TSE:FTS T able of C ontents Fortis Inc. (“the Corporation”) is a diversified electric utility holding company with assets exceeding $1.6 billion and annual sales of more than $628 million. With a team of over 2,500 employees, the Corporation has investments in five electric distribution utilities  and two hydroelectric generating companies. Through its non-utility company, Fortis Properties Corporation (“Fortis Properties”), Fortis has investments in commercial real estate and hotels. Corporate Profile The Corporation holds 100 per cent of the common shares of Newfoundland Power Inc. (“Newfoundland Power”) and Maritime Electric Company, Limited (“Maritime Electric”), the principal distributors of electricity in the provinces of Newfoundland and Labrador and Prince Edward Island, respectively; 67 per cent of the outstanding shares of Belize Electricity Limited (“Belize Electricity”), the distributor of electricity in Belize, Central America; 50 per cent of the common shares of Canadian Niagara Power Company, Limited (“Canadian Niagara Power”), an integrated electric utility serving customers in Fort Erie, Ontario and supplying energy to customers in the United States; and 20 per cent of the common shares of Caribbean Utilities Company, Ltd. (“Caribbean Utilities”), the sole provider of electricity in Grand Cayman, Cayman Islands.  Fortis holds a 95 per cent interest in Belize Electric Company Limited (“BECOL”) which owns and operates the Mollejon hydroelectric facility, a 25-megawatt (“MW”) generating plant which sells its entire output  to Belize Electricity. Through Maritime Electric, the Corporation holds a 100 per cent interest in FortisUS Energy Corporation (“FortisUS Energy”) which operates four hydroelectric generating stations with a combined capacity of 23 MW in upper New York State.  Fortis holds a 100 per cent interest in Fortis Properties, the largest owner/operator of commercial real estate and hotels in Atlantic Canada. Cover Photo: FortisUS Energy is proud to support the  American Whitewater Annual Moose River Festival, one of North AmericaGLYPH<213>s premiere whitewater kayaking festivals.  (Photographer: Alan E. Lincourt, lincourt@capital.net) FORTIS Inc. 2OO1 Annual Report Report to Shareholders 2 Vision 8 Operations Newfoundland Power 10 Maritime Electric 13 BECOL 16 Belize Electricity 17 Canadian Niagara Power 20 Caribbean Utilities 23 Fortis Properties 24 Our Community 27 Management Discussion & Analysis 28 Financials 41 Historical Financial Summary 58 Corporate Directory 60 Board of Directors 61 Investor Information 62