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

TORONTO, March 4, 2025 /PRNewswire/ - 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.

Forward-Looking Information

This press release may contain "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of applicable U.S. securities laws (collectively, "forward-looking information"). Statements containing forward-looking information are made pursuant to the "safe harbour" provisions of applicable Canadian and U.S. securities laws. Words such as "expect", "anticipate", "intend", "attempt", "may", "plan", "will", "can", "believe", "seek", "estimate", and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in Hydro One's filings with the securities regulatory authorities in Canada, which are available on SEDAR+ at www.sedarplus.com. Hydro One does not intend, and it disclaims any obligation, to update any forward-looking information, except as required by law.

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SOURCE Hydro One Limited