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ATCO and CU Investor Presentation

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ATCO and CU Investor Presentation & INVESTOR PRESENTATION January 2021 LEGAL DISCLAIMER Statements made by representatives for ATCO Ltd. and Canadian Utilities Limited and information provided in this presentation may be considered forward-looking statements. By their nature, such statements are subject to numerous known and unknown risks and uncertainties and therefore actual results may differ materially from those currently anticipated. ATCO Ltd. and Canadian Utilities Limited disclaim any intention or obligation to update or revise such statements. Due to the nature of the Corporation’s operations, quarterly revenues and earnings are not necessarily indicative of annual results. INVESTOR PRESENTATION JANUARY 2021 2 TABLE OF CONTENTS 1 ATCO Group Overview Page 4 2 Financial Strength Page 6 3 Sustainability – ESG Highlights Page 12 4 Canadian Utilities Limited Page 16 Regulated Utility Businesses Page 21 Puerto Rico T&D Contract Page 27 Energy Infrastructure Businesses Page 36 5 ATCO Investments Page 40 Structures & Logistics Page 42 Neltume Ports Page 51 Commercial Real Estate Page 55 5 Appendices Page 58 INVESTOR PRESENTATION JANUARY 2021 3 GROUP OVERVIEW ORGANIZATIONAL STRUCTURE (TSX: ACO.X / ACO.Y) ~$5 billion common equity capitalization (TSX: CU / CU.X) ~$9 billion common equity capitalization INVESTOR PRESENTATION JANUARY 2021 5 FINANCIAL STRENGTH TRACK RECORD OF EARNINGS $608 million $365 million in 2019 in 2019 Canadian Utilities 2016 Alberta wildfires ATCO 2015 GCOC decision and 2016 Alberta wildfires global commodity price declines 2015 GCOC decision and 2013 Calgary Floods global commodity price declines Long track record of earnings growth Long track record of earnings 2013 Calgary Floods through various regulatory and growth through various global 2008 - 2009 macro-economic cycles Financial crisis macro-economic cycles 2008 - 2009 Financial crisis 1980-85 NEP 93 95 97 99 01 03 05 07 09 11 13 15 17 19 80 * 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 19 * In June 1980 ATCO acquired a majority interest in Canadian Utilities INVESTOR PRESENTATION JANUARY 2021 7 TRACK RECORD OF SUCCESS: DIVIDENDS ATCO $1.79 $1.76 per share Canadian Utilities per share 28 years of annual dividend increases* 49 years of annual dividend increases* Longest track record of annual dividend increases of any Canadian publicly traded company 93 94 95 96 97 98 99 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 10 11 12 13 14 15 16 17 18 19 20 21 72 76 80 84 88 92 96 0 '04 '08 12 16 20 21 * On January 14, 2021, ATCO declared a first quarter dividend of $0.4483 per share, or $1.79 per share annualized. *On January 14, 2021, Canadian Utilities declared a first quarter dividend of $0.4398 per share, or $1.76 per share annualized. INVESTOR PRESENTATION JANUARY 2021 8 ATCO Q3 2020 YTD EARNINGS $264 M Forgone earnings from businesses sold in 2019 $44 M $15 $230 M Normalized Q3 2019 YTD adjusted earnings $220 M $46 Q3 2019 YTD Q3 2020 YTD INVESTOR PRESENTATION JANUARY 2021 9 STRONG CREDIT RATINGS ATCO Ltd. A (low) Stable “ATCO’s rating is supported by the credit strength of CU, which is an intermediate holding company with a sizable portion of Canadian Utilities Limited (CU) A Stable low-risk, well-diversified regulated businesses that has generated strong CU Inc. A (high) Stable and predictable cash flows.” “Our view of ATCO's business risk profile ATCO Ltd. A- Negative as excellent has not changed, largely reflecting the Company's lower-risk Canadian Utilities Limited A- Negative regulated electric and natural gas utility operations, large customer base, regulatory and geographic diversity, and CU Inc. A- Stable effective management of regulatory risk.” INVESTOR PRESENTATION JANUARY 2021 10 DEBT MATURITY PROFILE $200M $220M $200M $200M $185M $160M $160M $150M $125M $120M $125M $100M 2021 2022 2023 2024 …. 2028 …. 2034 2035 2036 2037 2038 2039 CU Inc. CU INVESTOR PRESENTATION JANUARY 2021 11 SUSTAINABILITY Environment, Social and Governance 2019 SUSTAINABILITY REPORT-ESG HIGHLIGHTS Energy Stewardship hydrogen successfully blended with natural gas as part of the Clean Energy electric vehicle charging stations installed in 3.5% Innovation Hub in Australia, with a long-term goal of blending up to 15% hydrogen. 23 Alberta through the Peaks to Prairies project. Environmental Stewardship reduction in our direct GHG emissions in 2019, equal to almost 2.5 tonnes of GHG emissions avoided at ATCO operations by 23% million tonnes. 775 switching to renewable energy sources. Safety 27% reduction in employee lost-time incident frequency in 2019. Community & Indigenous Relations Invested in communities through gifts-in-kind, sponsorships, partnerships, joint ventures, and equity interest in APL Fort McMurray West 500-kV $9.3M donations and our matching contribution to the employee-led ATCO 50 relationship agreements with 40%Transmission line purchased by seven Indigenous Employees Participating in Communities (ATCO EPIC) program. Indigenous communities. communities along the route. Governance of ATCO directors of Canadian Utilities DADs Each business unit has a Designated Audit Director who oversees 33% elected in 2019 are 36% directors elected in 2019 are financial and operating results, risk management and reports women. women. regularly to the Audit & Risk Committee of the Board of Directors. INVESTOR PRESENTATION JANUARY 2021 13 CHANGING ELECTRICITY GENERATION PORTFOLIO 2019 GENERATION BUSINESS CHANGES 2020 GENERATION BUSINESS • In September 2019, Canadian Utilities sold the Expanding Renewable Electricity entire Canadian fossil fuel-based electricity Generation Capabilities generation business for aggregate proceeds of $821 million. • Sold 12 coal-fired and natural gas-fired electricity generation assets located in Natural Gas Hydro Alberta, British Columbia, Saskatchewan 185 MW 59 MW and Ontario, with generating capacity (75%) (24%) of approximately 2,300 MW. Solar 3 MW (1%) INVESTOR PRESENTATION JANUARY 2021 14 CANADIAN UTILITIES DIRECT GREENHOUSE GAS EMISSIONS INVESTOR PRESENTATION JANUARY 2021 15 CANADIAN UTILITIES CANADIAN UTILITIES KEY THEMES • Protect the core utility assets by investing in activities to advance the energy transition and ensure long term resiliency OPTIMIZE INVEST IN NON-REG • Optimize energy infrastructure assets and THE CORE ASSETS add new growth platforms AND GROW • Geographic diversification: Outside Alberta, North America, Latin America, & DRIVE CASH Australia FLOW AND EARNINGS • Drive cash flow and earnings to improve financial strength and growth capacity INVESTOR PRESENTATION JANUARY 2021 17 ORGANIZATIONAL STRUCTURE CU Inc. Canadian Utilities ~$8 billion (TSX: CU / CU.X) debt ~$9 billion common capitalization equity capitalization INVESTOR PRESENTATION JANUARY 2021 18 Q3 2020 YTD EARNINGS $432 M $15 Forgone earnings from businesses sold in 2019 $83 M $349 M Normalized Q3 2019 YTD adjusted earnings $349 M $46 Q3 2019 YTD Q3 2020 YTD INVESTOR PRESENTATION JANUARY 2021 19 HIGH QUALITY EARNINGS Q3 2020 YTD EARNINGS 73% $349 M $16 M Energy Infrastructure 73% 27% Utilities The bulk of our adjusted Corporate & Other earnings come from our $389 M 9% 5 utilities 14% -$56 M INVESTOR PRESENTATION JANUARY 2021 20 REGULATED UTILITIES ELECTRICITY TRANSMISSION ELECTRICITY DISTRIBUTION $5.3B Rate Base $2.7B Rate Base NATURAL GAS DISTRIBUTION NATURAL GAS TRANSMISSION INTERNATIONAL NATURAL GAS $2.8B Rate Base $2.0B Rate Base DISTRIBUTION $1.2B Rate Base (1) 2019 Mid Year Rate Base filed with regulator and included in 2019 Management’s Discussion and Analysis INVESTOR PRESENTATION JANUARY 2021 21 ALBERTA UTILITIES ACHIEVE TOP TIER RETURNS ON EQUITY 10.8% 10.7% 8.9% 9.1% 8.5% 8.5% CU Inc.’s average ROE +2.3 per cent above average AUC approved over last 10 years (+2.2 per cent over last 3 years) Operational excellence and lower costs benefit our 10 Year Average 3 Year Average customers and share owners (2010-2019) (2017-2019) AUC Approved Alberta Utility Average CU Inc. Average (1) Alberta Utility Average (excluding CU) is a simple average and includes AltaGas, AltaLink, Enmax Distribution, Enmax Transmission, EPCOR Distribution, EPCOR Transmission, and Fortis Alberta (2) CU Inc. Average is a simple average and includes Electric Distribution, Electric Transmission, Natural Gas Distribution, and Natural Gas Transmission. INVESTOR PRESENTATION JANUARY 2021 22 ALBERTA UTILITIES - OPERATIONAL EXCELLENCE Electricity Distribution Electricity Transmission Natural Gas Distribution Costs per KM of Line Costs per KM of Line Costs per Customer $2,800 $151 20% Lower $14,013 38% Lower $TBD $TBD $2,180 57% Lower $8,656 $65 Industry ATCO Industry ATCO Industry ATCO Average Average Average Operational excellence and lower costs benefit our customers and share owners (1) 2019 data INVESTOR PRESENTATION JANUARY 2021 23 REGULATORY UPDATE 2020 2021 2022 2023 Electricity Transmission 2020- Decision 2022 General Tariff Expected Application (GTA) Natural Gas Transmission 2021- Application Decision 2023 General Rate Filed Expected Application (GRA) 2021 Generic AUC Finalizes 2022 GCOC AUC Cost of Capital 8.5% ROE & Proceeding Suspends 37% Equity Expected to (GCOC) Proceeding Thickness For 2021 Commence Natural Gas Transmission- Application Decision Pioneer Pipeline Filed Expected Acquisition INVESTOR PRESENTATION JANUARY 2021 24 REGULATORY UPDATE (Per cent of 2019 Consolidated Mid-Year Rate Base) Electricity Transmission (38%) and Natural Gas Transmission (14%) Rates are spread across all customers in the province. Changes in customers’ demand and use are reflected in customer transmission rates
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