AltaLink Takes Action to Reduce Wildfire Risk

Company initiates public safety power shutoff for first time in its history during second quarter of 2026

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CALGARY, Alberta--(BUSINESS WIRE)--AltaLink is committed to reducing the likelihood of its transmission system igniting a catastrophic wildfire. During the second quarter of 2026, for the first time in AltaLink’s history, AltaLink initiated its public safety power shutoff (PSPS) program during extreme weather conditions in the MD of Provost to reduce the risk of its assets igniting a wildfire.

On May 3, 2026, extreme weather conditions prompted the proactive de-energization of two transmission lines to reduce the risk of wildfire ignition posed by dry, cured grass and high winds. Fortunately, the PSPS didn’t require a power outage to customers.

“We understand how important electricity is to everyone’s lives and this is a last resort response after all other options have been exhausted,” said Paul Lee, AltaLink President. “We don’t make the decision to proactively de-energize transmission lines lightly. However, we’ve all seen how the impacts of a wildfire can be devastating.”

When wildfire conditions are extreme, AltaLink will proactively de-energize transmission lines as part of a PSPS to prevent the transmission system from potentially causing a spark that could start a wildfire. That may mean a power outage for communities until it is safe to re-energize the transmission line.

“Every situation is different. Before de-energizing a transmission line, we consider weather conditions, including heat, wind and humidity, and ground conditions including the availability of fuel,” said Mr. Lee. “We leverage daily fire hazard reports, advanced weather stations, cameras and on-the-ground resources to continually monitor, review and verify these conditions near our transmission lines.”

In 2019, AltaLink established its wildfire mitigation program to reduce the likelihood that the transmission system would contribute to the ignition of a wildfire. Since then, the company has strengthened infrastructure, improved vegetation management programs, increased the frequency of inspections, and enhanced situational awareness of high-risk wildfire conditions in its service territory, all measures noted in the Government of Alberta’s Wildfire Mitigation Strategy. AltaLink engages with stakeholders throughout its service territory to share information about all aspects of its wildfire mitigation program, including the process in the event that a PSPS is triggered.

In addition to these efforts, AltaLink, along with ATCO Energy Systems and FortisAlberta, the owners and operators of the electric transmission and distribution networks in Alberta’s highest-risk areas have formed the Alberta Wildfire Utility Coalition. The Wildfire Utility Coalition is aligning efforts to reduce wildfire risk and strengthen system resilience.

AltaLink announces the retirement of its Chief Financial Officer

AltaLink today announced the retirement of David Koch, Executive Vice President and Chief Financial Officer, effective July 30, 2026.

“During his more than 10 years with AltaLink, Dave has made a valuable contribution to our company and our customers,” said Paul Lee, AltaLink President. “His financial leadership has positioned AltaLink for continued solid performance and, on behalf of the AltaLink Board of Directors and senior leadership team, I want to thank Dave and wish him well in his future endeavours.”

A search is currently underway to replace Mr. Koch. Sarah Oldfield, AltaLink’s Vice President Controller, will act as interim Chief Financial Officer until a replacement is named. Ms. Oldfield joined AltaLink in 2010, and has progressed through leadership roles in financial reporting, capital accounting and project support before assuming AltaLink’s VP, Controller role earlier in 2026.

AltaLink announces 2026 second quarter financial results

Today, AltaLink, L.P. announced net and comprehensive income of $74.2 million for the three months ended June 30, 2026, compared to $82.6 million for the same quarter in 2025, a decrease of $8.4 million. This change is primarily driven by regulatory outcomes related to the denial of recovery of certain 2024–2025 wildfire mitigation capital investments.

For the three months ended June 30, 2026, our revenue from operations was $246.9 million, an increase of $0.4 million compared to the same period in 2025. This change is primarily due to higher equity returns on rate base in 2026 due to a higher approved return on equity of 9.02% in 2026 versus 8.97% in 2025 and higher recovery of other allowable costs of transmission services.

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 the second quarter of 2026

AltaLink's safe delivery of affordable and reliable electricity for its customers is highlighted in its 2026 second quarter results:

• We continued to achieve a strong customer satisfaction average score of 9.67 out of 10.
• Our low customer average outage duration continued at six minutes for the quarter.
• We had zero employee injuries during the quarter.
• On June 26, 2026, AltaLink energized the Central East Transfer-Out project, which enhances transmission capacity and flexibility in central eastern Alberta. The project strengthens grid reliability, supports the connection of new generation resources, and improves the movement of power across the province. Following energization, AltaLink will finalize its drawdown on the Canada Infrastructure Bank financing arrangement, which is expected to reduce financing costs by approximately $135 million over the project's 30-year term, including about $60 million attributable to AltaLink's share, delivering savings to Alberta ratepayers. As at June 30, 2026, AltaLink has invested $190.5 million in this project.
• On June 18, 2026, AltaLink and its affiliates filed an application with the AUC for approval of an internal corporate reorganization. The proposed structure removes inactive entities to simplify the transmission utility business organizational structure, reduce administrative costs and align the actual corporate structure to the deemed corporate structure used in general tariff applications when determining recovery of taxes. The reorganization will have no impact on the ratepayer or regulated operations. On July 20, 2026, the Alberta Utilities Commission approved the reorganization.
• On April 9, 2026, AltaLink filed its compliance filing with total revised revenue requirements, including PLP and KLP, of $904.0 million and $939.2 million for 2026 and 2027, respectively. On June 11, 2026, the AUC approved AltaLink's 2026-2027 GTA compliance filing as filed. The AUC will finalize AltaLink's 2026-2027 transmission tariff in due course, following the outcome of the 2025 Extreme Weather Events Self-Insurance Application Proceeding which is anticipated in the fourth quarter of 2026. The total revenue requirement of $904.0 million for 2026, pending final AUC approval, will enable AltaLink to continue to achieve revenue requirement at or below the 2018 approved revenue requirement for eight consecutive years.
• On June 5, 2026, AltaLink filed its 2025 Extreme Weather Events Self-Insurance Application requesting approval to recover $17 million of expenditures, pursuant to its self-insurance reserve and capitalization policies, related to the Lac La Biche wildfire and Brooks storm events.
• On June 26, 2026, with the release of our 2025 Sustainability Report, AltaLink continued to demonstrate its commitment to sustainability as it operates the transmission system that supplies millions of Albertans with electricity.
• On July 20, 2026, AltaLink issued $350.0 million of 5.111% 30-year Series 2026-1 Senior Secured Notes.
• We earned net and comprehensive income of $74.2 million in the quarter, compared to $82.6 million in the same period in 2025. The decrease was primarily driven by regulatory outcomes related to the recovery of certain 2024–2025 wildfire mitigation capital investments.
• We invested $97.9 million in capital assets compared to $112.1 million for the same quarter in 2025 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.

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.