Fortis Inc.

Fortis Inc.

May 31, 2005 13:47 ET

Fortis Inc. Acquires Princeton Light and Power

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - May 31, 2005) - Fortis Inc. (TSX:FTS) today announced that it has completed the previously disclosed acquisition of Princeton Light and Power Company ("PLP").

PLP is an electric utility that serves approximately 3,200 customers in
Princeton, British Columbia and surrounding areas. The Company also provides
utility service to customers of FortisBC in the Similkameen and Tulameen
regions. PLP presently purchases its wholesale power from FortisBC under a
long-term contract.

FortisBC Inc. is an integrated utility operating in the southern interior
of British Columbia, serving approximately 98,000 customers directly and about
49,000 indirectly through municipal utilities that are wholesale customers.
The utility has 4 hydroelectric generating plants with a combined capacity of
205 megawatts and up to 7,000 kilometers of transmission and distribution
power lines. FortisBC employs approximately 450 people in British Columbia and
is a wholly owned subsidiary of Fortis Inc.

Fortis Inc. is a diversified, international electric utility holding
company with assets exceeding $4 billion and annual revenues of approximately
$1.2 billion. It has holdings in 7 regulated distribution utilities located in
Newfoundland, Prince Edward Island, Ontario, Alberta, British Columbia, Belize
and the Cayman Islands. It has non-regulated generation operations in
Newfoundland, Ontario, British Columbia, upper New York State and Belize.
Through its wholly owned non-utility subsidiary, Fortis Inc. has investments
in real estate and hotel operations.

The Common Shares, Series C First Preference Shares and Series E First
Preference Shares of Fortis Inc. are traded on the Toronto Stock Exchange
under the symbols FTS, FTS.PR.C and FTS.PR.E, respectively. Fortis Inc.
information can be accessed at

Contact Information

  • Fortis Inc.
    Barry V. Perry, Vice President Finance and
    Chief Financial Officer
    (709) 737-2800