Mr. Ryan Docherty reports

HYDRO ONE SEEKS APPROVAL FROM THE ONTARIO ENERGY BOARD TO BUILD THE NORTH SHORE LINK

Hydro One Ltd.'s Hydro One Networks Inc. and Hydro One Sault Ste. Marie LP filed a joint leave-to-construct application today with the Ontario Energy Board to seek approval to construct the North Shore Link.

Once approved, Hydro One will construct the proposed North Shore Link, a new 230-kilovolt transmission line connecting the Mississagi transformer station near Wharncliffe to HOSSM-owned Third Line TS in Sault Ste. Marie. As part of the project, Hydro One will upgrade the Mississagi TS and expand the nearby Algoma TS to meet system requirements, while HOSSM will manage all upgrades to the Third Line TS. The $1.3-billion investment is expected to strengthen the connection between the northeast and northwest and improve the resiliency of the northern transmission system. The line is expected to be in service in 2029.

Through Hydro One's first nation equity partnership model, nine potential first nation partners will have the opportunity to invest in a 50-per-cent equity stake in the transmission line component of the project. Together, Hydro One and participating first nations will continue to collaborate on the planning, development and construction of the line.

"Electricity demand in Ontario is increasing. At the same time, infrastructure is aging, and severe weather events are becoming more frequent. Communities and local businesses depend on reliable electricity to power daily life, and the time to invest in the system is now," said Ryan Docherty, executive vice-president, capital portfolio delivery, Hydro One. "The North Shore Link is one in a series of significant investments that we'll advance with first nations. Together, we are building a stronger, more resilient electricity grid that will support economic growth and help meet Ontario's future electricity needs."

Filing a leave-to-construct application under Section 92 of the Ontario Energy Board Act, 1998 is required for electricity transmitters in Ontario to obtain approval from the OEB to construct, expand or reinforce the transmission system. The application includes details on the project's route, design, timing 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, $39.7-billion in assets as at Dec. 31, 2025, and annual revenues in 2025 of $9-billion.

Its team of 9,600 skilled and dedicated employees proudly build and maintain a safe and reliable electricity system, which is essential to supporting strong and successful communities. In 2025, Hydro One invested $3.4-billion in its transmission and distribution networks, and supported the economy through buying $3.0-billion of goods and services.

It is committed to the communities where people live and work 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.

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