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2024 Annual Report

A better and brighter future for all

Our dedication extends far beyond delivering safe and reliable power. We're passionate about making a positive impact on the people, environment and communities we serve. Our commitment is to build a brighter future for everyone, driving Ontario's journey towards a low-carbon economy and creating a better world for generations to come.

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A message from Our

President & CEO

As we reflect on 2024, I am proud of Hydro One’s journey and the progress we have made together. Our unwavering focus on safety, customer service, growth, innovative solutions and meaningful partnerships has strengthened our company. I’m pleased to share our achievements and outline how we are positioning Hydro One for a strong and sustainable future.

David Lebeter

President & Chief Executive Officer

Key highlights

Safety remains our top priority

Safety is at the heart of everything we do. In 2024, we strengthened our focus on safety through advanced training programs and cutting-edge technology, achieving a recordable injury rate of 0.55 per 200,000 hours—well below industry benchmarks. We continue to foster a culture where every employee takes responsibility for their own safety and that of their colleagues, while ensuring operations contribute to public safety and reliability.

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A new strategy to shape the future

We’re leading the way in Ontario’s evolving energy landscape with a refreshed strategy focused on four key priorities:

Customers: Delivering exceptional service to strengthen trust and satisfaction.
Growth: Expanding and modernizing the grid to meet growing energy needs.
Solutions: Driving innovation and leveraging technology for an electrified future.
Partnerships: Building meaningful collaborations to create high-impact solutions.

With customer satisfaction reaching 88% for residential and small businesses and 85% for commercial and industrial customers, we continue to make meaningful progress. Innovations like advanced analytics and AI-powered tools are enhancing customer service, while strategic projects like the Chatham to Lakeshore and St. Clair Transmission Lines are paving the way for future growth.

Pioneering Indigenous partnerships

Our industry leading 50-50 First Nations Equity Partnership model offers First Nations a 50% stake in major transmission projects, creating shared economic benefits from planning to operation. By exceeding our goal to purchase 5% of goods and services from Indigenous businesses, we achieved $158 million in purchases last year, demonstrating our commitment to meaningful partnerships and economic reconciliation.

Hydro One and Indigenious leaders in front of a

Building a brighter future for Ontario

As we step into 2025, we are poised for continued success, driven by a strategic focus on creating value for customers, partners, shareholders, and communities. Our commitment to core values and the dedication of our team position us for long-term success. Together, we're building a resilient and sustainable electricity network that will power Ontario's future for generations to come.

We extend our gratitude to our employees for their tireless efforts, to our customers for their trust, and to our shareholders for their enduring support.

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2024 Annual Report

Hydro One

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2024 Financial Report

Hydro One

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