Hydro One Limited

Good morning, ladies and gentlemen, and welcome to Hydro One Limited's second quarter 2026 analyst teleconference. At this time, all participants are in listening 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. Wassem 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 new President and CEO, Megan Telford, and our Chief Financial and Regulatory Officer, Harry Taylor. 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 turn the call over to our President and CEO, Megan Telford.

Thank you very much, Wassem. Good morning, everyone. and thank you for joining us for our second quarter results call. I am pleased to be leading this call, my first as President and CEO of Hydro One. This morning, I will provide an update on our recent activities and key accomplishments during the quarter. Following my remarks, Teri will take you through our financial results. I am deeply honoured to take on the role of President and CEO of Hydro One at such an important moment for our company. and for the utility sector broadly. David Lebeter's leadership leaves a strong legacy, one defined by unwavering focus on safety, performance and people, which has positioned Hydro One well for the future. I am deeply grateful for his contributions and for the enduring foundation he has built. I am proud to lead an organization with such a strong history and even more energized by the opportunities ahead to build on our momentum and seize the opportunities that we see before us. Together, we have achieved great success executing on our strategy, which is built on four key pillars, customers, growth, solutions, and partnerships. We will build on this momentum by responding to the changing landscape where appropriate, continuing to improve execution, further enhancing our performance and strengthening the position of the company for long-term success. We will continue to make critical strategic investments in our system to deliver safe, reliable and resilient services. This means investing in grid stability, storm preparedness and system modernization to keep the lights on, restore power quickly after major storms and to continue to deliver major projects on time and on budget. We will also continue to implement programs and tools for our customers to make it easier to do business with us and show them that we care. At the same time, we will continue to build strong relationships and trust with many of our partners, including Indigenous communities, municipalities, residents and the government. These are foundational elements that have made Hydro One successful. I have a deep appreciation for the work we do and the responsibility we carry. for the customers and communities we serve, particularly at a time when the role of electricity in our economy and daily lives has never been more important. I intend to build on this strong foundation and look forward to delivering on our promise to our customers, partners, and stakeholders. Safety remains our highest priority. Our focus on achieving zero life-altering injuries and fatalities is unwavering. A strong safety culture is the foundation of operational excellence, and we will continue reinforcing our safety principles and expectations so every employee and contractor returns home safely at the end of each day. As electricity demand continues to grow across Ontario, aging infrastructure and changing weather patterns are placing increased demands on the electricity system. Hydro One is advancing the transmission infrastructure required to provide reliable, cost-effective, and resilient power to homes, businesses, and communities. These investments not only address today's needs, but also help prepare the provincial electricity grid for future growth by replacing aging assets, reducing congestion, and enabling increased electrification and clean energy integration. On April 23rd, 2026, Hydro One was designated to develop and obtain all necessary approvals for the Red Lake Transmission Line in northwestern Ontario, north of Dryden. This priority project will include new double circuit 230 kV transmission line extending from the Dryden Transformer Station to the Ear Falls Transformer Station. including associated station facilities and connecting to the Red Lake Switching Station. The project is expected to be in service in the early 2030s and will support reliability and economic development across the region. Consistent with Hydro One's long-standing approach to Indigenous partnerships, the project will follow the company's 50-50 First Nation Equity Partnership model. enabling participating First Nations along the route to share directly in the long-term value created by the infrastructure. We've announced several critical investments in our transmission and distribution systems to modernize, strengthen and expand the grid in support of economic development and increased electrification across the province. During the quarter, Hydro One submitted leave to construct applications to the Ontario Energy Board for three major transmission projects. First, Northeast Power Line, a single circuit 500 kV transmission line connecting the greater Sudbury area to the Wharncliffe area. Second, Longwood to Lakeshore Line, a single circuit 500 kV transmission line connecting the Municipality of Strathmore-i-Cardock and the Municipality of Lakeshore. Third, Durham-Corsa Line, a double circuit 230 KV transmission line connecting the Municipality of Clarington and Peterborough County. Collectively, these projects represent more than $3.4 billion in planned investment and are expected to enter service between 2029 and 2030. Hydro One also filed a lead to construct application for the Orleans Area Reinforcement Project in the Greater Ottawa Area. The project includes a new 115 KV transmission line and the conversion of an existing 115 KV line to a 230 KV. With an investment of approximately $100 million, the project will increase regional capacity, improve transfer capability, and strengthen reliability. The project is expected to be in service by 2029. As many of you are aware, Ontario is experiencing an unusually active wildfire season this year. I would like to briefly address the situation and its potential implications for our business. We are seeing a higher number of fires this year. In fact, the number of wildfires in Ontario this year is 54% above last year's and 56% above the 10-year average. Our highest priority remains the safety and well-being of our employees contractors and the communities we serve. At this time, wildfire activity has not had a major impact on our operations and no fires have been attributed to our assets or infrastructure. We continue to work proactively with our teams, customers and local authorities to monitor conditions, mitigate potential risks and maintain operational readiness. We remain committed to supporting our employees and communities throughout this period while continuing to deliver safe, Reliable and Resilient Service. Meeting Ontario's growing electricity needs will require a skilled, diverse and future-ready workforce. To support this objective, Hydro One renewed its long-standing university partnership with Toronto Metropolitan University, University of Waterloo, Ontario Tech University and Western University. The renewed partnership includes a $1.2 million investment over three years and is expected to benefit more than 60,000 students across Ontario. Building on more than a decade of collaboration, the program will expand K-12 outreach, mentorship opportunities, student awards and career development initiatives, helping strengthen the talent pipeline for Ontario's electricity sector. Through these investments, Hydro One is helping prepare the next generation of engineers and energy professionals who will support a safe, reliable, and sustainable electricity system. Hydro One's success is driven by the dedication, professionalism, and expertise of our employees. Their focus on safety, customer service, and excellence is what makes this company successful. And these efforts continue to be recognized by respected organizations across Canada and internationally. During the quarter, Hydro One earned several notable recognitions, including being named among Corporate Night's 50 Best Corporate Citizens in Canada, recognizing leadership and sustainability and responsible business practices. We were included in Time magazines and Statista Canada's Best Companies 2026 based on employee satisfaction, sustainability, transparency, and financial performance. and we were recognized by Forbes as one of Canada's best employers for company culture, reflecting strong performance in areas such as fairness, inclusion, opportunity and workplace culture. These achievements are a testament to our values, our culture and the outstanding work our teams deliver every day. They reflect our focus on building a workplace where employees feel valued, empowered and connected to our purpose. With that, I will turn the call over to Harry to go over through the financial results. Over to you, Harry.