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Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt LONG-TERM DEBT
($ millions)
Maturity Date2024 2023 
ITC
Secured U.S. First Mortgage Bonds -
4.34% weighted average fixed rate (2023 - 4.22%)
2027-20553,944 3,268 
Secured U.S. Senior Notes -
4.16% weighted average fixed rate (2023 - 4.00%)
2028-20551,511 1,278 
Unsecured U.S. Senior Notes -
4.37% weighted average fixed rate (2023 - 4.16%)
2026-20435,610 5,165 
Unsecured U.S. Shareholder Note -
6.00% fixed rate (2023 - 6.00%)
2028286 263 
UNS Energy
Unsecured U.S. Fixed Rate Notes -
4.09% weighted average fixed rate (2023 - 3.80%)
2026-20534,172 3,668 
Central Hudson
Unsecured U.S. Promissory Notes - 4.38% weighted
average fixed and variable rate (2023 - 4.27%)
2025-20601,974 1,687 
FortisBC Energy
Unsecured Debentures -
4.61% weighted average fixed rate (2023 - 4.61%)
2026-20523,295 3,295 
FortisAlberta
Unsecured Debentures -
4.63% weighted average fixed rate (2023 - 4.52%)
2034-20542,835 2,685 
FortisBC Electric
Unsecured Debentures -
4.72% weighted average fixed rate (2023 - 4.70%)
2035-2054960 860 
Other Electric
Secured First Mortgage Sinking Fund Bonds -
5.24% weighted average fixed rate (2023 - 5.24%)
2026-2060739 748 
Secured First Mortgage Bonds -
5.29% weighted average fixed rate (2023 - 5.29%)
2025-2061320 320 
Unsecured Senior Notes -
4.61% weighted average fixed rate (2023 - 4.45%)
2041-2054207 152 
Unsecured U.S. Senior Loan Notes and Bonds -
5.03% weighted average fixed and variable rate (2023 - 4.89%)
2025-2052876 702 
Corporate and Other
Unsecured U.S. Senior Notes and Promissory Notes -
3.79% weighted average fixed rate (2023 - 3.82%)
2026-20442,172 2,251 
Unsecured Debentures -
6.51% fixed rate (2023 - 6.51%)
2039200 200 
Unsecured Senior Notes -
4.11% weighted average fixed rate (2023 - 4.10%)
2028-20332,000 1,500 
Long-term classification of credit facility borrowings2,216 1,572 
Fair value adjustment - ITC acquisition88 89 
Total long-term debt (Note 26)33,405 29,703 
Less: Deferred financing costs and debt discounts(191)(172)
Less: Current installments of long-term debt(1,990)(2,296)
31,224 27,235 

Most long-term debt at the Corporation's regulated utilities is redeemable at the option of the respective utility at the greater of par or a specified price, together with accrued and unpaid interest. Security, if provided, is typically through a fixed or floating first charge on specific assets of the utility.
The Corporation's unsecured debentures and senior notes are redeemable at the option of Fortis at the greater of par or a specified price together with accrued and unpaid interest.

Certain long-term debt agreements have covenants that provide that the Corporation shall not declare, pay or make any restricted payments, including special or extraordinary dividends, if immediately thereafter its consolidated debt to consolidated capitalization ratio would exceed 65%.

Significant Long-Term Debt Issuances in 2024Month Issued
Interest
Rate
(%)
Maturity
Amount
($ millions)
Use of Proceeds
ITC
Secured senior notes
January5.98 2034US85 
(1) (2) (3)
First mortgage bonds
January5.11 2029US75 
(1) (2) (3)
First mortgage bonds
January5.38 2034US75 
(1) (2) (3)
Unsecured senior notes
May5.65 2034US400 
(3) (4)
First mortgage bondsDecember4.88 2035US125 
(1) (2) (3)
First mortgage bondsDecember5.25 2043US125 
(1) (2) (3)
UNS Energy
Unsecured senior notesMay5.60 2036US30 
(1) (3)
Unsecured senior notesAugust5.20 2034US400 
(3) (4)
Central Hudson
Senior notesApril5.59 2031US25 
(1) (3)
Senior notesApril5.69 2034US35 
(1) (3)
Senior notesOctober4.88 2029US25 
(3) (4)
Senior notesOctober5.30 2034US44 
(3) (4)
Senior notesOctober5.40 2036US35 
(3) (4)
FortisBC Electric
Unsecured debenturesAugust4.92 2054100 
(1)
FortisAlberta
Unsecured debenturesMay4.90 2054300 
(1) (2) (3) (4)
Caribbean Utilities
Unsecured senior notesMay6.17 2039US40 
(1) (2) (3)
Unsecured senior notesMay6.37 2049US40 
(1) (2) (3)
FortisOntario
Unsecured senior notesAugust5.05 205455 
(1)
Fortis
Unsecured senior notesSeptember4.17 2031500 
(1) (3) (4)
(1)    Repay short-term and/or credit facility borrowings
(2)    Fund capital expenditures
(3)    General corporate purposes
(4)    Repay maturing long-term debt
14. LONG-TERM DEBT (cont'd)

Long-Term Debt Repayments
The consolidated requirements to meet principal repayments and maturities in each of the next five years and thereafter are as follows.
($ millions)Total
20251,990 
20262,585 
20272,541 
20281,499 
20291,024 
Thereafter23,766 
33,405 

In December 2024, 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. Fortis also reestablished the at-the-market equity program ("ATM Program") pursuant to the short-form base shelf prospectus, which 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 January 10, 2027. As at December 31, 2024, $500 million remained available under the ATM Program and $1.5 billion remained available under the short-form base shelf prospectus.

Credit Facilities
($ millions)Regulated
Utilities		Corporate
and Other		2024 2023 
Total credit facilities4,396 1,946 6,342 6,176 
Credit facilities utilized:
Short-term borrowings (1)
(98)— (98)(119)
Long-term debt (including current portion) (2)
(1,335)(881)(2,216)(1,572)
Letters of credit outstanding(81)(21)(102)(101)
Credit facilities unutilized2,882 1,044 3,926 4,384 
(1)    The weighted average interest rate was approximately 6.1% (2023 - 6.9%).
(2)    The weighted average interest rate was approximately 4.6% (2023 - 6.2%). The current portion was $1,860 million (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 $5.8 billion of the total credit facilities are committed with maturities ranging from 2025 through 2029.

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. Half of the term credit facility was repaid in the third quarter of 2024 and the remaining US$250 million has been fully utilized as at December 31, 2024. 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.

In August 2024, Newfoundland Power increased its operating credit facility from $100 million to $130 million and extended the maturity to August 2029.
Consolidated credit facilities of approximately $6.3 billion as at December 31, 2024 are itemized below.
($ millions)AmountMaturity
Unsecured committed revolving credit facilities
Regulated utilities
ITC (1)
US1,000 2028
UNS EnergyUS375 2027
Central HudsonUS250 2029
FortisBC Energy900 2028
FortisAlberta250 2029
FortisBC Electric200 2028
Other Electric285 
(2)
Other Electric US83 2025
Corporate and Other1,350 
(3)
Other facilities
Regulated utilities
Central Hudson - uncommitted credit facilityUS60 n/a
FortisBC Energy - uncommitted credit facility55 2025
FortisBC Electric - unsecured demand overdraft facility10 n/a
Other Electric - unsecured demand facilities20 n/a
Other Electric - unsecured demand facility and emergency standby loanUS93 2025
Corporate and Other
Unsecured non-revolving facilityUS250 2025
Unsecured revolving facilityUS150 2025
Unsecured non-revolving facility21 n/a
(1)    ITC also has a US$400 million commercial paper program, under which $nil was outstanding as at December 31, 2024 and 2023
(2)     $90 million in 2027, $65 million in 2027, and $130 million in 2029
(3)    $50 million in 2026 and $1.3 billion in 2029