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Ontario Power Generation Inc. Annual Information Form

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Ontario Power Generation Inc. Annual Information Form ONTARIO POWER GENERATION INC. ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2020 March 11, 2021 ANNUAL INFORMATION FORM FOR THE YEAR ENDED DECEMBER 31, 2020 TABLE OF CONTENTS 1 Presentation of Information ...................................................................................................................... 1 2 Caution Regarding Forward-Looking Information ................................................................................ 2 3 Corporate Structure .................................................................................................................................... 3 3.1 Incorporation and Head Office ................................................................................................................ 3 4 Description of the Business ...................................................................................................................... 3 4.1 Overview ................................................................................................................................................. 3 4.2 Corporate Strategy .................................................................................................................................. 5 4.3 Electricity Industry and Electricity Markets .............................................................................................. 5 4.4 Regulated Pricing .................................................................................................................................... 9 4.5 Water Rights .......................................................................................................................................... 10 4.6 Business Operations ............................................................................................................................. 13 4.6.1 Nuclear Generation ..................................................................................................................... 13 4.6.2 Renewable Generation ................................................................................................................ 19 4.6.3 Thermal Generation ..................................................................................................................... 23 4.6.4 Nuclear Waste Management ....................................................................................................... 25 4.7 Environmental, Social, Governance and Sustainability ......................................................................... 30 4.7.1 Environment ................................................................................................................................ 30 4.7.2 Workplace Safety and Public Safety ........................................................................................... 32 4.7.3 Human Capital ............................................................................................................................. 34 4.7.4 Equity, Diversity and Inclusion ..................................................................................................... 36 4.7.5 Indigenous Relations ................................................................................................................... 36 4.8 Insurance .............................................................................................................................................. 37 5 General Development of the Business .................................................................................................. 39 5.1 Acquisition Developments ..................................................................................................................... 39 5.2 General Developments .......................................................................................................................... 40 5.3 Rate Application Developments ............................................................................................................ 43 5.4 Nuclear Business Developments .......................................................................................................... 45 5.5 Renewable Generation Business Developments .................................................................................. 47 5.6 Thermal Business Developments .......................................................................................................... 49 5.7 New Business Developments ................................................................................................................ 50 6 Risk Factors ............................................................................................................................................... 52 7 Dividends .................................................................................................................................................... 52 8 Description of Capital Structure ............................................................................................................. 52 8.1 General Description ............................................................................................................................... 52 8.2 Market for Securities ............................................................................................................................. 52 8.3 Medium Term Note Program ................................................................................................................. 53 8.4 Credit Ratings ........................................................................................................................................ 53 9 Directors and Officers .............................................................................................................................. 55 9.1 Directors ............................................................................................................................................... 55 9.2 Officers ................................................................................................................................................. 67 10 Corporate Governance ............................................................................................................................. 69 11 Interest of Management and Others in Material Transactions .......................................................... 77 11.1 Relationship with the Province and the OEFC ..................................................................................... 77 12 Legal Proceedings and Regulatory Actions ......................................................................................... 79 12.1 Legal Proceedings ................................................................................................................................ 79 12.2 Regulatory Actions ............................................................................................................................... 79 13 Material Contracts ..................................................................................................................................... 80 14 Interests of Experts .................................................................................................................................. 80 15 Glossary ......................................................................................................................................... 81 Appendix A – Audit and Risk Committee Information ............................................................................ A-1 Appendix B – Audit and Risk Committee Charter ............................................................................ B-1 Appendix C – Statement of Executive Compensation ..................................................................... C-1 1 PRESENTATION OF INFORMATION References in this Annual Information Form (AIF) to the “Company”, the “Corporation” or “OPG” are made to Ontario Power Generation Inc. Unless otherwise noted, the information contained in this AIF is as at or for the year ended December 31, 2020. Amounts are expressed in Canadian dollars unless otherwise indicated. The Glossary found at the end of this AIF contains certain terms defined throughout this AIF and abbreviations and acronyms that may not be otherwise defined in this document. This AIF is dated March 11, 2021. Certain portions of the Company’s annual Management’s Discussion and Analysis dated March 11, 2021 (MD&A) and audited consolidated financial statements as at and for the year ended December 31, 2020 are incorporated by reference into this AIF as stated below. The MD&A and annual consolidated financial statements are available on SEDAR at www.sedar.com and on the Company’s website at www.opg.com. The above information is not, unless otherwise specifically stated, incorporated by reference into this AIF. Financial information is presented in accordance with United States generally accepted accounting principles (US GAAP). The Company also uses certain non-GAAP financial performance measures which are intended to provide additional information to investors and do not have any standardized meaning under US GAAP, and therefore may not be comparable to other issuers, and should not be considered in isolation or as a substitute for measures of performance under US GAAP. For a detailed description of each of the non-GAAP measures and a detailed reconciliation to the most directly comparable measure under US GAAP, refer to the section, Key Operating Performance
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