Mr. Scott Burrows reports

PEMBINA PIPELINE PROVIDES UPDATE ON GREENLIGHT ELECTRICITY CENTRE

Pembina Pipeline Corp., along with its partner, Kineticor, an OPTrust portfolio company, has provided updates on the development of the proposed Greenlight electricity centre.

The project is a multiphased, gas-fired, combined-cycle power generation facility, to be located in Sturgeon county, Alberta, with a capacity of up to approximately 1,800 megawatts designed to advance Alberta's innovation economy.

With its stable, abundant and competitive power supply and supportive investment and regulatory environment, Alberta is uniquely positioned to become a North American leader in innovation infrastructure. The partners are committed to supporting this vision and are positioned to capture first-mover advantage in the delivery of reliable, scalable and cost-effective power solutions.

"Through their combined efforts, government, industry and local stakeholders can capitalize on a multibillion-dollar investment opportunity that will create jobs, foster innovation and grow the economy," said Scott Burrows, Pembina's president and chief executive officer.

"Greenlight is making great progress on all the pieces required to successfully bring to fruition one of the largest power projects in Canada while supporting the significant load growth coming to Alberta," said Andrew Plaunt, chief executive officer of Kineticor.

The project is benefiting from Kineticor's significant power development experience. Further, this represents an on-strategy extension of Pembina's existing value chain and a new platform to enhance growth by integrating with its existing core assets, creating incremental demand for natural gas and associated liquids production within Western Canada, investing in long-term contracted infrastructure with investment-grade counterparties, and diversifying its customer base.

Pembina is well positioned to leverage the assets and capabilities of its current core business to further support the project and serve customer demand for gas egress and liquids handling and transportation. The first phase, at approximately 900 MW, would increase natural gas demand in Alberta's Industrial Heartland by approximately 160 million cubic feet per day, with the potential to double to approximately 320 million cubic feet per day based on the project's potential ultimate capacity of approximately 1,800 MW. The proximity of Pembina's Alliance pipeline offers a potential accretive expansion opportunity to provide significant natural gas supply to the Greenlight electricity centre.

Recent milestones and commercial progress

The partners, through Greenlight Electricity Centre Limited Partnership, continue to demonstrate significant and growing momentum toward commercialization of the project:

• AESO (Alberta Electric System Operator) allocation secured: Greenlight successfully advanced through phase 1 of the AESO large-load allocation process and, through subsequent commercial efforts, secured a 907 MW allocation. This allocation has been assigned to a potential customer and would allow an innovation infrastructure development to begin operating prior to the project entering service.
• Grid connection: The customer has entered into a demand transmission service agreement with the AESO for 907 MW. This would ensure a connection to the Alberta electrical transmission system and access to power as early as 2027.
• Land purchase and sale agreement: Greenlight and the customer have entered into a conditional purchase and sale agreement for land, which includes a power connection, owned by Greenlight and Pembina. The approximately $190-million (net to Pembina) land sale is expected to close in the fourth quarter of 2025, subject to certain conditions. Pembina, through Greenlight, will continue to invest a portion of the proceeds into the project for continuing development, with the remaining funds accruing to Pembina to be used to reduce debt outstanding.
• Major equipment reservation: Greenlight has entered into a reservation agreement for two turbines with a reputable power OEM (original equipment manufacturer) that provides certainty on equipment availability and delivery timing for the first phase of the project. This supports the current schedule with start-up of the project as early as 2030.
• Path to final investment decision: Efforts continue toward a final investment decision (FID) in the first half of 2026. The FID will be contingent upon, amongst other things, signing an energy supply agreement with the customer and entering into engineering, procurement and construction agreement(s), with both work streams having been progressed.

Pembina and Kineticor remain focused on advancing the project to support Alberta's economic goals. By delivering reliable and scalable power solutions, the project is poised to play a pivotal role in attracting investment, driving innovation, fostering sustainable growth in the province and extending Pembina's natural gas value chain into new demand markets.

About Greenlight Electricity Centre LP

Greenlight is an equal partnership between Pembina and Kineticor, an OPTrust portfolio company.

About Pembina Pipeline Corp.

Pembina is a leading energy transportation and mid-stream service provider that has served North America's energy industry for more than 70 years. Pembina owns an extensive network of strategically located assets, including hydrocarbon liquids and natural gas pipelines, gas gathering and processing facilities, oil and natural gas liquids infrastructure and logistics services, and an export terminals business. Through our integrated value chain, Pembina seeks to provide safe and reliable energy solutions that connect producers and consumers across the world, support a more sustainable future, and benefit the company's customers, investors, employees and communities.

Pembina is structured into three divisions: the pipelines division, the facilities division, and the marketing and new ventures division.

Pembina's common shares trade on the Toronto Stock Exchange and New York Stock Exchange under PPL and PBA, respectively.

We seek Safe Harbor.