Hydro One (H) investor relations material

Investment plan and rationale

• Filed Oct. 7, 2026, the proposed 2028-2032 investment plan averages ~$3.3B annually for transmission and ~$2.2B for distribution.

• Plan priorities include renewing aging infrastructure, connecting new homes and businesses, expanding capacity, and improving reliability and resilience while balancing affordability.

• Ontario electricity demand could rise as much as 65% by 2050, driven by population, industrial growth and electrification.

• More than 100,000 customers provided input; 68-88% across customer groups supported investment at or above draft-plan levels, while 77% supported distribution reliability investment and 82% wanted transmission renewal.

Planned capital and system outcomes

• Proposed JRAP capital totals ~$27B for 2028-2032; the separate affiliate transmission-line portfolio adds ~$5B in disclosed capital, for ~$32B combined.

• Transmission investments include ~$8.3B for new lines, ~$4.4B for station renewal and ~$2.7B for line renewal; planned capacity supports 6,000+ MW of new customer load.

• Distribution plans ~$3.8B for growth and connections, ~$3.1B for asset renewal and ~$1.6B for reliability and resilience; intended to connect 94,000+ new homes and businesses.

• Planned outcomes include 1,400 km of transmission line upgrades, 85,000+ distribution poles replaced or refurbished, smart switches on 90% of major distribution lines, and 5,400 residential energy storage systems.

• More than 90% of project procurement spend is directed to Canadian and Ontario suppliers; non-wires solutions are expected to avoid $110M in traditional poles-and-wires investment.

Customer bill impacts

• For a typical year-round R1 customer using 750 kWh monthly with distribution rate protection, transmission bills rise $0.50/month in 2028 and an average $1.14/month annually over 2028-2032.

• For the same customer profile, total distribution bills fall $3.31/month in 2028 and average $0.10/month lower over five years; base charges fall $0.10 in 2028 and are unchanged in 2029-2032.

• Transmission bill estimates exclude Hydro One Sault Ste. Marie LP, which would add an average ~$0.02/month each year; estimates depend on OEB approval.