Mr. Colin Jackson reports

ATCO SUBSIDIARY, CANADIAN UTILITIES, GRANTED KEY APPROVAL ON MULTI-BILLION-DOLLAR PIPELINE

Atco Ltd.'s subsidiary, Canadian Utilities Ltd., has received approval from the Alberta Utilities Commission (AUC) on the need assessment application for the Yellowhead pipeline project, marking a major milestone in the development of Alberta's energy infrastructure.

"This Alberta Utilities Commission decision affirms the strategic importance of the Yellowhead pipeline in supporting Alberta's long-term energy resilience with infrastructure that will empower communities, enable industrial growth and reinforce our commitment to responsible development across the province," said Nancy Southern, chair and chief executive officer, Atco. "I want to commend the Canadian Utilities team for their diligence and integrity in engaging with communities along the proposed route; this thoughtful consultation has been instrumental in shaping a project that reflects both local priorities and broader energy needs."

The Yellowhead pipeline will strategically expand the capacity of Alberta's highly integrated natural gas transmission system. Spanning just over 230 kilometres from the Peers area to Fort Saskatchewan, the pipeline will deliver more than 1,200 terajoules (1.1 billion cubic feet) of natural gas per day, underpinning economic and population growth within the province.

The need assessment application is the first of two key regulatory filings that require approval from the Alberta Utilities Commission to advance the project. Canadian Utilities' operating entity, Atco Energy Systems, will file a separate facilities application later this year to seek AUC approval for construction and operation of the physical infrastructure, and expects construction to commence in 2026.

About Atco Ltd.

As a global enterprise, Atco and its subsidiary and affiliate companies have approximately 21,000 employees and assets of $27-billion. Atco is committed to future prosperity by working to meet the world's essential energy, housing, security and transportation challenges. Atco Structures designs, builds and delivers products to service the essential need for housing and shelter around the globe. Atco Frontec provides operational support services to government, defence and commercial clients. Atco Energy Systems delivers essential energy for an evolving world through its electricity and natural gas transmission and distribution, and international electricity operations. Atco EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. Atco Australia develops, builds, owns and operates energy and infrastructure assets. Atco Energy provides retail electricity and natural gas services, home maintenance services, and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. Atco also has investments in ports and transportation logistics, the processing and marketing of ash, retail food services, and commercial real estate.

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