AltaLink Loan From Canada Infrastructure Bank Will Save More Than $60 Million for Albertans

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CALGARY, Alberta--(BUSINESS WIRE)--AltaLink’s loan from the Canada Infrastructure Bank (CIB) continues to deliver cost savings for Albertans by lowering debt costs for the Central East Transfer-Out (CETO) project.

During the third quarter of 2026, AltaLink borrowed $18.8 million from the CIB for the CETO project, marking the last draw under the agreement. The interest rate through CIB is approximately 300 basis points lower than a conventional 30-year AltaLink bond, which results in lower financing costs for Alberta ratepayers.

“This financing agreement was the first CIB investment in transmission under its Clean Energy priority sector,” said Paul Lee, AltaLink President. “By accessing funding through the CIB, we will save Albertans millions of dollars in reduced interest costs.”

Over the 30-year financing period for the project, AltaLink’s portion of the CIB’s loan will save Albertans more than $60 million.

The CETO project, a shared project between AltaLink and ATCO Energy Systems, is a 130-kilometre, 240 kV transmission line that connects substations near Red Deer and Stettler, Alberta. The project, energized in June 2026, strengthens the transmission system in east central Alberta and increases access to new clean generation.

AltaLink announces 2026 third quarter financial results

Today, AltaLink announced net and comprehensive income of $82.7 million for the three months ended September 30, 2026, compared to $80.8 million for the same quarter in 2025, an increase of $1.9 million.

For the three months ended September 30, 2026, our revenue from operations was $252.7 million, an increase of $4.5 million compared to the same period in 2025.

The changes in both net and comprehensive income and revenue from operations are 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 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 third quarter of 2026

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

• We had a strong safety performance with zero employee injuries.
• We continued to achieve a positive customer satisfaction average score of 9.55 out of 10.
• Our average customer outage duration remained low at five minutes.
• On September 25, 2026, we borrowed $18.8 million from the Canada Infrastructure Bank (CIB) to fund the Central East Transfer-Out project. The interest rate through CIB is 300 basis points lower than a conventional 30-year AltaLink bond, which results in lower financing costs for Alberta ratepayers of more than $60 million.
• On October 1, 2026, AltaLink completed a legal entity reorganization pursuant to which AltaLink Ltd. (formerly BHE AltaLink Ltd.) became the reporting entity. Prior to the reorganization, AltaLink Ltd. directly or indirectly owned 100% of ALP and other subsidiaries. The reorganization was undertaken to simplify the corporate structure, improve administrative efficiency and achieve tax efficiencies associated with operating fewer limited partnerships. The reorganization occurred among entities under common control and did not result in a change in ultimate ownership or control.
• On October 1, 2026, following the completion of the reorganization, DBRS assigned credit ratings to AltaLink Ltd., Medium-Term Note (Secured), and Senior Secured Note ratings of “A”, as well as the Commercial Paper rating of R-1 (low), all with stable trends. On the same day, S&P assigned its issuer credit rating and senior secured rating to AltaLink Ltd. of “A-” with a stable outlook. The newly assigned ratings are consistent with the previous AltaLink, L.P. ratings.
• On July 23, 2026, AltaLink issued $350.0 million of 5.111% 30-year Series 2026-1 Senior Secured Notes.
• We earned net and comprehensive income of $82.7 million in the quarter, compared to $80.8 million in the same period in 2025. The increase was 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.
• We invested $109.1 million in capital assets compared to $91.3 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.