A St. John’s-based utility company with natural gas and electricity operations throughout North America continues to provide a healthy rate of return to shareholders even in times when cost of living pressures abound.

Fortis Inc. held its AGM at the Convention Centre in St. John’s Thursday, announcing close to a 20 per cent increase in earnings the first quarter of this year over 2022. Shareholders enjoyed a return of 6 per cent last year and the company sees no reason why that won’t continue.

Fortis, the parent company of Newfoundland Power, began with assets of $390 million. That has grown to $65 billion.

Despite their success over past 36 years, Executive Vice-President Jocelyn Perry says they have no plans and are under no pressure to move their headquarters out of Newfoundland and Labrador and into a larger centre.

About 50 people work out of the Fortis HQ but they’re doing fine and have no intentions of moving anywhere.