205  Liabilities Energy contracts subject to regulatory deferral (3) (5) —  (209) —  (209) Energy contracts not subject to regulatory deferral (5) —  (3) —  (3) Total return and cross-currency interest rate swaps (5) —  (6) —  (6) —  (218) —  (218) (1)Under the hierarchy, fair value is determined using: (i) level 1 - unadjusted quoted prices in active markets; (ii) level 2 - other pricing inputs directly or indirectly observable in the marketplace; and (iii) level 3 - unobservable inputs, used when observable inputs are not available. Classifications reflect the lowest level of input that is significant to the fair value measurement. (2)Included in accounts receivable and other current assets or other assets (3)Unrealized gains and losses arising from changes in fair value of these contracts are deferred as a regulatory asset or liability for recovery from, or refund to, customers in future rates as permitted by the regulators, with the exception of long-term wholesale trading contracts and certain gas swap contracts. (4)Included in cash and cash equivalents and other assets (5)Included in accounts payable and other current liabilities or other liabilities Energy Contracts The Corporation has elected gross presentation for its derivative contracts under master netting agreements and collateral positions, which apply only to its energy contracts. The following table presents the potential offset of counterparty netting. Gross Amount Counterparty Recognized in Netting of Cash Collateral ($ millions) Balance Sheet Energy Contracts Posted/(Received) Net Amount As at June 30, 2024 Derivative assets 97  (34) 15  78  Derivative liabilities (199) 34  (10) (175) As at December 31, 2023 Derivative assets 55  (24) 28  59  Derivative liabilities (212) 24  (1) (189) Volume of Derivative Activity As at June 30, 2024, the Corporation had various energy contracts that will settle on various dates through 2029. The volumes related to electricity and natural gas derivatives are outlined below. As at June 30, December 31, 2024  2023  Energy contracts subject to regulatory deferral (1) Electricity swap contracts (GWh) 831  628  Electricity power purchase contracts (GWh) 492  588  Gas swap contracts (PJ) 247  228  Gas supply contracts (PJ) 113  134  Energy contracts not subject to regulatory deferral (1) Wholesale trading contracts (GWh) 4,092  1,310  Gas swap contracts (PJ) 2  3  (1)GWh means gigawatt hours and PJ means petajoules. Credit Risk For cash equivalents, accounts receivable and other current assets, and long-term other receivables, credit risk is generally limited to the carrying value on the consolidated balance sheets. The Corporation's subsidiaries generally have a large and diversified customer base, which minimizes the concentration of credit risk. Policies in place to minimize credit risk include requiring customer deposits, prepayments and/or credit checks for certain customers, performing disconnections and/or using third-party collection agencies for overdue accounts. ITC has a concentration of credit risk as approximately 70% of its revenue is derived from three customers. The customers have investment-grade credit ratings and credit risk is further managed by MISO by requiring a letter of credit or cash deposit equal to the credit exposure, which is determined by a credit-scoring model and other factors. FortisAlberta has a concentration of credit risk as distribution service billings are to a relatively small group of retailers. Credit risk is managed by obtaining from the retailers either a cash deposit, letter of credit, an investment-grade credit rating, or a financial guarantee from an entity with an investment-grade credit rating. Central Hudson has seen an increase in accounts receivable since the suspension of collection efforts initially required in response to the COVID-19 pandemic. Central Hudson continues to proactively contact customers regarding past-due balances to advise them of financial assistance available through state programs, and collection efforts continue to expand. Under its regulatory framework, Central Hudson can defer uncollectible write-offs that exceed 10 basis points above the amounts collected in customer rates for future recovery. UNS Energy, Central Hudson, FortisBC Energy, and the Corporation may be exposed to credit risk in the event of non-performance by counterparties to derivatives. Credit risk is managed by net settling payments, when possible, and dealing only with counterparties that have investment-grade credit ratings. At UNS Energy, Central Hudson and FortisBC Energy, certain contractual arrangements require counterparties to post collateral. The value of derivatives in net liability positions under contracts with credit risk-related contingent features that, if triggered, could require the posting of a like amount of collateral was $111 million as at June 30, 2024 (December 31, 2023 - $117 million). Hedge of Foreign Net Investments The reporting currency of ITC, UNS Energy, Central Hudson, Caribbean Utilities, FortisTCI, Fortis Belize Limited and Belize Electricity is, or is pegged to, the U.S. dollar. The earnings and cash flow from, and net investments in, these entities are exposed to fluctuations in the U.S. dollar-to-Canadian dollar exchange rate. The Corporation has reduced this exposure through hedging. As at June 30, 2024, US$2.6 billion (December 31, 2023 - US$2.6 billion) of corporately issued U.S. dollar-denominated long-term debt has been designated as an effective hedge of net investments, leaving approximately US$11.8 billion (December 31, 2023 - US$11.5 billion) unhedged. Exchange rate fluctuations associated with the net investment in foreign subsidiaries and the debt serving as the hedge are recognized in accumulated other comprehensive income. Financial Instruments Not Carried at Fair Value Excluding long-term debt, the consolidated carrying value of the Corporation's remaining financial instruments approximates fair value, reflecting their short-term maturity, normal trade credit terms and/or nature. As at June 30, 2024, the carrying value of long-term debt, including current portion, was $31.5 billion (December 31, 2023 - $29.7 billion) compared to an estimated fair value of $28.9 billion (December 31, 2023 - $27.9 billion).

v3.24.2

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments There were no material changes in commitments from that disclosed in the Corporation's 2023 Annual Financial Statements. Contingency In April 2013, FortisBC Holdings Inc. and Fortis were named as defendants in an action in the British Columbia Supreme Court by the Coldwater Indian Band ("Band") regarding interests in a pipeline across reserve lands. The Band seeks cancellation of the right-of-way and damages for wrongful interference with the Band's use and enjoyment of reserve lands. In 2016, the Federal Court dismissed the Band's application for judicial review of the ministerial consent. In 2017, the Federal Court of Appeal set aside the minister's consent and returned the matter to the minister for redetermination. No amount has been accrued as the outcome cannot yet be reasonably determined.

v3.24.2

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting	These condensed consolidated interim financial statements ("Interim Financial Statements") have been prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for rate-regulated entities and are in Canadian dollars unless otherwise indicated.
Consolidation	The Interim Financial Statements include the accounts of the Corporation and its subsidiaries and reflect the equity method of accounting for entities in which Fortis has significant influence, but not control, and proportionate consolidation for assets that are jointly owned with non-affiliated entities. Intercompany transactions have been eliminated, except for transactions between non-regulated and regulated entities in accordance with U.S. GAAP for rate-regulated entities. These Interim Financial Statements do not include all of the disclosures required in the annual financial statements and should be read in conjunction with the Corporation's 2023 Annual Financial Statements. In management's opinion, these Interim Financial Statements include all adjustments that are of a normal recurring nature, necessary for fair presentation.
Use of Accounting Estimates	The preparation of the Interim Financial Statements required management to make estimates and judgments, including those related to regulatory decisions, that affect the reported amounts of, and disclosures related to, assets, liabilities, revenues, expenses, gains, losses and contingencies. Actual results could differ materially from estimates.
Future Accounting Pronouncements	The Corporation considers the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board. Any ASUs not included in these Interim Financial Statements were assessed and determined to be either not applicable to the Corporation or are not expected to have a material impact on the Interim Financial Statements. Segment Reporting: ASU No. 2023-07, Improvements to Reportable Segment Disclosures, is effective for Fortis' December 31, 2024 annual financial statements and for interim periods beginning in 2025, on a retrospective basis. The ASU requires disclosure of incremental segment information, including significant segment expenses and other items that are included in segment profit or loss. Fortis is continuing to assess the impact on its disclosures. Income Taxes: ASU No. 2023-09, Improvements to Income Tax Disclosures, is effective for Fortis on January 1, 2025 on a prospective basis, with retrospective application and early adoption permitted. The ASU requires additional disclosure of income tax information by jurisdiction to reflect an entity's exposure to potential changes in tax legislation, and associated risks and opportunities. Fortis does not expect the ASU to materially impact its disclosures.

v3.24.2

Segmented Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Information by Reportable Segment	Regulated Non-Regulated Inter- UNS Central FortisBC Fortis FortisBC Other Sub Corporate segment ($ millions) ITC Energy Hudson Energy Alberta Electric Electric Total and Other eliminations Total Quarter ended June 30, 2024 Revenue 556  710  303  336  204  120  433  2,662  8  — 2,670  Energy supply costs —  272  96  77  —  21  247  713  —  — 713  Operating expenses 129  189  167  101  50  34  62  732  7  — 739  Depreciation and amortization 111  101  31  84  75  22  55  479  1  — 480  Operating income 316  148  9  74  79  43  69  738  —  — 738  Other income, net 26  9  16  10  3  1  2  67  (2) — 65  Finance charges 120  37  18  39  34  20  23  291  56  — 347  Income tax expense 51  16  2  13  8  4  5  99  (30) — 69  Net earnings 171  104  5  32  40  20  43  415  (28) — 387  Non-controlling interests 32  —  —  1  —  —  5  38  —  — 38  Preference share dividends —  —  —  —  —  —  —  —  18  — 18  Net earnings attributable to common equity shareholders 139  104  5  31  40  20  38  377  (46) — 331  Additions to property, plant and equipment and intangible assets 309  209  98  221  135  33  106  1,111  1  — 1,112  As at June 30, 2024 Goodwill 8,395  1,890  617  913  228  235  260  12,538  —  — 12,538  Total assets 25,437  13,454  5,637  9,612  6,120  2,744  5,388  68,392  422  (42) 68,772  Quarter ended June 30, 2023 Revenue 519  661  317  362  181  116  420  2,576  18  — 2,594  Energy supply costs —  262  121  141  —  22  241  787  —  — 787  Operating expenses 125  204  144  91  44  31  56  695  18  — 713  Depreciation and amortization 103  88  28  78  67  24  51  439  1  — 440  Operating income 291  107  24  52  70  39  72  655  (1) — 654  Other income, net 19  12  13  9  3  1  5  62  2  — 64  Finance charges 105  37  15  43  30  19  21  270  53  — 323  Income tax expense 49  12  5  (5) 2  3  8  74  (25) — 49  Net earnings 156  70  17  23  41  18  48  373  (27) — 346  Non-controlling interests 29  —  —  —  —  —  6  35  —  — 35  Preference share dividends —  —  —  —  —  —  —  —  17  — 17  Net earnings attributable to common equity shareholders 127  70  17  23  41  18  42  338  (44) — 294  Additions to property, plant and equipment and intangible assets 264  183  78  125  182  35  115  982  —  — 982  As at June 30, 2023 Goodwill 8,127  1,829  597  913  228  235  254  12,183  —  — 12,183  Total assets 23,838  12,303  5,105  8,587  5,718  2,625  4,993  63,169  941  (29) 64,081  Regulated Non-Regulated Inter- UNS Central FortisBC Fortis FortisBC Other Sub Corporate segment ($ millions) ITC Energy Hudson Energy Alberta Electric Electric Total and Other eliminations Total Year-to-date June 30, 2024 Revenue 1,106  1,465  678  897  401  266  960  5,773  15  — 5,788  Energy supply costs —  598  218  239  —  70  597  1,722  —  — 1,722  Operating expenses 265  395  338  196  97  67  125  1,483  22  — 1,505  Depreciation and amortization 220  199  61  168  144  44  108  944  3  — 947  Operating income 621  273  61  294  160  85  130  1,624  (10) — 1,614  Other income, net 54  21  30  19  5  3  10  142  (4) — 138  Finance charges 233  72  36  78  67  40  47  573  110  — 683  Income tax expense 102  30  13  57  13  8  12  235  (65) — 170  Net earnings 340  192  42  178  85  40  81  958  (59) — 899  Non-controlling interests 63  —  —  1  —  —  9  73  —  — 73  Preference share dividends —  —  —  —  —  —  —  —  36  — 36  Net earnings attributable to common equity shareholders 277  192  42  177  85  40  72  885  (95) — 790  Additions to property, plant and equipment and intangible assets 666  423  187  423  263  60  201  2,223  2  — 2,225  As at June 30, 2024 Goodwill 8,395  1,890  617  913  228  235  260  12,538  —  — 12,538  Total assets 25,437  13,454  5,637  9,612  6,120  2,744  5,388  68,392  422  (42) 68,772  Year-to-date June 30, 2023 Revenue 1,038  1,401  759  1,117  360  255  927  5,857  56  — 5,913  Energy supply costs —  599  328  518  —  69  585  2,099  —  — 2,099  Operating expenses 260  394  306  189  86  61  116  1,412  42  — 1,454  Depreciation and amortization 204  175  56  155  131  48  101  870  6  — 876  Operating income 574  233  69  255  143  77  125  1,476  8  — 1,484  Other income, net 36  26  27  16  3  2  12  122  11  — 133  Finance charges 204  73  33  84  60  39  42  535  103  — 638  Income tax expense 96  26  14  40  5  4  14  199  (50) — 149  Net earnings 310  160  49  147  81  36  81  864  (34) — 830  Non-controlling interests 57  —  —  —  —  —  9  66  —  — 66  Preference share dividends —  —  —  —  —  —  —  —  33  — 33  Net earnings attributable to common equity shareholders 253  160  49  147  81  36  72  798  (67) — 731  Additions to property, plant and equipment and intangible assets 600  368  156  239  301  62  208  1,934  2  — 1,936  As at June 30, 2023 Goodwill 8,127  1,829  597  913  228  235  254  12,183  —  — 12,183  Total assets 23,838  12,303  5,105  8,587  5,718  2,625  4,993  63,169  941  (29) 64,081

v3.24.2

Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Allowance for Credit Losses	The allowance for credit losses balance, which is recorded in accounts receivable and other current assets, changed as follows. Quarter Year-to-Date ($ millions) 2024  2023  2024  2023  Periods ended June 30 Balance, beginning of period (69) (59) (68) (58) Credit loss expense (8) (3) (16) (11) Credit loss deferral (9) (2) (20) (3) Write-offs, net of recoveries 17  4  36  12  Foreign exchange —  —  (1) —  Balance, end of period (69) (60) (69) (60)

v3.24.2

Regulatory Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Regulated Operations [Abstract]
Schedule of Regulatory Assets	Detailed information about the Corporation's regulatory assets and liabilities is provided in Note 8 to the 2023 Annual Financial Statements. A summary follows. As at June 30, December 31, ($ millions) 2024  2023  Regulatory assets Deferred income taxes 2,141  2,058  Deferred energy management costs 532  521  Rate stabilization and related accounts 492  521  Employee future benefits 257  254  Derivatives 182  197  Deferred lease costs 139  137  Deferred restoration costs 134  115  Manufactured gas plant site remediation deferral 78  81  Generation early retirement costs 72  64  Other regulatory assets 515  436  Total regulatory assets 4,542  4,384  Less: Current portion (780) (866) Long-term regulatory assets 3,762  3,518  Regulatory liabilities Future cost of removal 1,631  1,547  Deferred income taxes 1,291  1,280  Employee future benefits 292  294  Rate stabilization and related accounts 291  292  Renewable energy surcharge 129  129  Alberta Electric System Operator charges deferral 115  121  Energy efficiency liability 88  78  Other regulatory liabilities 236  217  Total regulatory liabilities 4,073  3,958  Less: Current portion (607) (577) Long-term regulatory liabilities 3,466  3,381
Schedule of Regulatory Liabilities	Detailed information about the Corporation's regulatory assets and liabilities is provided in Note 8 to the 2023 Annual Financial Statements. A summary follows. As at June 30, December 31, ($ millions) 2024  2023  Regulatory assets Deferred income taxes 2,141  2,058  Deferred energy management costs 532  521  Rate stabilization and related accounts 492  521  Employee future benefits 257  254  Derivatives 182  197  Deferred lease costs 139  137  Deferred restoration costs 134  115  Manufactured gas plant site remediation deferral 78  81  Generation early retirement costs 72  64  Other regulatory assets 515  436  Total regulatory assets 4,542  4,384  Less: Current portion (780) (866) Long-term regulatory assets 3,762  3,518  Regulatory liabilities Future cost of removal 1,631  1,547  Deferred income taxes 1,291  1,280  Employee future benefits 292  294  Rate stabilization and related accounts 291  292  Renewable energy surcharge 129  129  Alberta Electric System Operator charges deferral 115  121  Energy efficiency liability 88  78  Other regulatory liabilities 236  217  Total regulatory liabilities 4,073  3,958  Less: Current portion (607) (577) Long-term regulatory liabilities 3,466  3,381

v3.24.2

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	As at June 30, December 31, ($ millions) 2024  2023  Long-term debt 29,474  28,131  Credit facility borrowings 2,006  1,572  Total long-term debt 31,480  29,703  Less: Deferred financing costs and debt discounts (179) (172) Less: Current installments of long-term debt (2,630) (2,296) 28,671  27,235  Significant Long-Term Debt Issuances Interest Year-to-date June 30, 2024 Month Rate Use of ($ millions, except as noted) Issued (%) Maturity Amount Proceeds ITC Secured senior notes January 5.98  2034 US 85  (1) (2) (3) First mortgage bonds January 5.11  2029 US 75  (1) (2) (3) First mortgage bonds January 5.38  2034 US 75  (1) (2) (3) Unsecured senior notes May 5.65  2034 US 400  (3) (4) Central Hudson Senior notes April 5.59  2031 US 25  (1) (3) Senior notes April 5.69  2034 US 35  (1) (3) FortisAlberta Unsecured debentures May 4.90  2054 300  (1) (2) (3) (4) Caribbean Utilities Unsecured senior notes May 6.17  2039 US 40  (1) (2) (3) (5) Unsecured senior notes May 6.37  2049 US 40  (1) (2) (3) (5) UNS Energy Unsecured senior notes June 5.60  2036 US 30  (1) (3) (1)    Repay short-term and/or credit facility borrowings (2)    Fund capital expenditures (3)    General corporate purposes (4)     Repay maturing long-term debt (5)     Total of US$50 million expected to be used to fund or refinance a portfolio of new and/or existing qualifying green initiatives
Schedule of Credit Facilities	As at Credit facilities Regulated Corporate June 30, December 31, ($ millions) Utilities and Other 2024  2023  Total credit facilities 4,234  2,260  6,494  6,176  Credit facilities utilized: Short-term borrowings (1) (68) —  (68) (119) Long-term debt (including current portion) (2) (1,192) (814) (2,006) (1,572) Letters of credit outstanding (55) (21) (76) (101) Credit facilities unutilized 2,919  1,425  4,344  4,384  (1)    The weighted average interest rate was 7.3% (December 31, 2023 - 6.9%). (2)    The weighted average interest rate was 5.7% (December 31, 2023 - 6.2%). The current portion was $1,610 million (December 31, 2023 - $1,160 million).

v3.24.2

Employee Future Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The net benefit cost is detailed below. Defined Benefit Pension Plans OPEB Plans ($ millions) 2024  2023  2024  2023  Quarter ended June 30 Service costs 19  16  6  6  Interest costs 40  40  8  7  Expected return on plan assets (55) (50) (7) (5) Amortization of actuarial gains —  (3) (5) (5) Amortization of past service credits/plan amendments (1) (1) —  (1) Regulatory adjustments —  2  1  1  Net benefit cost 3  4  3  3  Year-to-date June 30 Service costs 37  31  12  11  Interest costs 80  80  15  15  Expected return on plan assets (110) (100) (13) (11) Amortization of actuarial gains —  (5) (9) (9) Amortization of past service credits/plan amendments (1) (1) —  (1) Regulatory adjustments —  6  1  3  Net benefit cost 6  11  6  8

v3.24.2

Other Income, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Income, Net	Quarter Year-to-Date ($ millions) 2024  2023  2024  2023  Periods ended June 30 Equity component, allowance for funds used during construction 32  23  62  46  Non-service component of net periodic benefit cost 18  16  36  32  Interest income (1) 16  18  32  34  Equity income (1) 2  4  7  (Loss) gain on derivatives, net (1) 3  (6) 12  Other 1  2  10  2  65  64  138  133  (1)    Includes interest on short-term deposits, as well as interest on regulatory deferrals, including the PPFAC at TEP and UNSE

v3.24.2

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Earnings to Common Shareholders	Diluted earnings per share ("EPS") was calculated using the treasury stock method for stock options. 2024 2023 Net Earnings Weighted Net Earnings Weighted to Common Average to Common Average Shareholders Shares EPS Shareholders Shares EPS ($ millions) (# millions) ($) ($ millions) (# millions) ($) Quarter ended June 30 Basic EPS 331  494.0  0.67  294  485.4  0.61  Potential dilutive effect of stock options —  0.2  —  0.3  Diluted EPS 331  494.2  0.67  294  485.7  0.61  Year-to-date June 30 Basic EPS 790  492.8  1.60  731  484.3  1.51  Potential dilutive effect of stock options —  0.4  —  0.3  Diluted EPS 790  493.2  1.60  731  484.6  1.51

v3.24.2

Supplementary Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplementary Cash Flow Information	Quarter Year-to-Date ($ millions) 2024  2023  2024  2023  Periods ended June 30 Change in working capital Accounts receivable and other current assets 128  208  63  489  Prepaid expenses (27) (19) (29) (19) Inventories (44) (29) (14) 62  Regulatory assets - current portion 42  164  134  160  Accounts payable and other current liabilities (160) (132) (347) (537) Regulatory liabilities - current portion 17  25  18  22  (44) 217  (175) 177  Non-cash investing and financing activities Accrued capital expenditures 469  366  469  366  Common share dividends reinvested 107  102  218  205  Contributions in aid of construction 9  10  9  10

v3.24.2

Fair Value of Financial Instruments and Risk Management (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Hierarchy	The following table presents assets and liabilities that are accounted for at fair value on a recurring basis. ($ millions) Level 1 (1) Level 2 (1) Level 3 (1) Total As at June 30, 2024 Assets Energy contracts subject to regulatory deferral (2) (3) —  57  —  57  Energy contracts not subject to regulatory deferral (2) —  40  —  40  Other investments (4) 132  —  —  132  132  97  —  229  Liabilities Energy contracts subject to regulatory deferral (3) (5) —  (197) —  (197) Energy contracts not subject to regulatory deferral (5) —  (2) —  (2) Foreign exchange contracts, total return and cross-currency interest rate swaps (5) —  (24) —  (24) —  (223) —  (223) As at December 31, 2023 Assets Energy contracts subject to regulatory deferral (2) (3) —  49  —  49  Energy contracts not subject to regulatory deferral (2) —  6  —  6  Foreign exchange contracts (2) —  5  —  5  Other investments (4) 145  —  —  145  145  60  —  205  Liabilities Energy contracts subject to regulatory deferral (3) (5) —  (209) —  (209) Energy contracts not subject to regulatory deferral (5) —  (3) —  (3) Total return and cross-currency interest rate swaps (5) —  (6) —  (6) —  (218) —  (218) (1)Under the hierarchy, fair value is determined using: (i) level 1 - unadjusted quoted prices in active markets; (ii) level 2 - other pricing inputs directly or indirectly observable in the marketplace; and (iii) level 3 - unobservable inputs, used when observable inputs are not available. Classifications reflect the lowest level of input that is significant to the fair value measurement. (2)Included in accounts receivable and other current assets or other assets (3)Unrealized gains and losses arising from changes in fair value of these contracts are deferred as a regulatory asset or liability for recovery from, or refund to, customers in future rates as permitted by the regulators, with the exception of long-term wholesale trading contracts and certain gas swap contracts. (4)Included in cash and cash equivalents and other assets (5)Included in accounts payable and other current liabilities or other liabilities
Derivative Asset Contracts Under Master Netting Agreements and Collateral Positions	The following table presents the potential offset of counterparty netting. 14. FAIR VALUE OF FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont'd) Gross Amount Counterparty Recognized in Netting of Cash Collateral ($ millions) Balance Sheet Energy Contracts Posted/(Received) Net Amount As at June 30, 2024 Derivative assets 97  (34) 15  78  Derivative liabilities (199) 34  (10) (175) As at December 31, 2023 Derivative assets 55  (24) 28  59  Derivative liabilities (212) 24  (1) (189)
Derivative Liability Contracts Under Master Netting Agreements and Collateral Positions	The following table presents the potential offset of counterparty netting. 14. FAIR VALUE OF FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont'd) Gross Amount Counterparty Recognized in Netting of Cash Collateral ($ millions) Balance Sheet Energy Contracts Posted/(Received) Net Amount As at June 30, 2024 Derivative assets 97  (34) 15  78  Derivative liabilities (199) 34  (10) (175) As at December 31, 2023 Derivative assets 55  (24) 28  59  Derivative liabilities (212) 24  (1) (189)
Schedule of Volume of Derivative Activity	As at June 30, 2024, the Corporation had various energy contracts that will settle on various dates through 2029. The volumes related to electricity and natural gas derivatives are outlined below. As at June 30, December 31, 2024  2023  Energy contracts subject to regulatory deferral (1) Electricity swap contracts (GWh) 831  628  Electricity power purchase contracts (GWh) 492  588  Gas swap contracts (PJ) 247  228  Gas supply contracts (PJ) 113  134  Energy contracts not subject to regulatory deferral (1) Wholesale trading contracts (GWh) 4,092  1,310  Gas swap contracts (PJ) 2  3  (1)GWh means gigawatt hours and PJ means petajoules.

v3.24.2

Description of Business - Regulated Utilities (Details)	Jun. 30, 2024
Wataynikaneyap Power Limited Partnership
Public Utilities, General Disclosures [Line Items]
Equity investment ownership (percent)	39.00%
Belize Electricity
Public Utilities, General Disclosures [Line Items]
Equity investment ownership (percent)	33.00%
ITC
Public Utilities, General Disclosures [Line Items]
Controlling ownership interest (percent)	80.10%
Noncontrolling ownership (percent)	19.90%
Caribbean Utilities
Public Utilities, General Disclosures [Line Items]
Controlling ownership interest (percent)	60.00%

v3.24.2

Regulatory Matters (Details) - Central Hudson - PSC - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024
General Rate Application
Public Utilities, General Disclosures [Line Items]
Approved ROE		9.00%
Equity component of capital structure		48.00%
General Rate Application | Subsequent Event
Public Utilities, General Disclosures [Line Items]
Approved rate, period	1 year
Approved ROE	9.50%
Equity component of capital structure	48.00%
CIS Implementation
Public Utilities, General Disclosures [Line Items]
Amount of disallowed costs		$ 63
Remaining costs		$ 4

v3.24.2

Segmented Information - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting [Abstract]
Related party transactions	$ 0	$ 0	$ 0	$ 0
Inter-segment loans	$ 0		$ 0		$ 0

v3.24.2

Segmented Information - Information by Reportable Segment (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 2,670	$ 2,594	$ 5,788	$ 5,913
Energy supply costs	713	787	1,722	2,099
Operating expenses	739	713	1,505	1,454
Depreciation and amortization	480	440	947	876
Operating income	738	654	1,614	1,484
Other income, net	65	64	138	133
Finance charges	347	323	683	638
Income tax expense	69	49	170	149
Net earnings	387	346	899	830
Non-controlling interests	38	35	73	66
Preference equity shareholders	18	17	36	33
Net earnings attributable to common equity shareholders	331	294	790	731
Additions to property, plant and equipment and intangible assets	1,112	982	2,225	1,936
Goodwill	12,538	12,183	12,538	12,183	$ 12,184
Total assets	68,772	64,081	68,772	64,081	$ 65,920
Inter-segment eliminations
Segment Reporting Information [Line Items]
Revenue	0	0	0	0
Energy supply costs	0	0	0	0
Operating expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Operating income	0	0	0	0
Other income, net	0	0	0	0
Finance charges	0	0	0	0
Income tax expense	0	0	0	0
Net earnings	0	0	0	0
Non-controlling interests	0	0	0	0
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	0	0	0	0
Additions to property, plant and equipment and intangible assets	0	0	0	0
Goodwill	0	0	0	0
Total assets	(42)	(29)	(42)	(29)
Regulated | Operating segments
Segment Reporting Information [Line Items]
Revenue	2,662	2,576	5,773	5,857
Energy supply costs	713	787	1,722	2,099
Operating expenses	732	695	1,483	1,412
Depreciation and amortization	479	439	944	870
Operating income	738	655	1,624	1,476
Other income, net	67	62	142	122
Finance charges	291	270	573	535
Income tax expense	99	74	235	199
Net earnings	415	373	958	864
Non-controlling interests	38	35	73	66
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	377	338	885	798
Additions to property, plant and equipment and intangible assets	1,111	982	2,223	1,934
Goodwill	12,538	12,183	12,538	12,183
Total assets	68,392	63,169	68,392	63,169
Regulated | Operating segments | ITC
Segment Reporting Information [Line Items]
Revenue	556	519	1,106	1,038
Energy supply costs	0	0	0	0
Operating expenses	129	125	265	260
Depreciation and amortization	111	103	220	204
Operating income	316	291	621	574
Other income, net	26	19	54	36
Finance charges	120	105	233	204
Income tax expense	51	49	102	96
Net earnings	171	156	340	310
Non-controlling interests	32	29	63	57
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	139	127	277	253
Additions to property, plant and equipment and intangible assets	309	264	666	600
Goodwill	8,395	8,127	8,395	8,127
Total assets	25,437	23,838	25,437	23,838
Regulated | Operating segments | UNS Energy
Segment Reporting Information [Line Items]
Revenue	710	661	1,465	1,401
Energy supply costs	272	262	598	599
Operating expenses	189	204	395	394
Depreciation and amortization	101	88	199	175
Operating income	148	107	273	233
Other income, net	9	12	21	26
Finance charges	37	37	72	73
Income tax expense	16	12	30	26
Net earnings	104	70	192	160
Non-controlling interests	0	0	0	0
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	104	70	192	160
Additions to property, plant and equipment and intangible assets	209	183	423	368
Goodwill	1,890	1,829	1,890	1,829
Total assets	13,454	12,303	13,454	12,303
Regulated | Operating segments | Central Hudson
Segment Reporting Information [Line Items]
Revenue	303	317	678	759
Energy supply costs	96	121	218	328
Operating expenses	167	144	338	306
Depreciation and amortization	31	28	61	56
Operating income	9	24	61	69
Other income, net	16	13	30	27
Finance charges	18	15	36	33
Income tax expense	2	5	13	14
Net earnings	5	17	42	49
Non-controlling interests	0	0	0	0
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	5	17	42	49
Additions to property, plant and equipment and intangible assets	98	78	187	156
Goodwill	617	597	617	597
Total assets	5,637	5,105	5,637	5,105
Regulated | Operating segments | FortisBC Energy
Segment Reporting Information [Line Items]
Revenue	336	362	897	1,117
Energy supply costs	77	141	239	518
Operating expenses	101	91	196	189
Depreciation and amortization	84	78	168	155
Operating income	74	52	294	255
Other income, net	10	9	19	16
Finance charges	39	43	78	84
Income tax expense	13	(5)	57	40
Net earnings	32	23	178	147
Non-controlling interests	1	0	1	0
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	31	23	177	147
Additions to property, plant and equipment and intangible assets	221	125	423	239
Goodwill	913	913	913	913
Total assets	9,612	8,587	9,612	8,587
Regulated | Operating segments | FortisAlberta
Segment Reporting Information [Line Items]
Revenue	204	181	401	360
Energy supply costs	0	0	0	0
Operating expenses	50	44	97	86
Depreciation and amortization	75	67	144	131
Operating income	79	70	160	143
Other income, net	3	3	5	3
Finance charges	34	30	67	60
Income tax expense	8	2	13	5
Net earnings	40	41	85	81
Non-controlling interests	0	0	0	0
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	40	41	85	81
Additions to property, plant and equipment and intangible assets	135	182	263	301
Goodwill	228	228	228	228
Total assets	6,120	5,718	6,120	5,718
Regulated | Operating segments | FortisBC Electric
Segment Reporting Information [Line Items]
Revenue	120	116	266	255
Energy supply costs	21	22	70	69
Operating expenses	34	31	67	61
Depreciation and amortization	22	24	44	48
Operating income	43	39	85	77
Other income, net	1	1	3	2
Finance charges	20	19	40	39
Income tax expense	4	3	8	4
Net earnings	20	18	40	36
Non-controlling interests	0	0	0	0
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	20	18	40	36
Additions to property, plant and equipment and intangible assets	33	35	60	62
Goodwill	235	235	235	235
Total assets	2,744	2,625	2,744	2,625
Regulated | Operating segments | Other Electric
Segment Reporting Information [Line Items]
Revenue	433	420	960	927
Energy supply costs	247	241	597	585
Operating expenses	62	56	125	116
Depreciation and amortization	55	51	108	101
Operating income	69	72	130	125
Other income, net	2	5	10	12
Finance charges	23	21	47	42
Income tax expense	5	8	12	14
Net earnings	43	48	81	81
Non-controlling interests	5	6	9	9
Preference equity shareholders	0	0	0	0
Net earnings attributable to common equity shareholders	38	42	72	72
Additions to property, plant and equipment and intangible assets	106	115	201	208
Goodwill	260	254	260	254
Total assets	5,388	4,993	5,388	4,993
Non-Regulated | Operating segments | Corporate and Other
Segment Reporting Information [Line Items]
Revenue	8	18	15	56
Energy supply costs	0	0	0	0
Operating expenses	7	18	22	42
Depreciation and amortization	1	1	3	6
Operating income	0	(1)	(10)	8
Other income, net	(2)	2	(4)	11
Finance charges	56	53	110	103
Income tax expense	(30)	(25)	(65)	(50)
Net earnings	(28)	(27)	(59)	(34)
Non-controlling interests	0	0	0	0
Preference equity shareholders	18	17	36	33
Net earnings attributable to common equity shareholders	(46)	(44)	(95)	(67)
Additions to property, plant and equipment and intangible assets	1	0	2	2
Goodwill	0	0	0	0
Total assets	$ 422	$ 941	$ 422	$ 941

v3.24.2

Allowance for Credit Losses (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for Credit Losses [Roll Forward]
Beginning of period	$ (69)	$ (59)	$ (68)	$ (58)
Credit loss expense	(8)	(3)	(16)	(11)
Credit loss deferral	(9)	(2)	(20)	(3)
Write-offs, net of recoveries	17	4	36	12
Foreign exchange	0	0	(1)	0
End of period	$ (69)	$ (60)	$ (69)	$ (60)

v3.24.2

Regulatory Assets and Liabilities - Schedule of Regulatory Assets and Liabilities (Details) - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Regulatory Assets [Line Items]
Total regulatory assets	$ 4,542	$ 4,384
Less: Current portion	(780)	(866)
Long-term regulatory assets	3,762	3,518
Regulatory Liabilities [Line Items]
Total regulatory liabilities	4,073	3,958
Less: Current portion	(607)	(577)
Long-term regulatory liabilities	3,466	3,381
Future cost of removal
Regulatory Liabilities [Line Items]
Total regulatory liabilities	1,631	1,547
Deferred income taxes
Regulatory Liabilities [Line Items]
Total regulatory liabilities	1,291	1,280
Employee future benefits
Regulatory Liabilities [Line Items]
Total regulatory liabilities	292	294
Rate stabilization and related accounts
Regulatory Liabilities [Line Items]
Total regulatory liabilities	291	292
Renewable energy surcharge
Regulatory Liabilities [Line Items]
Total regulatory liabilities	129	129
Alberta Electric System Operator charges deferral
Regulatory Liabilities [Line Items]
Total regulatory liabilities	115	121
Energy efficiency liability
Regulatory Liabilities [Line Items]
Total regulatory liabilities	88	78
Other
Regulatory Liabilities [Line Items]
Total regulatory liabilities	236	217
Deferred income taxes
Regulatory Assets [Line Items]
Total regulatory assets	2,141	2,058
Deferred energy management costs
Regulatory Assets [Line Items]
Total regulatory assets	532	521
Rate stabilization and related accounts
Regulatory Assets [Line Items]
Total regulatory assets	492	521
Employee future benefits
Regulatory Assets [Line Items]
Total regulatory assets	257	254
Derivatives | Energy contracts subject to regulatory deferral
Regulatory Assets [Line Items]
Total regulatory assets	182	197
Regulatory Liabilities [Line Items]
Total regulatory liabilities	42	37
Deferred lease costs
Regulatory Assets [Line Items]
Total regulatory assets	139	137
Deferred restoration costs
Regulatory Assets [Line Items]
Total regulatory assets	134	115
Manufactured gas plant site remediation deferral
Regulatory Assets [Line Items]
Total regulatory assets	78	81
Generation early retirement costs
Regulatory Assets [Line Items]
Total regulatory assets	72	64
Other
Regulatory Assets [Line Items]
Total regulatory assets	$ 515	$ 436

v3.24.2

Long-Term Debt - Schedule of Long-Term Debt (Details) - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, excluding credit facility borrowings	$ 29,474	$ 28,131
Long-term debt	31,480	29,703
Less: Deferred financing costs and debt discounts	(179)	(172)
Less: Current installments of long-term debt	(2,630)	(2,296)
Long-term debt (Note 7)	28,671	27,235
Credit facility
Debt Instrument [Line Items]
Less: Current installments of long-term debt	(1,610)	(1,160)
Credit facility | Long-term credit facility borrowings
Debt Instrument [Line Items]
Long-term debt	$ 2,006	$ 1,572

v3.24.2

Long-Term Debt - Long-term Debt Issuances (Details) $ in Millions, $ in Millions	1 Months Ended
	May 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	May 31, 2024 CAD ($)	Apr. 30, 2024 USD ($)	Jan. 31, 2024 USD ($)
ITC | Secured | Secured senior notes, 2034 maturity
Debt Instrument [Line Items]
Interest rate					5.98%
Debt instrument, face amount					$ 85
ITC | Secured | First mortgage bonds, 2029 maturity
Debt Instrument [Line Items]
Interest rate					5.11%
Debt instrument, face amount					$ 75
ITC | Secured | First mortgage bonds, 2034 maturity
Debt Instrument [Line Items]
Interest rate					5.38%
Debt instrument, face amount					$ 75
ITC | Unsecured | Unsecured senior notes, 2034 maturity
Debt Instrument [Line Items]
Interest rate	5.65%		5.65%
Debt instrument, face amount	$ 400	$ 400
Central Hudson | Secured | Senior notes, 2031 maturity
Debt Instrument [Line Items]
Interest rate				5.59%
Debt instrument, face amount				$ 25
Central Hudson | Secured | Senior notes, 2034 maturity
Debt Instrument [Line Items]
Interest rate				5.69%
Debt instrument, face amount				$ 35
FortisAlberta | Unsecured | Unsecured debentures, 2054 maturity
Debt Instrument [Line Items]
Interest rate	4.90%		4.90%
Debt instrument, face amount			$ 300
Caribbean Utilities | Unsecured
Debt Instrument [Line Items]
Proceeds from debt, allocated to green initiatives	$ 50
Caribbean Utilities | Unsecured | Unsecured senior notes, 2039 maturity
Debt Instrument [Line Items]
Interest rate	6.17%		6.17%
Debt instrument, face amount	$ 40
Caribbean Utilities | Unsecured | Unsecured senior notes, 2049 maturity
Debt Instrument [Line Items]
Interest rate	6.37%		6.37%
Debt instrument, face amount	$ 40
UNS Energy | Unsecured | Unsecured senior notes, 2036 maturity
Debt Instrument [Line Items]
Interest rate		5.60%
Debt instrument, face amount		$ 30

v3.24.2

Long-Term Debt - Narrative (Details) $ in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Nov. 30, 2022 CAD ($)	Jun. 30, 2024 CAD ($)	May 31, 2024 CAD ($)	May 31, 2024 USD ($)	Apr. 30, 2024 CAD ($)	Mar. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	Sep. 30, 2023 CAD ($)
Debt Instrument [Line Items]
Short-form base shelf prospectus, life	25 months
Short-form base shelf prospectus, principal amount, up to	$ 2,000
ATM Program, principal amount, maximum								$ 500
ATM Program, remaining amount available		$ 500
Short-form base shelf prospectus, remaining amount available		1,500
Maximum borrowing capacity		6,494					$ 6,176
Unsecured committed revolving credit facilities | FortisBC Energy
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 900	$ 700
Unsecured committed revolving credit facilities | FortisBC Electric Inc.
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 200		$ 150
Unsecured committed revolving credit facilities | Corporate and other
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,300
Unsecured non-revolving facility | Corporate and other
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 500
No one bank | Bank concentration risk | Credit facility
Debt Instrument [Line Items]
Concentration risk percentage		20.00%
Committed facilities with maturities ranging from 2024 through 2028
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 6,000

v3.24.2

Long-Term Debt - Schedule of Credit Facilities (Details) - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total credit facilities	$ 6,494	$ 6,176
Credit facilities utilized:
Short-term borrowings	(68)	(119)
Long-term debt (including current portion)	(31,480)	(29,703)
Letters of credit outstanding	(76)	(101)
Credit facilities unutilized	4,344	4,384
Current installments of long-term debt	$ 2,630	$ 2,296
Credit facility
Credit facilities utilized:
Long-term debt (including current portion), weighted average interest rate (percent)	5.70%	6.20%
Current installments of long-term debt	$ 1,610	$ 1,160
Credit facility
Credit facilities utilized:
Short-term borrowings	$ (68)	$ (119)
Short-term borrowings, weighted average interest rate (percent)	7.30%	6.90%
Credit facility
Credit facilities utilized:
Long-term debt (including current portion)	$ (2,006)	$ (1,572)
Regulated Utilities
Line of Credit Facility [Line Items]
Total credit facilities	4,234
Credit facilities utilized:
Letters of credit outstanding	(55)
Credit facilities unutilized	2,919
Regulated Utilities | Credit facility
Credit facilities utilized:
Short-term borrowings	(68)
Regulated Utilities | Credit facility
Credit facilities utilized:
Long-term debt (including current portion)	(1,192)
Corporate and Other
Line of Credit Facility [Line Items]
Total credit facilities	2,260
Credit facilities utilized:
Letters of credit outstanding	(21)
Credit facilities unutilized	1,425
Corporate and Other | Credit facility
Credit facilities utilized:
Short-term borrowings	0
Corporate and Other | Credit facility
Credit facilities utilized:
Long-term debt (including current portion)	$ (814)

v3.24.2

Preference Shares (Details) - Series K Preferred Stock - $ / shares	Mar. 01, 2024	Feb. 29, 2024
Conversion of Stock [Line Items]
Annual dividend (CAD per share)	$ 1.3673	$ 0.9823
Preferred shares rate dividend term	5 years

v3.24.2

Employee Future Benefits - Schedule of Net Benefit Costs (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Defined Benefit Pension Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service costs	$ 19	$ 16	$ 37	$ 31
Interest costs	40	40	80	80
Expected return on plan assets	(55)	(50)	(110)	(100)
Amortization of actuarial gains	0	(3)	0	(5)
Amortization of past service credits/plan amendments	(1)	(1)	(1)	(1)
Regulatory adjustments	0	2	0	6
Net benefit cost	3	4	6	11
OPEB Plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service costs	6	6	12	11
Interest costs	8	7	15	15
Expected return on plan assets	(7)	(5)	(13)	(11)
Amortization of actuarial gains	(5)	(5)	(9)	(9)
Amortization of past service credits/plan amendments	0	(1)	0	(1)
Regulatory adjustments	1	1	1	3
Net benefit cost	$ 3	$ 3	$ 6	$ 8

v3.24.2

Employee Future Benefits - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Defined contribution plan cost recognized	$ 14	$ 13	$ 31	$ 29

v3.24.2

Disposition (Details) - Disposal group, held-for-sale, not discontinued operations - Aitken creek disposal - CAD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Nov. 30, 2023
Schedule of Equity Method Investments [Line Items]
Proceeds on disposition			$ 470
Earnings before tax, excluding the gain on disposition	$ 3	$ 18

v3.24.2

Other Income, Net (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Other Income and Expenses [Abstract]
Equity component, allowance for funds used during construction	$ 32	$ 23	$ 62	$ 46
Non-service component of net periodic benefit cost	18	16	36	32
Interest income	16	18	32	34
Equity income	(1)	2	4	7
(Loss) gain on derivatives, net	(1)	3	(6)	12
Other	1	2	10	2
Other income, net	$ 65	$ 64	$ 138	$ 133

v3.24.2

Earnings Per Common Share - Schedule of Earnings Per Share (EPS) (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Earnings to Common Shareholders
Basic EPS	$ 331	$ 294	$ 790	$ 731
Potential dilutive effect of stock options	0	0	0	0
Diluted EPS	$ 331	$ 294	$ 790	$ 731
Weighted Average Shares
Basic EPS (shares)	494.0	485.4	492.8	484.3
Potential dilutive effect of stock options (shares)	0.2	0.3	0.4	0.3
Diluted EPS (shares)	494.2	485.7	493.2	484.6
EPS
Basic (CAD per share)	$ 0.67	$ 0.61	$ 1.60	$ 1.51
Diluted (CAD per share)	$ 0.67	$ 0.61	$ 1.60	$ 1.51

v3.24.2

Supplementary Cash Flow Information (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Change in working capital
Accounts receivable and other current assets	$ 128	$ 208	$ 63	$ 489
Prepaid expenses	(27)	(19)	(29)	(19)
Inventories	(44)	(29)	(14)	62
Regulatory assets - current portion	42	164	134	160
Accounts payable and other current liabilities	(160)	(132)	(347)	(537)
Regulatory liabilities - current portion	17	25	18	22
Changes in working capital	(44)	217	(175)	177
Non-cash investing and financing activities
Accrued capital expenditures	469	366	469	366
Common share dividends reinvested	107	102	218	205
Contributions in aid of construction	$ 9	$ 10	$ 9	$ 10

v3.24.2

Fair Value of Financial Instruments and Risk Management - Derivative Narrative (Details) $ in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024 CAD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CAD ($)	Jun. 30, 2024 CAD ($)	Jun. 30, 2023 CAD ($)	Jun. 30, 2024 USD ($)	May 31, 2024 USD ($)	Dec. 31, 2023 CAD ($)	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized losses recognized in regulatory assets	$ 4,542			$ 4,542				$ 4,384
Unrealized gains recognized as regulatory liabilities	4,073			4,073				3,958
Unrealized gains (losses) on investments	2		$ 1	$ 6	$ 3
UNS Energy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized gains, portion shared with customers (percent)				10.00%
Corporate | Unsecured senior notes, 2029 maturity | Unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount								$ 500
Interest rate								4.43%	4.43%
ITC | Unsecured senior notes, 2034 maturity | Unsecured
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, face amount						$ 400	$ 400
Interest rate							5.65%
Energy contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains (losses) on energy contracts	0		(8)	$ 36	6
Total return swaps | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	134			134
Unrealized gains (losses) on derivatives	(1)		(1)	$ (4)	5
Total return swaps | Corporate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative terms				1 year
Total return swaps | Corporate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative terms				3 years
Foreign exchange contracts | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	440			$ 440
Unrealized gains (losses) on derivatives	$ (2)		5	(5)	7
Interest rate lock | ITC
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount						$ 300
Realized loss recognized in other comprehensive income		$ 3
Gain on derivative, reclassification adjustment period	5 years	5 years
Cross-currency interest rate swap | Corporate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount									$ 391
Unrealized gains (losses) on derivatives	$ (2)		$ 9	(15)	$ 10
Derivative interest rate								4.34%	4.34%
Derivative instruments | Energy contracts subject to regulatory deferral
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized losses recognized in regulatory assets	182			182				$ 197
Unrealized gains recognized as regulatory liabilities	$ 42			$ 42				$ 37

v3.24.2

Fair Value of Financial Instruments and Risk Management - Fair Value Hierarchy (Details) - Recurring - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Other investments	$ 132	$ 145
Total Assets	229	205
Liabilities
Total Liabilities	(223)	(218)
Energy contracts subject to regulatory deferral
Assets
Derivative asset	57	49
Liabilities
Derivative liability	(197)	(209)
Energy contracts not subject to regulatory deferral
Assets
Derivative asset	40	6
Liabilities
Derivative liability	(2)	(3)
Foreign exchange contracts, total return and cross-currency interest rate swaps
Liabilities
Derivative liability	(24)
Foreign exchange contracts
Assets
Derivative asset		5
Total return and cross-currency interest rate swaps
Liabilities
Derivative liability		(6)
Level 1
Assets
Other investments	132	145
Total Assets	132	145
Liabilities
Total Liabilities	0	0
Level 1 | Energy contracts subject to regulatory deferral
Assets
Derivative asset	0	0
Liabilities
Derivative liability	0	0
Level 1 | Energy contracts not subject to regulatory deferral
Assets
Derivative asset	0	0
Liabilities
Derivative liability	0	0
Level 1 | Foreign exchange contracts, total return and cross-currency interest rate swaps
Liabilities
Derivative liability	0
Level 1 | Foreign exchange contracts
Assets
Derivative asset		0
Level 1 | Total return and cross-currency interest rate swaps
Liabilities
Derivative liability		0
Level 2
Assets
Other investments	0	0
Total Assets	97	60
Liabilities
Total Liabilities	(223)	(218)
Level 2 | Energy contracts subject to regulatory deferral
Assets
Derivative asset	57	49
Liabilities
Derivative liability	(197)	(209)
Level 2 | Energy contracts not subject to regulatory deferral
Assets
Derivative asset	40	6
Liabilities
Derivative liability	(2)	(3)
Level 2 | Foreign exchange contracts, total return and cross-currency interest rate swaps
Liabilities
Derivative liability	(24)
Level 2 | Foreign exchange contracts
Assets
Derivative asset		5
Level 2 | Total return and cross-currency interest rate swaps
Liabilities
Derivative liability		(6)
Level 3
Assets
Other investments	0	0
Total Assets	0	0
Liabilities
Total Liabilities	0	0
Level 3 | Energy contracts subject to regulatory deferral
Assets
Derivative asset	0	0
Liabilities
Derivative liability	0	0
Level 3 | Energy contracts not subject to regulatory deferral
Assets
Derivative asset	0	0
Liabilities
Derivative liability	0	0
Level 3 | Foreign exchange contracts, total return and cross-currency interest rate swaps
Liabilities
Derivative liability	$ 0
Level 3 | Foreign exchange contracts
Assets
Derivative asset		0
Level 3 | Total return and cross-currency interest rate swaps
Liabilities
Derivative liability		$ 0

v3.24.2

Fair Value of Financial Instruments and Risk Management - Derivative Contracts Under Master Netting Agreements and Collateral Positions (Details) (Details) - Energy contracts - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative assets
Gross Amount Recognized in Balance Sheet	$ 97	$ 55
Counterparty Netting of Energy Contracts	(34)	(24)
Cash Collateral Received/Posted	15	28
Net Amount	78	59
Derivative liabilities
Gross Amount Recognized in Balance Sheet	(199)	(212)
Counterparty Netting of Energy Contracts	34	24
Cash Collateral Received/Posted	(10)	(1)
Net Amount	$ (175)	$ (189)

v3.24.2

Fair Value of Financial Instruments and Risk Management - Volume of Derivative Activity (Details) GJ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 GJ GWh	Dec. 31, 2023 GWh GJ
Electricity swap contracts, Energy contracts subject to regulatory deferral
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (gwh / gj) | GWh	831	628
Electricity power purchase contracts, Energy contracts subject to regulatory deferral
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (gwh / gj) | GWh	492	588
Gas swap contracts, Energy contracts subject to regulatory deferral
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (gwh / gj) | GJ	247	228
Gas supply contract, Energy contracts subject to regulatory deferral
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (gwh / gj) | GJ	113	134
Wholesale trading contracts, Energy contracts not subject to regulatory deferral
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (gwh / gj) | GWh	4,092	1,310
Gas swap contracts, Energy Contracts not subject to regulatory deferral
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volume (gwh / gj) | GJ	2	3

v3.24.2

Fair Value of Financial Instruments and Risk Management - Credit Risk Narrative (Details) - CAD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Uncollectible write-off deferral, exceed customer rate collected threshold	0.0010
Value of derivative instruments in net liability positions	$ 111	$ 117
Revenue | Three customers | Customer concentration risk | ITC
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk percentage	70.00%

v3.24.2

Fair Value of Financial Instruments and Risk Management - Foreign Exchange Hedge Narrative (Details) - Foreign net investments - USD ($) $ in Billions	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unhedged foreign net investments	$ 11.8	$ 11.5
Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Long-term debt designated as an effective hedge	$ 2.6	$ 2.6

v3.24.2

Fair Value of Financial Instruments and Risk Management - Financial Instruments Not Carried At Fair Value Narrative (Details) - CAD ($) $ in Billions	Jun. 30, 2024	Dec. 31, 2023
Carrying value
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 31.5	$ 29.7
Estimated fair value
Debt Instrument [Line Items]
Long-term debt, including current portion	$ 28.9	$ 27.9

v3.24.2

Commitments and Contingencies (Details)	Jun. 30, 2024 CAD ($)
FortisBC Holdings and Fortis | Claim related to pipeline rights
Site Contingency [Line Items]
Contingency accrual	$ 0

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