Caribbean News
On the Way to Clean Energy; FortisInc CEO shares the journey at Turks & Caicos Energy Forum
#TurksandCaicos, November 3, 2021 – The international energy group, FortisInc which owns FortisTCI, says it is moving rapidly to reduce gas emissions by 75 per cent, come 2035, which will have a positive impact for consumers and the environment.
President and Chief Executive Officer of the group, David Hutchens said the company is moving to reduce reliance on coal generation, to solar and increased use of other renewables.
The parent company of Turks and Caicos’ FortisTCI said the development will take a significant investment and
“We have the opportunity as utilities to not only get a return on our investment, but our customers also get lower rates, and the planet gets more, so this is a win-win that almost never stacks up like this,” he told the recent Turks and Caicos Energy Forum.
The FortisInc head added that under the scheme, everybody will be better off, and that is the juncture where they are at, that will “drive up the 75 per cent emission reduction for the entire Fortis entities,” he said.
Mr. Hutchens also stated that the group is pushing for regulations, because 99 per cent of businesses are regulated, and “we like regulated utilities, and that is our strategy,” adding that the secret to their success is the 9,000 people they employ and their “unique business model,” which gives autonomy to the various managements to make crucial decisions on their own.
Fortis is a leader in the regulated gas and electric utility industry, based in Arizona, in the United States. It grew from US$390 million worth of assets, in 1987, and is now valued $57 billion, and operating in17 jurisdictions.
Ninety-nine percent of its total assets are investments in infrastructure that support safe and reliable transmission and distribution of electivity and natural gas.