AltaLink Keeps Its Rates Under 2018 Levels for a Seventh Consecutive Year

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CALGARY, Alberta--(BUSINESS WIRE)--For the seventh straight year, AltaLink kept its rates below the 2018 level, delivering value to Albertans while maintaining strong operational performance. By keeping AltaLink’s rates flat, the company saved Albertans approximately $900 million compared to if rates had followed inflation from 2019 to 2025.

“In 2018, we made a commitment to keep our rates flat for five years. We’re proud to have extended our commitment to seven years, keeping our rates below 2018 levels and providing excellent value for our customers,” said Gary Hart, AltaLink President and Chief Executive Officer. “The AltaLink team does an amazing job finding efficiency opportunities to offset inflation while keeping the system reliable for every Albertan.”

AltaLink is the only regulated utility in Alberta to have kept its revenue requirement below 2018 levels for the last seven years.

AltaLink delivers outstanding 2025 safety performance

During 2025, AltaLink employees demonstrated their commitment to keeping each other, and the public, safe with industry-leading safety performance. AltaLink’s field crews, often working in challenging conditions, completed the year without a medical aid incident. AltaLink employees also drove more than 3.5 million kilometres in 2025 without a preventable vehicle accident.

“Working safely is a fundamental principle of everything we do at AltaLink,” said Mr. Hart. “Our employees show that commitment every day to ensure their teammates go home safe to their families. I’m so proud to be part of this team.”

AltaLink announces 2025 full year financial results

Today, AltaLink, L.P. announced comprehensive income of $90.2 million for the three months ended December 31, 2025, compared to $79.9 million for the same quarter in 2024, an increase of $10.3 million. The change is primarily due to gains on land sales and an actuarial gain, partially offset by decreased income from lower equity returns on rate base in 2025 mainly due to a lower approved return on equity of 8.97% in 2025 versus 9.28% in 2024. Our comprehensive income for the year ended December 31, 2025, increased by $3.7 million compared to 2024. The change is primarily due to one-time revenue, gains on sale of land and an actuarial gain, partially offset by decreased income from a lower approved return on equity of 8.97% in 2025 versus 9.28% in 2024.

For the three months ended December 31, 2025, our revenue from operations was $264.8 million, an increase of $8.6 million compared to the same period in 2024. The change is primarily due to a higher recovery of other allowable costs of transmission services in 2025, partially offset by lower equity returns on rate base in 2025 mainly due to a lower approved return on equity of 8.97% in 2025 versus 9.28% in 2024.

For the year ended December 31, 2025, our revenue from operations decreased by $15.6 million compared to 2024. The change is primarily due to higher revenue in 2024 related to the recovery of 2023 wildfire restoration costs through AltaLink's self-insurance reserve account as approved by the AUC on July 31, 2024, and lower equity returns on rate base in 2025 mainly due to a lower approved return on equity of 8.97% in 2025 versus 9.28% in 2024, partially offset by a higher recovery of other allowable costs of transmission services in 2025.

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 approximately 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 2025

AltaLink's safe delivery of affordable and reliable electricity for its customers is highlighted in its 2025 results:

• We delivered on our commitment to customers and Albertans by keeping our annual revenue requirements below the 2018 level of $904.0 million for the seventh consecutive year.
• Our employee safety performance as measured by total recordable injury frequency rate was 0.16, representing one injury to a head office employee. This compares to a total recordable injury frequency rate of 0.32, representing two injuries, in 2024.
• We achieved a customer satisfaction average score of 9.68 out of 10 compared to 9.70 in 2024. Our 2024 survey results were our best-ever annual results achieved to date, with 2025 following close behind as second-best achieved results.
• We borrowed $77.4 million from the Canada Infrastructure Bank to fund the Central East Transfer-Out project. The fixed 31-year interest rate of 2.17% is about 250 basis points lower than a conventional 30-year AltaLink bond offering. As a result, our customers will receive estimated interest rate savings of approximately $60 million over the life of the debt.
• Our average customer outage duration increased to 21.9 minutes compared to 8.9 minutes in 2024. The 2024 result was our best-ever annual result achieved to date. Our 2025 annual performance was impacted by two primary items. First, a severe storm near Brooks, Alberta, which impacted annual results by eight minutes, and wildfire de-energization of transmission assets to maintain public safety added three minutes.
• On August 20, 2025, a severe storm with wind speeds reaching over 150 kilometres per hour and severe hail swept through the Brooks region causing significant damage to transmission infrastructure. The storm impacted three 138-kilovolt wood pole and two 240-kilovolt steel lattice transmission lines damaging 34 structures and causing a power outage for about 3,000 FortisAlberta customers. Despite the significant damage to our assets, we were able to restore power to most customers within 24 hours, with all customers restored in 36 hours. This was achieved through effective collaboration with other Alberta utilities. All transmission line repairs were completed by December 20, 2025. The total cost of repairs is forecasted to be approximately $13.1 million, which we expect to recover through our future tariffs.
• On May 28, 2025, we activated our emergency response plan due to an out-of-control wildfire in the Lac La Biche area of Alberta. We installed fire-resistant pole wrap to protect our assets where possible. This wildfire impacted four transmission lines. On June 10, 2025, we finished repairs and restored transmission service to our affected industrial customers. The restoration of the damaged transmission lines cost approximately $5.1 million.
• We reached a negotiated settlement agreement with customer groups for substantially all our 2026-2027 GTA revenue and our whole 2023-2024 deferral account application. On September 24, 2025, the AUC approved the agreement. This marks our fourth successfully negotiated agreement with customer groups in the past decade. AltaLink's Wildfire Mitigation Plan and insurance premiums were reviewed as part of an AUC hearing in November 2025, with a decision expected in March 2026.
• On July 10, 2025, the Transmission Amendment Regulation was enacted. The updated regulation, along with the May 15, 2025, implementation of Bill 52: the Energy and Utilities Statutes Amendment Act make several legislative and regulatory amendments to transmission policy. The focus of the legislation and regulation is strengthening reliability, lowering and stabilizing Alberta utility bills and encouraging investment in Alberta.
• We held our 11th annual “Let's Connect” customer event on October 7, 2025. The event featured a CEO panel of utilities discussing wildfire management strategy and a discussion on electricity policy with the Minister of Affordability and Utilities.
• Our 2025 Employee Engagement Survey results showed further increased employee engagement and an 86% response rate.
• In 2025, our employees were recognized with multiple awards from Electricity Canada namely the Lifesaving Award for our Buddy Up program which promotes mental health awareness and peer support across our workforce and the Women in Electricity Leadership Circle Award for our commitment to increasing representation and opportunity for women across Canada’s utility sector.
• In 2025, S&P reaffirmed its issuer credit rating and senior secured rating on AltaLink at “A-” with a stable outlook. On January 23, 2026, DBRS reaffirmed its ratings on AltaLink including the Issuer, Medium-Term Note (Secured), and Senior Secured Note ratings at “A”, as well as the Commercial Paper rating at R-1 (low), all with stable trends. “A” and “A-” ratings allow us to keep debt financing costs low for our customers.
• On November 12, 2025, the AUC issued an order approving 9.02% as the final return on equity for 2026 for Alberta utilities using its formula-based approach and prescribed bond yields and utility credit spread inputs.
• Our comprehensive income of $333.8 million increased from $330.1 million in 2024 mainly due to one-time revenue, gains on land sales, and an actuarial gain, partially offset by decreased income from a lower approved return on equity of 8.97% in 2025 versus 9.28% in 2024.
• We invested $441.4 million in capital assets compared to $356.0 million in 2024 to ensure continued safe, reliable and economic electric transmission service, to restore assets damaged by wildfires and storms, 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.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as “expects”, “intends”, “projects”, “plans”, “anticipates”, and similar expressions, are forward looking information that represents management of AltaLink’s internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of AltaLink. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause AltaLink’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward looking statements. These risks and uncertainties include, among other things, those described in AltaLink’s filings with the Canadian securities authorities. Accordingly, holders of AltaLink securities and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. AltaLink disclaims any responsibility to update these forward-looking statements.