Author: Morgan

Hydro Ottawa presents 2024 Annual Report to City Council

Posted on June 25, 2025June 25, 2025 by Morgan

OTTAWA – Today, Hydro Ottawa Holding Inc. (‘Hydro Ottawa’) presented its 2024 Annual Report, highlighting successes in maintaining a safe and reliable supply of electricity, enabling sustainable energy solutions for customers and achieving milestones across its diverse lines of business.

Board Chair, Bernie Ashe, and President and Chief Executive Officer, Bryce Conrad, presented the company’s 2024 financial results during the Annual General Meeting before Ottawa City Council. They also provided an update on local clean energy project partnerships, the recently completed financial restructuring of the company and plans for investing in distribution system infrastructure over the coming years to support the city’s growth and increased electrification.

As part of the presentation, the company introduced its refreshed brand identity—Hydro Ottawa Group. This change reflects a more comprehensive identity focused on empowering customers through the delivery of sustainable energy solutions and reflects the promise to enable a smarter energy future by leading innovation, fostering community and embracing sustainability.

Quick Facts

In accordance with the City Council-approved dividend policy, Hydro Ottawa’s dividend payment to the City will be $22.3 million this year, which will be used by the City to fund municipal programs and services.

In 2024, Hydro Ottawa maintained best-in-class reliability and achieved its best-ever outage frequency result. On average, customers had power 99.98 per cent of the time.

As part of its ongoing focus on improving emergency preparedness and response, the company introduced two-way outage communications, enabling customers to report outages and register for outage alerts via text message.

Hydro Ottawa undertook a corporate restructuring to better position the company for long-term financial success. This provided an immediate benefit to its credit rating, creating a stronger posture for executing on major investment plans and increasing capacity for growth and diversification.

Significant milestones were achieved in support of the City of Ottawa’s Zero Emission Bus project, including completion of the first tranche of electric vehicle (EV) charging infrastructure installation and the initiation of a new electrical substation project providing dedicated capacity for bus charging.

Planning and design advanced for two major local sustainability partnerships: the energy-efficient central utility plant for The Ottawa Hospital’s new Civic campus and a wastewater heat recovery pilot project for a residential development in downtown Ottawa.

Portage Power, the company’s renewable energy subsidiary, produced a record-high volume of clean electricity across its 36 stations as a result of hydroelectric plant upgrades and water flow optimization.

Envari, the company’s energy solutions provider, continued to support key partners like the Ottawa International Airport Authority, Ottawa Community Housing and Renfrew County school boards in reducing their energy consumption and carbon emissions through sustainable energy initiatives.

Hiboo networks, the company’s telecommunications subsidiary, completed its first full year of operations. It continued to focus on acquiring customers, expanding its network and building internal capacity for long-term value creation. It was also a founding partner in CommuniFi, a pilot project offering free Wi-Fi for Ottawa Community Housing tenants.

As part of its commitment to achieving net-zero operations, Hydro Ottawa expanded its corporate EV fleet, installed additional EV chargers at its work centres and broke ground on the Piperville Municipal Transformer Station, its first substation being designed and constructed using low-carbon techniques. As noted in the Annual Report, there was a 24 per cent year-over-year reduction in corporate emissions within the company’s control (known as Scope 1 emissions) relative to the prior reporting year.

Hydro Ottawa is dedicated to making the communities it serves better places to live, work and play. In 2024, its employee-driven charitable campaign raised approximately $142,000 for United Way East Ontario and $151,000 for The Royal Ottawa Prompt Care Clinic. The company also contributed $76,000 through its Community Investment Program to sponsor local organizations seeking to build stronger and healthier communities and support vulnerable groups.

Quotes

“2024 marked a year of strong financial and operational performance across our core business lines. With a new organizational structure in place, Hydro Ottawa is well-positioned to build on this momentum as we prepare to embark on the largest grid investment program in our history. We look forward to elevating our engagement and partnerships with customers and stakeholders as we help deliver the energy transition and lead the way to a smarter energy future.”
– Bernie Ashe, Chair, Board of Directors

“Everywhere you look in the nation’s capital, Hydro Ottawa is at the forefront of transforming how we use and think about energy—whether it’s meeting the demand for more clean electricity or deploying customized solutions for high-rises, hospitals, homeowners and everyone in between. We will remain relentless in our quest to be the trusted energy advisor and partner for our customers, and to unlock new value for our community through sustainability and innovation.”

– Bryce Conrad, President and Chief Executive Officer

Media contact:

Susan Fekete
Manager, Media and Public Affairs
Hydro Ottawa Group
[email protected]
613-738-5499, ext. 2345

About Hydro Ottawa Group

Hydro Ottawa Holding Inc. [operating under the brand ‘Hydro Ottawa Group’] is a private company 100 per cent owned by the City of Ottawa and whose strategic business lines include electricity distribution, renewable energy generation, energy solutions, telecommunications and utility services. As a future-powered energy provider and partner in key green energy projects, the Hydro Ottawa Group is committed to innovation, community and sustainability. It owns and operates four primary subsidiary companies that drive its vision for a dynamic energy future: Hydro Ottawa Limited – a local distribution company that delivers electricity to approximately 372,000 customers in Ottawa and Casselman; Portage Power – the largest municipally-owned producer of renewable energy in the province of Ontario with 131 megawatts of installed green generation capacity (enough to power 110,000 homes); Envari – an innovative energy solutions company offering products and services designed to improve energy efficiency and drive cost savings for municipalities, industrial and business clients, governments and utilities; and hiboo networks – a high-speed fibre optic network solutions and internet services company focused on powering a strong digital future by providing secure and scalable connectivity for customers in the Ottawa-Gatineau region.

Learn more: hydroottawagroup.com

Hydro Ottawa’s evolution to a technology-driven organization places it among the National Capital Region’s Top Employers

Posted on March 4, 2025 by Morgan

OTTAWA – Today Hydro Ottawa Holding Inc. (Hydro Ottawa) won a spot among the National Capital Region’s Top Employers.

As the energy sector enters the fourth industrial revolution, it’s more apparent than ever that automation, cyber-physical systems (CPS), the Internet of Things (IoT), cloud computing, cognitive computing, and artificial intelligence, are all playing a part in how Hydro Ottawa has evolved into a technology-driven organization.

Hydro Ottawa is a private company 100 per cent owned by the city of Ottawa and whose core businesses include electricity distribution, renewable energy generation, energy solutions, telecommunications and utility services.

The company operates four primary subsidiary companies, and offers exciting careers for employees with expertise in emerging technology fields like data analytics, sustainability, and cybersecurity. This shift is driven by evolving industry demands in the energy sector and a rising need for electricity due to electrification, clean energy, data centre growth, and Ottawa’s expansion.

Quick Facts

Across its companies, Hydro Ottawa invests close to 40 hours per employee annually on training in trades and safe work practices, business skills, management and leadership development. The company continues to modernize its training and development programs, enabling employees to access micro learning anytime and anywhere on any device. A constantly growing eLearning library of courses, videos and ebooks for professional and skill development keeps employees learning, when it works for them. For field employees, new virtual reality training modules are changing the way they learn and practice their trade. Leaders benefit from a Conversation AI Simulator, an innovative generative AI based tool for simulating business and leadership conversational skills.
Hydro Ottawa places an emphasis on the health and wellbeing of its employees through its healthcare benefits, fitness and wellness programs, paid volunteer day, and employee assistance programs. The company has a fully digital, therapist-led, cognitive behavioural therapy program designed to help employees and their families struggling with mental health challenges.
The company raised more than $151,000 for the Royal Ottawa Prompt Care Clinic, made $158,000 in sponsorships and donations to local organizations supporting vulnerable groups, and raised nearly $142,000 through its annual employee fundraising campaign (vis-à-vis with corporate matching) for the United Way of East Ontario.
Hydro Ottawa fosters a safe and inclusive culture that enhances employee engagement and innovation, and strengthens partnerships in the community. In addition to its own gender equity commitment goals, Hydro Ottawa has established external partnerships with Algonquin College’s We Saved You as Seat Program and Carleton University’s Women in Engineering and IT Program to increase gender equity in trades, technical, engineering and leadership roles.
Hydro Ottawa supports employees through key stages in their lives, and also invests in their families through programs like mental health support extended to family members.
Hydro Ottawa’s talent attraction strategy has succeeded in recruiting young talent, with nearly 40 per cent of employees aged 35 and under. Further, employees are supported by tuition subsidies, a comprehensive digital learning platform, and programs designed to enhance their professional growth.

Quotes

“Employees are inspired by our vision of a sustainable, more connected future, and are eager to play an active role in the larger global energy transformation. As the demand for electricity grows exponentially in our community, we are attracting a workforce of the future that is passionate about developing innovative solutions for an increasingly electrified world – one that is rooted in data and technology, but unlimited by their imagination. We foster a culture where work is meaningful, and every individual is empowered to contribute.”

-Bryce Conrad, President and Chief Executive Officer

Media contact:

Susan Fekete
Manager, Media and Public Affairs
Hydro Ottawa Holding Inc.
[email protected]

www.hydroottawa.com

About Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc. (Hydro Ottawa) is a private company 100 per cent owned by the city of Ottawa and whose core businesses are electricity distribution, renewable energy generation, energy solutions, telecommunications and utility services. As a leading partner in a smart energy future, Hydro Ottawa is committed to sustainability and reducing its impact on the environment in all aspects of its operations. It owns and operates four primary subsidiary companies: Hydro Ottawa Limited – a local distribution company that delivers electricity to more than 364,000 customers in the city of Ottawa and the village of Casselman; Portage Power – the largest Ontario-based municipally-owned producer of green power with 131 megawatts of installed green generation capacity (enough to power 110,000 homes); Envari – an energy solutions company offering products and services that help reduce energy consumption and costs for municipalities, industrial and commercial clients, and various local distribution companies; and Hiboo Networks – a high-speed fiber optic network solutions and internet service company providing customers in the Ottawa-Gatineau region with secure and scalable connectivity to enable a strong digital future.

Investing in young talent and future leaders, Hydro Ottawa earns ‘Top Employer’ recognition

Posted on January 21, 2025 by Morgan

OTTAWA – Today, in recognition of the importance Hydro Ottawa places on skill development and education for its young workforce, the company earned a spot on Canada’s Top Employers for Young People list for the 10th time.

With the transition to electrification, digitization and its ambitious goal to achieve net-zero operations by 2030, the company is embracing new technologies and innovation, and is attracting young professionals excited about the electricity industry, renewable energy, sustainability and the environment.

In addition to scholarships and tuition subsidies for professional accreditations, the company offers a large digital learning platform for all employees and virtual reality training scenarios for its trades and apprentices. Mentoring on the job is another important value the company encourages.

The utility offers exciting careers and programs designed to ensure young workers can make meaningful contributions to the organization and community early in their careers.

Quick Facts

Hydro Ottawa’s talent attraction strategy has succeeded in attracting young talent, with nearly 40 per cent of employees aged 35 and under.
Apprentices represent nearly 24 per cent of Hydro Ottawa’s trades workforce.
The company offers paid in-house apprenticeship and engineering intern programs, and provides employment opportunities for post-secondary summer students as well as internships and co-op placements.
The company’s jointly delivered Powerline Technician Diploma Program was recently included in Algonquin College’s We Saved You a Seat program to encourage more female students to join careers in STEM (science, technology, engineering and mathematics).
In 2018, Hydro Ottawa established the Hydro Ottawa Award, which is a $2,500 scholarship given to a first-year female student in the Powerline Technician Diploma Program at Algonquin College.
Hydro Ottawa established an external partnership with Carleton University’s Women in Engineering and IT Program to increase gender equity in trades, technical, engineering and leadership roles.

Quotes

“At Hydro Ottawa, we’re empowering a young and talented workforce ready to build and lead the future of energy. We offer exciting careers and the opportunity to tackle big challenges to spearhead innovative, sustainable solutions for our industry, our environment, and our planet.”

-Bryce Conrad, President and Chief Executive Officer

Media contact:

Susan Fekete
Manager, Media and Public Affairs
Hydro Ottawa Holding Inc.
[email protected]

www.hydroottawa.com

About Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc. (Hydro Ottawa) is a private company 100 per cent owned by the City of Ottawa and whose core businesses are electricity distribution, renewable energy generation, energy solutions, telecommunications and utility services. As a leading partner in a smart energy future, Hydro Ottawa is committed to sustainability and reducing its impact on the environment in all aspects of its operations. It owns and operates four primary subsidiary companies: Hydro Ottawa Limited – a local distribution company that delivers electricity to more than 364,000 customers in the city of Ottawa and the village of Casselman; Portage Power – the largest Ontario-based municipally-owned producer of green power with 131 megawatts of installed green generation capacity (enough to power 110,000 homes); Envari – an energy solutions company offering products and services that help reduce energy consumption and costs for municipalities, industrial and commercial clients, and various local distribution companies; and Hiboo Networks – a high-speed fiber optic network solutions and internet service company providing customers in the Ottawa-Gatineau region with secure and scalable connectivity to enable a strong digital future.

Hydro Ottawa updated green bond framework to support net-zero goal

Posted on January 14, 2025 by Morgan

OTTAWA – Today, Hydro Ottawa Holding Inc. (referred to as “Hydro Ottawa” or the “Company”) published an update to its Green Bond Framework (“Framework”), first issued in 2019. The Framework allows Hydro Ottawa to further build on its commitment to excellence in sustainability and Environmental, Social and Governance (ESG) performance, as well as its target to achieve net-zero operations by 2030.

Key updates to the Framework expand its scope to include subsidiaries like Hydro Ottawa Capital Corporation, broaden eligible use of proceeds categories, and allow investments to finance a wider range of programs, including:

eligible clean electricity distribution infrastructure;
energy efficiency projects such as smart grid technology and energy storage systems;
biodiversity and conservation initiatives including habitat and land reclamation/restoration projects; and
climate change adaption and resilience capabilities for extreme weather and flood defense, monitoring systems and hardening of distribution networks.

Hydro Ottawa intends to fully allocate the green bond proceeds to Eligible Investments within 36 months from the issuance date, and will provide annual updates within one year of issuing a bond under the Framework, and until full allocation of proceeds.

Sustainalytics reviewed the Framework and provided a Second-Party Opinion which confirmed it is credible and impactful, and aligns with the International Capital Market Association’s Green Bond Principles 2021. The Framework and the Second-Party Opinion can be found on the Company’s website.

BMO Capital Markets and Scotiabank acted as Co-Green Structuring Agents for Hydro Ottawa’s Green Bond Framework.

“Sustainability isn’t a goal, it’s a journey we take together. By investing in electric buses, energy-efficient LEDs, and renewable energy projects, we’re driving real change and building a greener future. We will continue championing innovation and sharing our expertise to create a net-zero ecosystem that benefits everyone.”

– Bryce Conrad, President and Chief Executive Officer

About Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc. (Hydro Ottawa) is a private company 100 per cent owned by the City of Ottawa and whose core businesses are electricity distribution, renewable energy generation, and energy and utility services. As a leading partner in a smart energy future, Hydro Ottawa is committed to sustainability and reducing its impact on the environment in all aspects of its operations. It owns and operates three primary subsidiary companies: Hydro Ottawa Limited – a local distribution company that delivers electricity to more than 364,000 customers in the city of Ottawa and the village of Casselman; Portage Power – the largest Ontario-based municipally-owned producer of green power with 131 megawatts of installed green generation capacity (enough to power 110,000 homes); and Envari Holding Inc. – an energy solutions company offering products and services that help reduce energy consumption and costs for municipalities, industrial and commercial clients, and various local distribution companies. For more information visit: hydroottawaholding.com

For more information:

Hydro Ottawa Media Relations
[email protected]
613-738-5499 ext. 2345

Hydro Ottawa’s Retrofit Accelerator program powers Ottawa Community Housing to Reduce Emissions

Posted on December 17, 2024 by Morgan

OTTAWA – Hydro Ottawa Holding Inc. (Hydro Ottawa) is supporting Ottawa Community Housing (OCH) in making significant strides towards reducing emissions across its portfolio through the Ottawa Retrofit Accelerator (ORA) program.

As part of this initiative, OCH has engaged Envari Energy Solutions, a subsidiary of Hydro Ottawa and ORA approved carbon pathway study delivery consultant. Envari’s expertise will provide OCH with a comprehensive analysis and a tailored roadmap to maximize energy efficiency across 38 high-rise buildings and pursue its emission reduction targets. They hope the rest of OCH’s portfolio will also go through the programs.

This ambitious project aims to align OCH with the City of Ottawa’s Climate Change Master plan of achieving a 96 per cent reduction in OCH’s emissions by 2040.

This collaboration between Hydro Ottawa and Ottawa Community Housing exemplifies the power of partnership in tackling climate change. Hydro Ottawa’s innovative energy solutions are helping OCH achieve its environmental goals, while OCH’s leadership in sustainability sets a model for other commercial, institutional, or multi-residential buildings to follow in the transition to cleaner energy.

Quick facts

In July of 2024, OCH and Hydro Ottawa announced an expansion to their existing partnership to further reduce carbon emissions in OCH communities through innovative energy-saving projects. These projects included technical support for the installation of EV charging infrastructure, heat pumps, on-site solar panels, and building automatic systems.
Hydro Ottawa’s ORA program is available to commercial, institutional, mid-rise and high-rise residential buildings within Hydro Ottawa service territory.
Hydro Ottawa was selected by Natural Resources Canada (NRCan) to deliver the Ottawa Retrofit Accelerator, a $10 million program running until March 31, 2027.
Hydro Ottawa’s ORA program provides an ecosystem of support services to help streamline the deep retrofit process and cover a portion of the cost.
OCH’s goal is to align with the City of Ottawa’s Climate Change Master Plan of reducing emissions by 96 per cent by 2040.
Since 2011, OCH has saved $64.1 million as a result of their sustainability and efficiency efforts

Quotes:

“This partnership is a testament to the power of collaboration and innovation in tackling climate change and the energy transition. We’re proud to support Ottawa Community Housing in leading the way towards decarbonizing through our Ottawa Retrofit Accelerator program. By investing in energy efficiency and embracing innovative solutions, we can help OCH achieve its ambitious carbon reduction goals while making their buildings more comfortable and affordable for residents. This project is a testament to our shared commitment to a sustainable future for Ottawa.”

Bryce Conrad, President and Chief Executive Officer, Hydro Ottawa Holding Inc.

“Reviewing our eco performance is crucial for integrating our climate goals into our long-term capital planning. By understanding the decarbonization pathways for each of our buildings, we can make informed decisions on infrastructure upgrades, ensuring both sustainability and affordability for our residents.”

Stéphane Giguère, CEO, Ottawa Community Housing

Learn more about Hydro Ottawa’s ORA program.

– 30 –

Media contacts

Susan Fekete
Manager, Media and Public Affairs
Hydro Ottawa
Tel: 613-738-5499 ext. 2345
[email protected]

Esther Njuguna
Media Relations Specialist
Ottawa Community Housing
Tel: 343-961-4035
[email protected]

About Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc. (Hydro Ottawa) is a private company 100 per cent owned by the City of Ottawa and whose core businesses are electricity distribution, renewable energy generation, energy solutions, telecommunications and utility services. As a leading partner in a smart energy future, Hydro Ottawa is committed to sustainability and reducing its impact on the environment in all aspects of its operations. It owns and operates four primary subsidiary companies: Hydro Ottawa Limited – a local distribution company that delivers electricity to more than 364,000 customers in the City of Ottawa and the Village of Casselman; Portage Power – the largest Ontario-based municipally-owned producer of green power with 131 megawatts of installed green generation capacity (enough to power 110,000 homes); Envari – an energy solutions company offering products and services that help reduce energy consumption and costs for municipalities, industrial and commercial clients, and various local distribution companies; and Hiboo Networks – a high-speed fiber optic network solutions and internet service company providing customers in the Ottawa-Gatineau region with secure and scalable connectivity to enable a strong digital future.

About Ottawa Community Housing

Ottawa Community Housing offers approximately 15,000 homes to about 33,000 tenants, including seniors, families, individuals, and people with disabilities. These homes are located in various communities throughout the City of Ottawa and house a diverse population with different languages, cultures, and ethnicities. OCH is Ottawa’s primary community housing provider, managing two-thirds of the city’s housing portfolio and ranking as the second largest in Ontario. It operates at an arms-length of the City of Ottawa. In 2024, OCH earned recognition for the seventh consecutive year as one of the National Capital Region’s Top Employers.

Hydro Ottawa Holding Inc. Announces Successful Completion of Reorganization

Posted on October 1, 2024September 30, 2024 by Morgan

OTTAWA, October 1, 2024 – Hydro Ottawa Holding Inc. (“Hydro Ottawa”) today announced that it has successfully completed the corporate reorganization announced on May 21, 2024 (the “Reorganization”). As a part of the Reorganization, Hydro Ottawa implemented the Debenture Amendments (as described in the consent solicitation statement dated May 21, 2024 (the “Consent Solicitation Statement”)), pursuant to which Hydro Ottawa Capital Corporation (“HOCC”), a wholly owned subsidiary of Hydro Ottawa, assumed the obligations of Hydro Ottawa in respect of the four series of its outstanding Canadian dollar senior unsecured debentures (the “Debentures”), as listed in the table below.

Title of Series of Debentures	New Issuer	New CUSIP/ISIN
2.614% Series 2015-1 Debentures due 2025 (“Series 2015-1 Debentures”)	HOCC	448975AA0/CA448975AA02
3.639% Series 2015-2 Debentures due 2045 (“Series 2015-2 Debentures”)	HOCC	448975AD4/CA448975AD41
3.991% Series 2013-1 Debentures due 2043 (“Series 2013-1 Debentures”)	HOCC	448975AB8/CA448975AB84
4.968% Series 2006-1 Debentures due 2036 (“Series 2006-1 Debentures”)	HOCC	448975AC6/CA448975AC67

The exchange of the debentures previously issued by Hydro Ottawa under CUSIP/ISIN 44882CAD6/CA44882CAD61 (for Series 2015-1 Debentures), 44882CAE4/CA44882CAE45 (for Series 2015-2 Debentures), 44882CAC8/CA44882CAC88 (for Series 2013-1 Debentures) and 44882CAB0/CA44882CAB06 (for series 2006-1 Debentures) for the above Debentures was facilitated through the facilities of CDS Clearing and Depository Services Inc.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Debentures or any other securities. Copies of the Consent Solicitation Statement may be obtained from TMX Investor Solutions Inc., the information agent for the consent solicitation, by email at [email protected].

Any persons with questions regarding the Debentures should contact Hydro Ottawa’s information agent, TMX Investor Solutions Inc. as follows:

TMX Investor Solutions Inc.

301 – 100 Adelaide Street West

Toronto, Ontario M5H 1S3

Toll Free in North America: 1(866) 796-6867

Call direct: (438) 944-1086

Email: [email protected]

About Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc. (Hydro Ottawa) is a private company wholly owned by the City of Ottawa. Our core businesses include electricity distribution, renewable energy generation, energy solutions, telecommunications and utility services. For more information, please visit: https://hydroottawagroup.com/.

Caution Concerning Forward-Looking Statements

This document may include certain forward-looking information and forward-looking statements within the meaning of applicable securities laws. These statements are based on management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, industry structure and stability, and other factors affecting the operations of Hydro Ottawa.

For more information:

Hydro Ottawa Media Relations
[email protected]
613-738-5499 ext. 2345

Hydro Ottawa Holding Inc. Announces Consent Solicitation for Senior Unsecured Debentures

Posted on May 21, 2024May 28, 2024 by Morgan

OTTAWA – Hydro Ottawa Holding Inc. (“Hydro Ottawa”) today announced that it has commenced a consent solicitation to seek the approval of the holders of four series of its outstanding Canadian dollar senior unsecured debentures (the “Debentures”), as listed in the table below, to amend the trust indenture and supplemental indentures governing the Debentures (the “Debenture Amendments”) to facilitate a corporate reorganization of Hydro Ottawa and its subsidiaries (the “Corporate Reorganization”).

Title of Series of Debentures	Aggregate Principal Amount Outstanding	Review Fee (1)
2.614% Series 2015-1 Debentures due 2025	CAD$200,000,000	$0.25 per $1,000
3.639% Series 2015-2 Debentures due 2045	CAD$175,000,000	$0.25 per $1,000
3.991% Series 2013-1 Debentures due 2043	CAD$150,000,000	$0.25 per $1,000
4.968% Series 2006-1 Debentures due 2036	CAD$50,000,000	$0.25 per $1,000

For each $1,000 principal amount of Canadian dollar senior unsecured debentures.

As a result of the Corporate Reorganization, Hydro Ottawa will transfer its interest in certain of its subsidiaries, including Hydro Ottawa Limited, to a newly formed wholly owned subsidiary named Hydro Ottawa Capital Corporation (“HOCC”) and certain of its interest in other subsidiaries, including Energy Ottawa Inc., to a newly formed wholly owned subsidiary named Hydro Ottawa Energy Services Inc. (“HOESI”). Concurrently with the implementation of the Corporate Reorganization, HOCC will assume all of the obligations of Hydro Ottawa in respect of the Debentures and under certain credit facilities, and Hydro Ottawa will be released from such obligations. The Corporate Reorganization is subject to the receipt of approval of the Ontario Energy Board and lender approval.

The adoption of the Debenture Amendments requires that an extraordinary resolution (the “Extraordinary Resolution”) be approved by the affirmative votes of holders of Debentures (the “Debentureholders”) present in person or represented by proxy at a meeting (the “Meeting”) who hold not less than 66 2/3% of the aggregate principal amount of the Debentures voted in respect thereof. The approval of Debentureholders may also be evidenced by written consent of the holders of not less than 66 2/3% of the aggregate principal amount of Debentures. The meeting is scheduled for June 17, 2024 at 10:00 am (EDT) as set out in the notice of meeting to be provided to Debentureholders. A joint consent and proxy solicitation statement dated May 21, 2024 (the “Consent Solicitation Statement”) setting out the Debenture Amendments and details of the meeting and consent will accompany the notice of meeting.

The record date for entitlement to submit elections with respect to consent, and to notice of, and to vote at, the Meeting is 5:00 p.m. (EDT) on May 6, 2024 (the “Record Date”). Each Debentureholder of record as of the Record Date shall have one vote for every $1,000 of Debentures held in respect of the Debenture Amendments.

The deadline for the submission of consents by Debentureholders is no later than 5:00 p.m. (EDT) on June 13, 2024 (the “Consent Deadline”) and the deadline for delivery of proxies for the Meeting (the “Proxy Deadline”) is also no later than 5:00 p.m. (EDT) on June 13, 2024, subject, in each case, to modification, waiver, postponement or extension by Hydro Ottawa in its discretion.

Hydro Ottawa reserves the right to terminate, cancel, extend or modify the terms of the solicitation of consents and proxies for approval of the Debenture Amendments at any time prior to the Consent Deadline, the Proxy Deadline, or the Meeting, as applicable, by giving written notice to the trustee of the Debentures as provided in the Consent Solicitation Statement.

If the Debenture Amendments are approved, any Debentureholder who authorized and directed their dealer, broker or other CDS intermediary (each a “CDS Participant”) to respond in accordance with the instructions set out in the Consent Solicitation Statement, regardless of whether the vote is for or against (or the consent is for or withheld) the Debenture Amendments, will be eligible to receive a review fee in the amount of $0.25 for each $1,000 principal amount of Debentures held (the “Review Fee”) by such Debentureholder, provided such response was received by the Consent Deadline. Debentureholders that fail to deliver a valid response prior to the Consent Deadline will not be entitled to receive the Review Fee, regardless of whether the Corporate Reorganization is approved.

Hydro Ottawa generally intends to implement the Debenture Amendments following approval of the Debenture Amendments once all required approvals for the Corporate Reorganization are obtained, including approval of the Ontario Energy Board.

This press release is for informational purposes only and the consent solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement. Further, this press release does not constitute an offer to sell or the solicitation of an offer to buy the Debentures or any other securities. The Consent Solicitation Statements do not constitute a solicitation of consents in any jurisdiction in which, or to or from any person to or from whom, it is unlawful to make such solicitation under applicable securities laws. Copies of the Consent Solicitation Statements may be obtained from TMX Investor Solutions Inc., the Information Agent for the consent solicitation, by email at [email protected]. Holders of the Debentures are urged to review the Consent Solicitation Statements for the detailed terms of the consent solicitations and the procedures for consenting to the Debenture Amendments.

Any persons with questions regarding the consent solicitation should contact the Solicitation Agent (Scotia Capital Inc.) or Information Agent (TMX Investor Solutions inc.) as follows:

SCOTIA CAPITAL INC.
40 Temperance Street
Toronto, Ontario M5H 0B4
Attention: Scotiabank Debt Syndication
Telephone: 416-863-7438
Email: [email protected]

TMX Investor Solutions Inc.
301 – 100 Adelaide Street West
Toronto, Ontario M5H 1S3
Toll Free in North America: 1(866) 796-6867
Call direct: (438) 944-1086
Email: [email protected]

About Hydro Ottawa Holding Inc.

Caution Concerning Forward-Looking Statements

This document may include certain forward-looking information and forward-looking statements within the meaning of applicable securities laws. These statements include statements relating to the Corporate Reorganization and are based on management’s current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, industry structure and stability, and other factors affecting the operations of Hydro Ottawa.

For more information:

Hydro Ottawa Media Relations
[email protected]
613-738-5499 ext. 2345

Hydro Ottawa is greening Canada’s capital through innovative initiatives; makes Canada’s Greenest Employer list

Posted on April 16, 2024April 15, 2024 by Morgan

OTTAWA – Hydro Ottawa Holding Inc. celebrates a ‘lucky 13’ today, after being named one of Canada’s Greenest Employers for the 13th time. With its commitment to local sustainability initiatives and strategic planning, this achievement highlights that true luck ‘is what happens when preparation meets opportunity.’

By growing its expertise and leadership in sustainable and net-zero focused initiatives, Hydro Ottawa has become a partner of first choice for local green energy and greenhouse gas (GHG) reduction projects, assisting the City of Ottawa, and many local companies and institutions – big and small – to take similar action by mapping out customized sustainability pathways and creating a larger net-zero energy ecosystem.

This year’s selection focused on the valuable partnerships Hydro Ottawa has built within the community: supporting the City of Ottawa’s transition to electric buses which has helped reduce emissions and costs; converting Ottawa’s streetlights to energy-efficient LEDs; working with large customers to understand and reduce their GHG emissions by exploring alternative, cleaner technologies; and teaming up with the Ottawa International Airport Authority to work towards net-zero operations and implement energy-saving upgrades.

Hydro Ottawa is also focused on making it easier for residential customers to participate in a sustainable energy future. It promotes the adoption of electric vehicles by increasing awareness and access to electric vehicle chargers and infrastructure, rooftop solar panels, and providing support with connections. As a result of this work, there has been an 80 per cent year-over-year increase in solar connections.

Quick Facts

Hydro Ottawa has earned the prestigious Sustainable Electricity Leader designation from Electricity Canada, recognizing its commitment to environmental, economic, and community excellence.

Hydro Ottawa is the first Canadian municipally-owned utility to issue a Green Bond, which supported the refurbishment of hydro assets and construction of its LEED Gold campuses. Additionally, Hydro Ottawa is the first Canadian utility to earn ISO 55001 certification for asset management. These initiatives align with the United Nations’ Sustainable Development Goals, building a more peaceful and prosperous world.

Portage Power, Hydro Ottawa’s renewable generation subsidiary, is Ontario’s largest municipally-owned producer of green power, with hydroelectric, solar and landfill gas-to-energy facilities generating 131 megawatts of renewable electricity (enough to power 110,000 homes annually). In total, Portage Power’s renewable generation capacity has increased six-fold in just 12 years.

Hydro Ottawa’s two operations centres and main office are LEED Gold Buildings certified, a globally recognized benchmark of sustainability achievement for green buildings.

Hydro Ottawa has committed to becoming the first municipally-owned utility in Canada to achieve net zero operations – by the year 2030.

Solar energy generation at Hydro Ottawa’s new facilities offsets approximately 18 per cent of the energy demand at its East Campus and 100 per cent at its South Campus.

Hydro Ottawa diverts more than 90 per cent of its waste from landfill, and works with scrap metal companies to perform metal reclamation of copper wire, steel and aluminum from its small transformers and meters.

Approximately 1.6 million litres of water are saved per year thanks to rainwater harvesting and an advanced filtration system at the main office.

Hydro Ottawa’s education program, in partnership with Electricity Safety and Conservation and Relay Education, builds awareness and a culture of conservation and sustainability among elementary-aged children; the program has educated nearly 345,000 local students since its inception.

Hydro Ottawa is a catalyst member of EnviroCentre and Carbon613, a growing network of organizations that are setting and achieving greenhouse gas reduction targets in Ottawa.

Envari, Hydro Ottawa’s energy management subsidiary, continues to upgrade a City of Ottawa wastewater treatment plant by replacing the plant’s three cogeneration engines, and adding a fourth, which will eliminate 1,565 tonnes of CO2 per year and reduce utility costs by $80M over 25 years.

Quotes

“Sustainability isn’t a goal, it’s a journey we take together. Every electric bus, every energy-efficient LED, every rooftop solar panel or renewable energy project – that’s how we drive real change and build a greener future. We will continue championing innovation and sharing our expertise to create a net-zero ecosystem that benefits everyone.”

– Bryce Conrad, President and Chief Executive Officer

Media Contact

Susan Fekete

Manager, Media and Public Affairs

Hydro Ottawa

[email protected]

Hydro Ottawa increases renewable energy production and earns LEED Gold certification; making Canada’s Greenest Employer list for 12th Year

Posted on April 18, 2023 by Morgan

OTTAWA – Today, Hydro Ottawa Holding Inc. celebrates its 12th win as one of Canada’s Greenest Employers. This year’s selection recognizes the company’s end-to-end approach to sustainability: increasing production of clean, renewable energy; helping customers conserve energy and lead energy-efficient lifestyles; building and designing its facilities to meet LEED Gold standards; implementing green technology; and building a culture of sustainability within its own organization.

Climate change, coupled with the push for electrification, is driving innovation and change in the electricity sector. As a trusted voice in the industry, Hydro Ottawa proactively seeks opportunities to help shape policy, regulatory and operational responses to these critical issues and endeavours to play a leading role in helping the city of Ottawa, and its residents, businesses and institutions, reduce their energy footprint, in the transition to net zero.

Given the inextricable link between energy and the environment, Hydro Ottawa is committed to leading the way to a smart energy future by advancing energy conservation, energy efficiency, and renewable energy generation. Hydro Ottawa’s pledge to transition its operations to net zero by 2030 is a first for any municipally-owned utility company in Canada.

Quick Facts

In December 2022, Hydro Ottawa (through its subsidiary, Portage Power) acquired two additional hydroelectric generating stations from TransAlta Renewables located on the Mississippi River in the towns of Appleton and Galetta Falls. Together, these facilities generate an average of 12.5 gigawatt hours of clean energy annually.

Portage Power is Ontario’s largest municipally-owned producer of green power, with hydroelectric, solar and landfill gas-to-energy facilities generating 131 megawatts of renewable electricity (enough to power 110,000 homes annually).

In 2022, Hydro Ottawa’s two operations centres and main office (built in 2019) officially received LEED Gold Buildings certification, a globally recognized symbol of sustainability achievement for green buildings.

Solar energy generation at Hydro Ottawa’s new facilities offsets approximately 18 per cent of the energy demand at its East Campus and 100 per cent at its South Campus.

Hydro Ottawa consistently diverts more than 90 per cent of its waste from landfill, and works with scrap metal companies to perform metal reclamation of copper wire, steel and aluminum from its small transformers and meters.

Approximately 1.6 million litres of water are saved per year thanks to rainwater harvesting and an advanced filtration system at the main office.

Now offered in a virtual format, Hydro Ottawa’s education program, in partnership with Electricity Safety and Conservation and Relay Education, builds awareness and a culture of conservation and sustainability among elementary-aged children; the program has educated just over 325,000 local students since its inception.

To date, Hydro Ottawa has converted more than 40 per cent of its fleet to flex-fuel, battery and hybrid technology, and lowered energy use at 52 of its 91 substations through the installation of building automation systems to control lighting and heating.

Hydro Ottawa is a catalyst member of EnviroCentre and Carbon613, a growing network of organizations that are setting and achieving greenhouse gas reduction targets in Ottawa.

Envari, Hydro Ottawa’s energy management subsidiary, continues to upgrade a City of Ottawa wastewater treatment plant by replacing the plant’s three cogeneration engines, and adding a fourth, which will eliminate 1,565 tonnes of CO2 per year and reduce utility costs by $80M over 25 years.

Quotes

“Our employees are passionate about leaving an environmental legacy that they can look back on and claim as theirs. They want their work to matter and know that they positively contributed to a clean and renewable energy future for our city and all its residents. I’m proud to say that our employees apply that sustainability mindset to their work every single day. They’re not only helping us reach our goal to be net-zero in our operations by 2030, they are guiding the residents of Ottawa on their journey to be more energy efficient, too.”

– Bryce Conrad, President and Chief Executive Officer

Media Contact

Josée Larocque

Manager, Media and Public Affairs

Hydro Ottawa

Tel: 613-738-5499 ext. 2345

[email protected]

After facing its biggest storm ever, Top Employer winner, Hydro Ottawa, remains resilient thanks to a connected workforce

Posted on February 7, 2023 by Morgan

OTTAWA – For the fifteenth consecutive year, Hydro Ottawa has earned a spot among the National Capital Region’s Top Employers.

When a historic derecho wind storm devastated Ottawa and its electricity system on May 21, 2022, Hydro Ottawa employees came together for days on end to restore power for their customers. From severe damage to property and Ottawa’s urban forest, the impact on the company’s electrical infrastructure made this storm its biggest yet; significantly worse than the 1998 ice storm and the 2018 tornadoes.

The restoration effort was so massive an undertaking that it was the equivalent of doing four years worth of construction work and emergency repairs in 14 days. Through it all, employees from across the organization stepped up to assist. The powerful connection between employees and the community, as well as to each other, has been carefully nurtured over many years within the culture at Hydro Ottawa. It’s that connection to purpose and community that is a key driver of the organization’s success and vision for the future.

As a leader in a smart energy future, the company has committed to being the first municipally-owned utility in Canada to achieve net zero operations by 2030. It’s a moonshot, and employees across the company are taking up the challenge to innovate and plan the way forward. Employees of Hydro Ottawa work in rewarding careers that shape and influence the world around us, specifically in the rapidly evolving fields of electricity, sustainable energy solutions, and renewable energy generation.

Quick facts

Hydro Ottawa places an emphasis on the health and wellbeing of its employees through its healthcare benefits, fitness and wellness programs, paid volunteer day, and employee assistance programs. Since the pandemic, the company introduced a fully digital, therapist-led, cognitive behavioural therapy program designed to help employees and their families struggling with mental health challenges.
The company supported 11 local charities in 2022, including a donation of $150,000 for the Ottawa Food Bank, and an employee-led campaign that raised more than $166,000 for the United Way of East Ontario.
In 2021, Hydro Ottawa launched its 2021-2025 Diversity, Equity and Inclusion Framework and Corporate Plan, the third plan since 2013, with a focus on continuing to increase the diversity of our workforce, providing a safe and inclusive work environment and strengthening partnerships in the community. And in 2022, the company outlined its commitment to gender diversity goals by 2030.
On average, Hydro Ottawa invests close to 40 hours per employee annually on training in trades and safe work practices, business skills, management and leadership development. In 2022, the company continued its approach to modernizing its training and development programs, enabling employees to access micro learning anytime and anywhere on any device. A constantly growing eLearning library of courses, videos and ebooks for professional and skill development keeps employees learning, when it works for them. For field employees, new virtual reality training modules are changing the way they learn and practice their trade.
Hydro Ottawa supports employees through key stages in their lives, and also invests in their families through programs like mental health support extended to family members and Safety Scholarships for post-secondary education.

Quotes

“When an emergency happens, whether it’s the derecho wind storm in May or the winter storm we experienced in December, I know our employees will give their all, and more, to restore power to our customers. They are committed to finding and implementing innovative solutions that will make our systems more resilient to climate change, and spearheading initiatives for a greener, more sustainable electricity future. That dedication to their work and their community is the reason for our continued success.”

– Bryce Conrad, President and Chief Executive Officer

Media contact:

Josée Larocque
Manager, Media and Public Affairs
Hydro Ottawa Holding Inc.
Tel: 613-738-5499 ext. 2345
[email protected]