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    Robert Hope's questions to Pembina Pipeline Corp (PBA) leadership

    Robert Hope's questions to Pembina Pipeline Corp (PBA) leadership • Q2 2025

    Question

    Rob Hope of Scotiabank asked for clarification on the 'mutually binding' ethane supply agreement with Dow, questioning how discussions have changed given Dow's project delay and if the agreement's timing is independent of the cracker's in-service date.

    Answer

    SVP & CFO Cameron Goldade affirmed that they work closely with Dow and noted significant activity is still ongoing at the construction site. He reiterated the nature of the contract, stating it is a 'mutually binding supply agreement' for Pembina to sell and Dow to buy 50,000 barrels per day of ethane, describing the terms as 'pretty clear.'

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    Robert Hope's questions to Pembina Pipeline Corp (PBA) leadership • Q1 2_025

    Question

    Robert Hope from Scotiabank inquired about the Yellowhead straddle project's viability given the Dow delay and whether the Dow supply agreement has a sunset date or other recourse for Pembina.

    Answer

    CEO J. Burrows noted the Yellowhead project's timeline (late 2028-2029) was always later, so the Dow delay doesn't change current plans. CFO Cameron Goldade added that no material capital was being spent on it in 2025. SVP Jaret Sprott confirmed the project could still be accretive by extracting C3+ even if ethane sales were delayed. Regarding the Dow agreement, Goldade stated that Pembina has capital protections but declined to share further details out of respect for the partnership.

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    Robert Hope's questions to Pembina Pipeline Corp (PBA) leadership • Q4 2024

    Question

    Robert Hope asked for more color on the initial consultations with Alliance shippers and whether existing contracts could be reopened. He also inquired about the source of capital efficiency gains for the ethane supply project with Dow.

    Answer

    Jaret Sprott, an executive, stated that while details are confidential, conversations with Alliance shipper groups are progressive and include discussions around contract outcomes, with more information expected in May. Regarding the ethane project, he clarified the capital efficiency comes from optimizing a portfolio of opportunities and maximizing existing assets, particularly the RFS III de-ethanizer tower.

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    Robert Hope's questions to Pembina Pipeline Corp (PBA) leadership • Q2 2024

    Question

    Robert Hope followed up on the RFS complex, asking if incremental contracts reflect the higher capital cost of RFS IV and how much uncontracted capacity remains. He also inquired about the progress of ethane opportunities and whether a tight labor market might shift focus away from the RFS III DS project.

    Answer

    SVP Jaret Sprott confirmed there is limited white space at the RFS complex, even with RFS IV, and that new contracts reflect a combination of volume fees and downstream ancillary services. Regarding ethane, he stated that several projects have advanced to pre-feed studies, and the RFS III DS project is small enough that labor pressures are not a deterrent. President and CEO J. Burrows added that updated cost data will inform the final decision on which ethane projects to pursue.

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    Robert Hope's questions to TransAlta Corp (TAC) leadership

    Robert Hope's questions to TransAlta Corp (TAC) leadership • Q2 2025

    Question

    Robert Hope of Scotiabank inquired about the key gating factors for executing a data center Memorandum of Understanding (MOU), TransAlta's interest in pursuing additional capacity from dropped developers, and the company's strategy for mid-life natural gas M&A in the U.S.

    Answer

    President and CEO John Kousinioris explained that the MOU process is progressing well and the timeline is about finalizing details following the ISO's policy shift, not significant impediments. He confirmed an increasing focus on natural gas M&A in the U.S. West and Ontario, noting that the multiples for these assets are attractive and work well with TransAlta's energy marketing expertise.

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    Robert Hope's questions to TransAlta Corp (TAC) leadership • Q1 2025

    Question

    Robert Hope inquired about the strategic rationale behind the Nova Clean Energy investment, questioning how its 7% return compares to other development opportunities, and asked if industry-wide challenges with organic growth are pushing TransAlta more towards M&A.

    Answer

    President and CEO John Kousinioris clarified that the Nova investment's primary value is not the 7% coupon but the exclusive option to acquire and direct late-stage development projects in the Western U.S. He confirmed that due to rising costs and complexities in greenfield development, the company is currently prioritizing M&A opportunities, particularly for U.S. gas and contracted renewable assets, which offer more derisked, value-accretive growth.

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    Robert Hope's questions to TransAlta Corp (TAC) leadership • Q4 2024

    Question

    Robert Hope inquired about TransAlta's most and least attractive M&A opportunities, focusing on geographies and asset types, and asked for potential outcomes of the Keephills data center development.

    Answer

    President and CEO John Kousinioris, along with EVP & CFO Joel Hunter, identified Western North America, particularly the Pacific Northwest and Desert Southwest, as key M&A focus areas. They noted that both legacy gas assets and renewables are presenting attractive valuations. Regarding Keephills, John Kousinioris detailed a phased development plan, starting with providing behind-the-fence power from existing units to a data center, supported by extensive preliminary technical and zoning work to de-risk the project for potential customers.

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    Robert Hope's questions to Fortis Inc (FTS) leadership

    Robert Hope's questions to Fortis Inc (FTS) leadership • Q2 2025

    Question

    Robert Hope of Scotiabank inquired about the development timeline for generation assets to support the new Arizona data center opportunities and asked for confirmation on the primary sources of upside potential for the capital plan.

    Answer

    President & CEO David Hutchens and UNS Energy President & CEO Susan Gray explained that the first 300 MW of the data center load will use existing and planned capacity, coming online around 2027. The next 300 MW will go through an RFP process, targeting a 2030-2031 in-service date. David Hutchens confirmed that Arizona and ITC represent the greatest upside potential, but noted other opportunities exist across the portfolio, including in British Columbia.

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    Robert Hope's questions to Fortis Inc (FTS) leadership • Q1 2025

    Question

    Robert Hope inquired about the potential impact of government tariffs on Fortis's 2025 and 2026 capital plans and sought an update on the progress of negotiations with large-load customers, such as data centers, in Arizona.

    Answer

    President and CEO David Hutchens clarified that any potential tariffs are viewed as a cost and customer affordability issue rather than a near-term supply chain or execution risk for the capital plan. He also confirmed that negotiations with a large customer in Arizona are progressing meaningfully, although the general pace for such deals has slowed industry-wide due to macroeconomic factors.

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    Robert Hope's questions to Fortis Inc (FTS) leadership • Q2 2024

    Question

    Robert Hope from Scotia Capital asked about the regulatory outlook for Central Hudson, questioning if new rates would close the gap between achieved and allowed ROE. He also inquired about the broader sentiment towards natural gas, referencing a reversed gas ban in Vancouver and the fuel's role in home ownership costs and grid reliability.

    Answer

    President and CEO David Hutchens confirmed the new rates should help close the ROE gap at Central Hudson, as costs related to the CIS implementation are now resolved. Regarding natural gas, he noted a growing recognition across jurisdictions of the need for both gas and electric systems to ensure affordability and reliability, pointing to a recent RNG approval in British Columbia as a key development for supplying clean molecules.

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    Robert Hope's questions to Fortis Inc (FTS) leadership • Q1 2024

    Question

    Robert Hope from Scotiabank inquired about the path to accelerating transmission investments at ITC amidst permitting challenges and asked where Fortis is experiencing the most significant load growth.

    Answer

    President & CEO David Hutchens cited positive federal developments like NEPA reforms and the DOE's CITAP program, which aim to expedite permitting. However, he identified recurring legal challenges as the primary bottleneck requiring a legislative solution. For load growth, Hutchens highlighted the U.S., particularly ITC and UNS service territories in the Midwest and Arizona, as hotspots driven by data centers and manufacturing, spurred by incentives like the Inflation Reduction Act.

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    Robert Hope's questions to Brookfield Infrastructure Partners LP (BIP) leadership

    Robert Hope's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q2 2025

    Question

    Robert Hope of Scotiabank asked if BIP's midstream investment focus might shift from gas to oil assets and whether data center investments are trending toward larger campuses.

    Answer

    Operating Partner Brian Baker responded that while BIP considers all commodities, the most significant current oil-related opportunities are organic expansions within their existing portfolio. CEO Sam Pollock added that for data centers, BIP is flexible, developing both campus-style sites and bespoke large-scale projects with integrated power solutions for major hyperscalers.

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    Robert Hope's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q1 2025

    Question

    Robert Hope questioned the rationale behind the approximately $1 billion tuck-in acquisition for the Triton container business and asked if trade tensions between China and the U.S. are impacting container demand and contracting.

    Answer

    Managing Partner Dave Joynt explained that the Triton acquisition was highly accretive, securing a portfolio with over 99% utilization and contracts at above-market rates. He clarified that the business is insulated from near-term trade flow shifts due to its long-term, contracted nature (7-year average duration), and that re-contracting continues at attractive rates as customers retain their container fleets.

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    Robert Hope's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q4 2024

    Question

    Robert Hope of Scotiabank sought clarification on whether the 40% capital deployment in the data sector referred to deal flow and asked for a roadmap on how the Data segment could surpass the Transport segment in FFO within five years.

    Answer

    CFO David Krant confirmed the 40% figure relates to the current pipeline of new investment opportunities and highlighted that the existing organic backlog is also over 70% data-driven. CEO Sam Pollock explained that the Data segment's rise to the largest contributor would be achieved through a combination of new investments in data and divestitures of mature assets in other sectors.

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    Robert Hope's questions to Brookfield Infrastructure Partners LP (BIP) leadership • Q3 2024

    Question

    Robert Hope asked about the company's strategy concerning a potentially stronger U.S. dollar and whether it could drive investment into regions with weaker currencies like Brazil. He also inquired how much of the recent elevated inflation has yet to roll through into the 2025 organic growth figures.

    Answer

    CEO Sam Pollock explained that the company hedges its foreign investments and doesn't speculate on currency movements, but noted that capital scarcity in countries with weaker currencies can create attractive investment opportunities. CFO David Krant stated that most of the business captures inflation with minimal lag, so recent elevated levels are already reflected. He noted the U.K. regulated utility is the main exception with a regulated lag, which will continue to benefit results.

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    Robert Hope's questions to TC Energy Corp (TRP) leadership

    Robert Hope's questions to TC Energy Corp (TRP) leadership • Q2 2025

    Question

    Robert Hope from Scotiabank inquired how the increasing size of data center campuses is reflected in the project pipeline and asked for key upcoming milestones for the Bruce C nuclear project.

    Answer

    EVP & COO Tina Faraca explained they work with utilities on aggregated power demand, leading to sizable projects. President & CEO François Poirier added that larger projects don't always mean proportionally higher complexity or cost. EVP & President of Power & Energy Solutions, Greg Grant, stated that for Bruce C, work is progressing on environmental reviews and engineering, with an FID not expected until the early 2030s.

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    Robert Hope's questions to TC Energy Corp (TRP) leadership • Q1 2025

    Question

    Robert Hope inquired about the increased visibility for new project announcements, asking if this was due to contracts nearing finalization and whether the projects were primarily data center-related or a mix including coal-to-gas and LNG. He also asked if the Northwoods project could serve as a template for future power-related projects.

    Answer

    President of U.S. Natural Gas Pipelines Tina Faraca confirmed that the momentum is driven by projects progressing through development, with a focus on power generation for data centers, coal-to-gas conversions, and general electrification. She noted a pipeline of ~25 GW of opportunities. CEO Francois Poirier added this outlook is based on specific projects in late-stage negotiations. Tina Faraca affirmed that the Northwoods project is a repeatable template for future brownfield, in-corridor expansions leveraging their existing footprint.

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    Robert Hope's questions to South Bow Corp (SOBO) leadership

    Robert Hope's questions to South Bow Corp (SOBO) leadership • Q1 2025

    Question

    Robert Hope of Scotiabank questioned the expected duration of the current pressure restrictions, the outlook for spot volumes in 2026, and whether the unchanged maintenance capital guidance might increase due to enhanced maintenance needs.

    Answer

    SVP and COO Richard Prior explained it's too early to speculate on the timeline for lifting pressure restrictions but noted the investigation is dynamic and may not mirror past incidents. He stated that remedial work will begin in May. Prior also clarified that the company plans to revise its long-term maintenance plan by prioritizing work related to the incident and deferring non-urgent tasks, with the operational costs expected to be covered within the variable toll structure.

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    Robert Hope's questions to Enbridge Inc (ENB) leadership

    Robert Hope's questions to Enbridge Inc (ENB) leadership • Q1 2025

    Question

    Rob Hope asked where Enbridge sees the best opportunities for its U.S. Gulf Coast gas "super system"—in storage, LNG connectivity, or more Permian egress capacity. He also inquired about the current M&A environment and the potential for more attractive tuck-in deals.

    Answer

    Cynthia Hansen, EVP of Gas Transmission, replied that opportunities exist across all areas, including laterals, storage expansions (citing three recent open seasons), and projects tied to LNG facilities. President and CEO Greg Ebel added that any M&A must compete with a $50 billion organic growth portfolio and be accretive, but acknowledged that opportunities can arise in volatile markets, though he hasn't seen significant stress yet.

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    Robert Hope's questions to Enbridge Inc (ENB) leadership • Q2 2024

    Question

    Robert Hope inquired about the key drivers of the Texas Eastern Pipeline (TEPCO) rate case settlement and its expected EBITDA impact. He also asked for a breakdown of the recast 2024 EBITDA guidance, questioning if it solely reflects the new utility assets or includes other business unit adjustments.

    Answer

    Cynthia Hansen, EVP of Gas Transmission and Midstream, explained the TEPCO settlement was a 'black box' prepackaged deal considering capital, operating costs, and future rates, resulting in a 6% rate increase in late 2024 and another 2.75% in 2026. President and CEO Greg Ebel confirmed the 2024 guidance update was solely due to layering in the acquired utilities and their financing, noting the base business is performing at the upper end of its original guidance.

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    Robert Hope's questions to Algonquin Power & Utilities Corp (AQN) leadership

    Robert Hope's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q1 2025

    Question

    Robert Hope inquired about the most impactful changes new CEO Rod West has implemented in his first two months and asked for details on the capital spending timeline for the Southwest Power Pool (SPP) projects.

    Answer

    CEO Roderick West stated his initial focus has been on setting a vision for a premium pure-play utility, improving stakeholder engagement, and lowering the cost profile. Regarding the SPP projects, he noted that capital spending details beyond what is public have not been disclosed and will not be until the company is further along in the process.

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    Robert Hope's questions to Algonquin Power & Utilities Corp (AQN) leadership • Q4 2024

    Question

    Robert Hope questioned the reason for delaying the 2025 outlook and asked for more details on the technology platform issues and related billing investigation in Missouri.

    Answer

    Interim CFO Brian Chin and Executive Chris Huskilson clarified that the guidance delay is to provide incoming CEO Rod West approximately 90 days to review the business and contribute to the new outlook, not due to operational issues. Chief Transformation Officer Sarah MacDonald addressed the Missouri issues, acknowledging customer frustration with billing post-SAP implementation and stating the company welcomes the commission's investigation to demonstrate progress and improvements.

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    Robert Hope's questions to Hydro One Ltd (HRNNF) leadership

    Robert Hope's questions to Hydro One Ltd (HRNNF) leadership • Q1 2025

    Question

    Robert Hope asked about the potential for incremental transmission connections to Manitoba and Quebec and how the pace of transmission investment might be affected by a slowdown in industrial demand.

    Answer

    President and CEO David Lebeter explained that stronger connections with neighboring provinces offer opportunities to optimize resources, like using their reservoirs as batteries. He also stated that the pace of transmission investment is likely to continue regardless of a minor economic downturn, driven by existing grid congestion, population growth, and new mining activities.

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    Robert Hope's questions to Hydro One Ltd (HRNNF) leadership • Q4 2024

    Question

    Robert Hope of Scotiabank asked for details on the increased confidence in the rural broadband program, which led to its inclusion in the financial plan. He also questioned the outlook for future productivity gains given inflationary pressures and potential tariffs.

    Answer

    CFO Henry Taylor explained that new provincial government funding broke a 'log jam' and spurred a steady increase in applications from ISPs, providing the confidence to include $300 million in guidance. He affirmed that productivity is an 'evergreen initiative' and the company will continue to find savings to offset inflationary impacts.

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    Robert Hope's questions to Hydro One Ltd (HRNNF) leadership • Q2 2024

    Question

    Robert Hope asked new CFO Harry Taylor for his initial impressions and any planned changes to financial or regulatory strategy. He also requested an update on the broadband business and the expected cadence of work.

    Answer

    CFO Harry Taylor stated his focus is on continuing the company's successful track record, citing strong fundamentals, a solid balance sheet, and significant growth opportunities. Regarding broadband, he explained that the pace of work is dependent on orders from Internet Service Providers, which have been slower than anticipated, leading to the current guidance.

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    Robert Hope's questions to Brookfield Renewable Corp (BEPC) leadership

    Robert Hope's questions to Brookfield Renewable Corp (BEPC) leadership • Q1 2025

    Question

    Robert Hope of Scotiabank inquired about the strategy for recontracting hydroelectric capacity given increased demand. He also asked whether the acquisition opportunities arising from weak public market valuations are concentrated in North America or are more geographically diverse.

    Answer

    Connor Teskey, an executive, explained that recontracting hydro assets at current high market rates provides a significant EBITDA uplift and creates highly attractive, low-cost up-financing opportunities to fund growth. He noted increased interest from corporate buyers for hydro power. On M&A, Teskey stated that while public market opportunities are primarily North American-focused due to where most companies are listed, the trend is driven by capital constraints faced by public developers, creating opportunities for carve-outs and take-privates.

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    Robert Hope's questions to Brookfield Renewable Corp (BEPC) leadership • Q4 2024

    Question

    Robert Hope from Scotiabank requested a breakdown of the U.S. development pipeline between wind and other technologies, and sought clarification on which potential U.S. regulatory changes are not expected to materially impact the business, specifically regarding ITCs and PTCs.

    Answer

    Connor Teskey, an executive, explained that about two-thirds of the short-term development pipeline is outside the U.S. Of the U.S. portion, only 25-30% is wind, and it is almost entirely on private land, minimizing exposure to federal policy uncertainty. He reiterated that while changes to tax credits (ITCs/PTCs) would be most impactful, they are not expected, and the company believes it could pass through any impact via higher PPA prices due to strong underlying demand.

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    Robert Hope's questions to Brookfield Renewable Corp (BEPC) leadership • Q3 2024

    Question

    Robert Hope inquired which asset classes are most susceptible to U.S. tax policy changes and asked about the strategic fit of non-renewable power investments, like the Infinium sustainable aviation fuel project, within the company's broader framework.

    Answer

    Executive Connor Teskey responded that low-cost technologies like onshore wind and solar are insulated because they can absorb subsidy rollbacks by raising PPA prices and still be competitive. Higher-cost, subsidy-reliant sectors would be more exposed, but Brookfield avoids them. On new ventures like Infinium, Teskey explained that they are assessed against a high benchmark set by renewables and require significantly higher risk-adjusted returns. He noted the Infinium investment is in a proven technology backstopped by long-term, take-or-pay contracts, similar to their green power model.

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    Robert Hope's questions to Brookfield Renewable Partners LP (BEP) leadership

    Robert Hope's questions to Brookfield Renewable Partners LP (BEP) leadership • Q1 2025

    Question

    Robert Hope of Scotiabank inquired about the strategy for recontracting hydroelectric assets given increased demand from various buyers. He also asked if the M&A opportunities arising from weak public market valuations are concentrated in North America or are more geographically widespread.

    Answer

    Executive Connor Teskey explained that recontracting hydro assets at higher market prices provides a significant EBITDA uplift and creates highly accretive up-financing opportunities to fund growth. He noted that interest from large corporate buyers for hydro power has increased dramatically. On M&A, Teskey confirmed that opportunities from public market weakness are primarily North American-focused, largely because that is where most public renewable companies are listed, and include both take-privates and corporate carve-outs.

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    Robert Hope's questions to Brookfield Renewable Partners LP (BEP) leadership • Q1 2025

    Question

    Robert Hope questioned the strategy for recontracting hydro assets, including the potential for grouping assets or holding merchant exposure. He also asked about the geographic concentration of M&A opportunities arising from weak public market valuations.

    Answer

    Connor Teskey, an executive, explained that recontracting hydro assets at higher market rates creates a significant EBITDA uplift and attractive up-financing opportunities to fund growth accretively. He noted increased interest from corporate buyers for hydro power, which was previously focused only on wind and solar. On M&A, he indicated that public market opportunities are primarily North American-focused, driven by the capital constraints of listed peers, and include both take-privates and corporate carve-outs like the recent National Grid Renewables deal.

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    Robert Hope's questions to Brookfield Renewable Partners LP (BEP) leadership • Q4 2024

    Question

    Robert Hope asked for a breakdown of the U.S. development pipeline between wind and other renewables, and for more color on which potential U.S. regulatory changes are expected versus those that are not, particularly concerning ITCs and PTCs.

    Answer

    Connor Teskey (executive) detailed that about two-thirds of the near-term pipeline is outside the U.S. Of the U.S. portion, only 25-30% is wind, which is almost entirely on private lands, minimizing exposure to federal permitting issues. He reiterated that while changes to tax credits would be most impactful, the company is confident it could pass through any such changes via higher PPA prices due to strong underlying demand, thereby preserving margins.

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    Robert Hope's questions to AltaGas Ltd (ATGFF) leadership

    Robert Hope's questions to AltaGas Ltd (ATGFF) leadership • Q1 2025

    Question

    Robert Hope inquired about the impact of global propane price volatility on contracting for the remainder of the year and whether AltaGas is seeing increased demand from new countries. He also asked how the company's strategy for the REEF II expansion has evolved in the current environment.

    Answer

    Vern Yu, President and CEO, acknowledged the price volatility but emphasized that demand for Canadian propane remains robust. He noted that AltaGas is highly hedged for 2025 and has secured its necessary supply. Regarding REEF, Mr. Yu stated that demand for global exports is extremely strong, and the company is exploring a low-cost debottlenecking of the current project before considering larger subsequent phases, which are undergoing regulatory and design review.

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    Robert Hope's questions to AltaGas Ltd (ATGFF) leadership • Q4 2024

    Question

    Robert Hope asked for more color on the 2025-2026 NGL year, questioning why guidance was only provided for H1 and if AltaGas was retaining exposure for potentially wider spreads from U.S. tariffs. He also inquired about the pacing of future growth projects like Dimsdale and Pipestone III, considering current capital spending on REEF and deleveraging goals.

    Answer

    EVP & CFO James Harbilas explained that full-year hedging guidance awaits the finalization of the tolling versus merchant volume split for the new contract year starting April 1. President & CEO Vern Yu added that tariff uncertainty has significantly increased customer demand for tolling contracts. Regarding project pacing, Mr. Yu noted that the completion of Pipestone II and progress on REEF in 2025 will create future capital capacity for a strong portfolio of opportunities in both Utilities and Midstream. Mr. Harbilas added that projects have varied timelines, allowing for staggered funding.

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    Robert Hope's questions to AltaGas Ltd (ATGFF) leadership • Q1 2024

    Question

    Robert Hope inquired about the REEF project, asking how the successful tolling of existing assets will integrate with the expansion and for updates on project costs and returns. He also asked about unused capacity in Northeast B.C. and which expansion projects are advancing most quickly.

    Answer

    President and CEO Vern Yu stated the goal is to have the portfolio 60% tolled by REEF's 2027 startup, targeting a 6x-8x build multiple. He and Randy Toone, EVP & President of Midstream, noted that the Townsend facility is about 50-60% utilized with active producer discussions, and an FID for a North Pine expansion is anticipated by year-end.

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