Hydro One officially joins northern Ontario partnership and expands its transmission ownership

Hydro One officially joins Northern Ontario partnership and expands its transmission ownership

TORONTO, March 4, 2025 Hydro One Limited (Hydro One) announced today that its wholly-owned subsidiary, Hydro One Networks Inc., has completed the acquisition of an approximately 48 per cent interest in the East-West Tie Limited Partnership. The partnership owns the East-West Tie Line, a 450-kilometre, 230-kilovolt double-circuit transmission line, regulated by the Ontario Energy Board (OEB), spanning between Wawa and Thunder Bay, along the north shore of Lake Superior.

The acquisition is valued at approximately $261 million, inclusive of closing adjustments. Its completion results in a partnership with the remaining owners of the East-West Tie Line – the Bamkushwada Limited Partnership, a consortium of six First Nations, and affiliates of NextEra Energy Canada, LP who own approximately 3.5 per cent and 48 per cent respectively. The line has an OEB-approved rate base of approximately $880 million (100 per cent basis).

“Electricity is the backbone of the economy, and Hydro One has a long history of owning and operating transmission infrastructure in the north,” said David Lebeter, President and Chief Executive Officer, Hydro One. “This investment will continue to support the reliable delivery of electricity that powers daily life and contributes to shared long-term prosperity in the region.”

The East-West Tie Line was built in partnership with the Bamkushwada Limited Partnership, which is jointly owned by Fort William First Nation, Michipicoten First Nation, Biigtigong Nishnaabeg (Ojibways of the Pic River First Nation), Pays Plat First Nation, Netmizaaggamig Nishnaabeg (Pic Mobert First Nation) and Red Rock Indian Band.

Hydro One Limited (TSX: H)

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

Our team of approximately 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 approximately $3.1 billion in its transmission and distribution networks, and supported the economy through buying approximately $2.9 billion of goods and services.

We are committed to the communities where we live and work through community investment, sustainability and diversity initiatives.

Hydro One Limited’s common shares are listed on the TSX and certain of Hydro One Inc.’s medium term notes are listed on the NYSE. Additional information can be accessed at www.hydroone.com, www.sedarplus.com or www.sec.gov.

NT5