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
