Mr. Sonny Karunakaran reports

HYDRO ONE SEEKS APPROVAL TO BUILD THE WELLAND THOROLD POWER LINE

Hydro One Networks Inc. (Hydro One Ltd.) has filed an application with the Ontario Energy Board to construct a new double-circuit 230-kilovolt transmission line between Abitibi Consolidated Junction, within an existing Hydro One transmission corridor in Thorold, and the Crowland transformer station in Welland. In addition to the line work, Hydro One will also expand Crowland TS. The approximately $311-million investment in the region is expected to be complete by 2029 to bolster capacity and improve the reliability and security of the electricity grid.

Through Hydro One's industry-leading first nations 50-50 equity partnership model, proximate first nations have the opportunity to invest in a 50-per-cent equity stake in the transmission line component of the project.

"Ontario is facing historic growth demand for electricity in the next 25 years, especially in the southwest," said Sonny Karunakaran, vice-president, strategic projects and partnerships. "Electricity is the foundation that will help connect and power new homes, businesses and industries. Hydro One's success is tied to Ontario's success, and the time to invest and partner with first nations is now, so we have a system that meets the needs of the future."

Filing a leave to construct application under Section 92 of the Ontario Energy Board Act, 1998, is a requirement for Ontario electricity transmitters to obtain approval from the OEB to construct, expand or reinforce the electricity transmission system or interconnections. The application submitted by Hydro One provides the details of the project including timing, route, design and cost.

About Hydro One Ltd.

Hydro One, through its wholly owned subsidiaries, is Ontario's largest electricity transmission and distribution provider with 1.5 million valued customers, $36.7-billion in assets as at Dec. 31, 2024, and annual revenues in 2024 of $8.5-billion.

Its team of 10,100 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system which is essential to supporting strong and successful communities. In 2024, Hydro One invested $3.1-billion in its transmission and distribution networks, and supported the economy through buying $2.9-billion of goods and services.

It is committed to the communities where it lives and works through community investment, sustainability and diversity initiatives.

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

We seek Safe Harbor.