Hydro One Limited

Good morning, ladies and gentlemen, and welcome to Hydro One Limited's first quarter 2026 Analyst Teleconference. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. As a reminder, the call is being recorded. I would now like to introduce your host for today's conference, Mr. Wafim Khalil, Director of Investor Relations at Hydro One. Please go ahead.

Good morning, and thank you for joining us for our quarterly earnings call. Joining me on the call today are our current President and CEO, David Liebner, our Chief Financial and Regulatory Officer, Harry Taylor, and also joining us is our current Chief Operating Officer, Megan Telfer. On the call today, we'll provide an overview of our quarterly results, and then we'll answer as many questions as time permits during our question and answer session. As a reminder, today's discussion will likely touch on estimates and other forward-looking information. Listeners should review the cautionary language in today's earnings release and our MD&A, which we filed this morning, regarding the various factors, assumptions, and risks that could cause our actual results to differ as they all apply to this call. With that, I'll turn the call over to our President and CEO, David Lieber.

Thank you, Waseem. This morning, I'll provide an update on our recent activities and accomplishments during the quarter. Then Harry will take you through the financial results. As always, I'll begin with the safety news. Last month, our employees achieved a significant milestone, working two years without a high energy series incident. When this achievement is considered alongside our top quartile, low recordable injury frequency, I'm confident in our ability to create a workplace with zero life-altering injuries or fatalities. As I've said many times on these calls, a safe workplace is the essential foundation of operational excellence. The same factors which create safe workplaces also lead to efficient, low-cost operations. As announced on February 26, 2026, I made the decision to retire as President and CEO of Hydro One, effective June 9, 2026. This was a thoughtful decision, which best met the needs of my family and Hydro One. At the same time, we announced that Megan Telford, our current Chief Operating Officer, will assume the role of President and CEO upon my retirement. Megan is a highly respected and proven leader who joined Hydro One in 2020. As a key member of the executive leadership team, she has played a pivotal role in delivering our strong performance. During her time at Hydro One, Megan has held executive responsibility for health and safety and environment, strategy, system planning, growth, distribution and transmission operations, human resources, labor relations, indigenous relations, corporate affairs, and customer care. Her values, breadth of experience at Hydro One, and extensive leadership expertise position her well-being the organization into its next chapter. Hydro One is entering a period of significant change. Ontario's growing population, electrification, and economic expansion are fundamentally reshaping electricity demand across the province. Hydro One is positioned to support this transformation through significant investments in transmission and distribution infrastructure, strong partnerships with First Nations, unions, municipalities and others, plus an unwavering focus on system reliability, resilience and affordability. I leave with great confidence in the future of this organization. The leadership team is strong and focused. The strategy is sound and the culture remains grounded in safety, customer service and execution excellence. As mentioned previously, Ontario's demand for reliable, resilient and affordable electricity continues to grow. Across the province, strong population growth, industrial investment, and accelerating electrification are reshaping how communities live, work, and move. Meeting this rising demand is critical to sustaining the province long-term competitiveness and prosperity. As a trusted leader in transmission development, Hydro One is well positioned to support this growth. We continue to play a central role in Ontario's grid expansion, working with government, First Nations partners, industry stakeholders, and local communities, we continue to advance and build the critical infrastructure required. In addition to meeting today's demands, these investments ensure the electricity grid is fit for the purpose for decades by replacing aging infrastructure, reducing congestion, and enabling clean energy integration to support economic expansion and community growth. As new transmission projects are planned and awarded, we are pleased to be selected to develop and construct these critical lines. As previously announced, we were designated to develop and obtain all necessary approvals for the Greenstone Transmission Line in Northern Ontario, as well as the Sudbury to Barrie Transmission Line in North Central Ontario. Both projects are expected to enter into service in 2032. More recently, Hydro One was designated to develop and construct the Red Lake Transmission Line in Northwestern Ontario, north of Dryden. This proposed priority project consists of a new double-circuit 230kV transmission line extending from the Dryden Transformer Station to the Year's Fall Transformer Station, including associated station facilities.