Mr. Andrew Spencer reports

HYDRO ONE COMPLETES $46.9 MILLION INVESTMENT TO STRENGTHEN TRANSMISSION SYSTEM AND IMPROVE RESILIENCY AND RELIABILITY IN OTTAWA

Today Hydro One Inc. was joined by Hydro Ottawa, and representatives from the city of Ottawa and government of Ontario at Merivale transmission station to mark the completion of $46.9-million in transmission line upgrades. These critical upgrades will increase the electrical capacity of the power lines by 66 per cent, from 650 megawatts to 1,080 megawatts, providing a reliable supply of energy to support the growing demand in the Ottawa area. The project also allows for generation facilities in Eastern Ontario to transfer more power to the rest of the province and import more clean energy from Quebec. The upgrades also improve resiliency of the electricity network, and improve reliability for residents, business, commercial and industrial customers.

The investment included reinforcing the transmission towers, and replacing power lines and insulators on 12 kilometres of 230-kilovolt double-circuit transmission line between Merivale transmission station and Hawthorne transmission station. The project began in July, 2020, and was completed in time for Ottawa's cold winter season to ensure power was available when needed in the community.

In addition to the completed improvements made to these transmission lines, Hydro One is making progress on modernizing the Merivale transmission station to ensure this key station serving Ottawa can supply clean, reliable energy as the region continues to grow. This project includes expanding the current footprint of the station to house two new 230-kilovolt transformers and a new operations building. As part of this project, Hydro One has signed a new community support agreement with the City of Ottawa that will directly support recreational projects for local residents.

"Demand for energy in Ottawa is growing rapidly. It is important for Hydro One to make a substantial investment in building a grid for the future to support the increasing and changing needs of local businesses, residents and the economy," said Andrew Spencer, executive vice-president, capital portfolio delivery, Hydro One. "As a proud member of the Ottawa community, the upgrades Hydro One continues to make will energize life for customers, and improve power reliability and resiliency for years to come."

"As we further our commitment toward climate adaptation, and ensuring our grid can support the energy transition and shift toward electrification, we are proud to be collaborating with our colleagues at Hydro One for this announcement, knowing we are making life better for our customers and our community," said Guillaume Paradis, chief electricity distribution officer, Hydro Ottawa. "Increasing the capacity, reliability and resiliency of our transmission network is a vital step to ensuring the distribution system in Ottawa can provide the power needed now and in the future."

"In a growing city like Ottawa, ensuring reliable electricity is crucial for our communities and our businesses," said Mayor Mark Sutcliffe. "We know how critical these electricity transmission projects are for our city's future growth plans and prosperity. We look forward to seeing the community support agreement come to life."

"Electrifying the homes and businesses in our community relies on making sure we have a reliable and resilient electricity system," said Knoxdale-Merivale councillor, Sean Devine. "I'm very pleased at the close collaboration between Hydro One, my office and community members to ensure these upgrades are developed with sensitivity to local interests in mind, and that the community support agreement announced today will provide local benefits for years to come."

"Today's announcement is good news for Nepean residents and all of Ottawa, preparing the electricity network for the future," said Lisa MacLeod, member of provincial parliament for Nepean. "I am pleased to see Hydro One invest in the transmission network as our community continues to grow."

More information about the investments Hydro One is making in communities across Ontario can be found on the Hydro One website.

About Hydro One Ltd.

Hydro One, through its wholly owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with approximately 1.5 million valued customers, approximately $31.5-billion in assets as at Dec. 31, 2022, and annual revenues in 2022 of approximately $7.8-billion.

Hydro One's team of approximately 9,300 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system, which is essential to supporting strong and successful communities. In 2022, Hydro One invested approximately $2.1-billion in its transmission and distribution networks, and supported the economy through buying approximately $1.9-billion of goods and services.

Hydro One is committed to the communities where it lives and works through community investment, sustainability and diversity initiatives. Hydro One is designated as a sustainable electricity leader by Electricity Canada.

Hydro One's common shares are listed on the Toronto Stock Exchange, and certain of Hydro One's medium-term notes are listed on the New York Stock Exchange.

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