AltaLink supports Alberta government transmission policy designed to maintain affordability for electricity ratepayers

Press Release

CALGARY, ALBERTA (May 5, 2025) – AltaLink is supportive of ensuring reliable and affordable electricity for Albertans through the proposed Government of Alberta legislation. Bill 52, the Energy and Utilities Statutes Amendment Act, 2025, includes prioritizing the use of existing transmission infrastructure while capturing opportunities to reduce costs to ratepayers for the construction of new transmission lines when needed.

“We support the Government of Alberta’s changes to align transmission policy with today’s electricity grid, including the implementation of solutions to optimize the existing system and maximize its value before building new transmission lines,” said Gary Hart, AltaLink President and Chief Executive Officer. “The transmission system is the backbone of our economy. The updated direction sets a clear path for responsible transmission growth while prioritizing reliable and affordable service to our customers.”

By the end of 2025, AltaLink will be the only Alberta utility to keep its revenue requirement below the 2018 level of $904 million for seven consecutive years, excluding recovery costs incurred during Alberta’s historic 2023 wildfire season and other adjustments as directed by the Alberta Utilities Commission. The company has strived to meet or beat inflation in its controllable operating costs to support affordability for customers.

“We understand that rising costs of living have put pressure on households, farms and businesses throughout our province,” said Mr. Hart. “Our commitment to carefully manage costs while improving our top quartile safety and reliability performance drives our continuous improvement culture, benefitting every Albertan.”

AltaLink announces 2025 first quarter financial results

Today, AltaLink, L.P. announced net and comprehensive income of $80.2 million for the three months ended March 31, 2025, compared to $82.6 million for the same quarter in 2024. Our net and comprehensive income for the three months ended March 31, 2025, decreased by $2.4 million compared to the same period in 2024. The decrease is primarily due to decreased revenue from a lower approved return on equity of 8.97% in 2025 versus 9.28% in 2024 and lower interest expense recovery.

For the three months ended March 31, 2025, our revenue from operations decreased by $13.2 million compared to the same period in 2024. The decrease is primarily due to lower revenue as a result of lower recovery of salvage expenses and lower equity returns on rate base. On June 19, 2024, the AUC approved the collection of costs of site preparation for capital replacement projects over the average useful lives of the related replacement assets effective January 1, 2024.

As a partnership, AltaLink, L.P. reports its net income before income taxes; therefore, its results are not directly comparable with net income reported by corporations that recognize income taxes in their financial statements.

AltaLink’s full financial results and management’s discussion and analysis can be found on AltaLink’s website at www.altalink.ca or on SEDAR+ at www.sedarplus.ca.

Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta’s largest electricity transmission provider, with more than 13,400 kilometres of transmission lines and more than 310 substations. AltaLink is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy.

Significant highlights during the first quarter of 2025

AltaLink’s first quarter of 2025 results highlight ongoing focus on safety, reliability and customer satisfaction:

• We achieved a customer satisfaction average score of 9.83 out of 10 compared to 9.66 for the same quarter in 2024.
• We had zero employee injuries matching our performance for the same quarter in 2024.
• Our customer average outage duration increased to two minutes compared to one minute for the same quarter in 2024. This increase was primarily due to an equipment malfunction at a remote site.
• On March 5, 2025, the AUC issued a permit and licence to proceed with AltaLink’s 799L Transmission Line Rebuild project. This project includes the rebuild of a 62-kilometre portion of the 138-kilovolt transmission line that spans across Woodlands, Lac St. Anne, Yellowhead, and Parkland Counties. The current forecasted investment in the project is $43.3 million.
• On March 27, 2025, we borrowed $37.6 million from the Canada Infrastructure Bank, with a maturity date of June 30, 2056, to fund the Central East Transfer-Out project. The fixed 31-year interest rate of 2.17% is approximately 227 basis points lower than a conventional 30-year AltaLink bond offering. As a result, AltaLink customers will receive estimated interest rate savings of approximately $60 million related to financing of the Central East Transfer-Out project over the life of the long-term debt.
• On March 28, 2025, we energized a reconfigured 610L transmission line, which is part of the Vauxhall Area Transmission Development project. The other part of this project was completed in November 2024 with the energization of our 879L transmission line. Reclamation work continues and the project will be completed in the second quarter of 2025. The current forecasted investment in the project is $23.3 million.
• On May 1, 2025, S&P reaffirmed its issuer credit rating and senior secured rating on AltaLink at
  “A-” with a stable outlook. An “A-” rating allows us to keep debt financing costs low for our customers.
• We earned net and comprehensive income of $80.2 million compared to $82.6 million for the same quarter in 2024. Our income decreased mainly due to decreased revenue from a lower approved return on equity of 8.97% in 2025 versus 9.28% in 2024 and lower interest expense recovery.
• We invested $103.6 million in capital assets compared to $69.6 million for the same quarter in 2024 to ensure continued electric transmission system safety and reliability, and to connect customers.

This news release does not constitute an offer to sell or the solicitation of an offer to buy AltaLink’s securities in any jurisdiction, including but not limited to, the United States. AltaLink’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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FOR FURTHER INFORMATION

Investor Relations

Chris Lomore
Vice President, Treasurer
AltaLink Management Ltd.
Phone: 403.828.1521
E-mail: Chris.Lomore@AltaLink.ca

Media Relations

Scott Schreiner
Vice President, External Engagement
AltaLink Management Ltd.
Phone: 403.880.0275
E-mail: Scott.Schreiner@AltaLink.ca

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