Good morning, ladies and gentlemen, and welcome to Hydro One Limited's Second Quarter 2025 Analyst Teleconference. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press Star, one, one on your telephone. You will then hear an automated message advising you to hand a phrase. To withdraw your question, please press Star, one, one again. As a reminder, the call is being recorded. I would now like to introduce your host for today's conference, Mr. Wassem Khalil, Director of Investor Relations at Hydro One. Please go ahead. Good morning, and thank you for joining us for Hydro One's quarterly earnings call. Joining us today are our President and CEO, David Lebeter, and our Chief Financial and Regulatory Officer, Harry Taylor. On the call today, we will provide an overview of our quarterly results, and then we'll answer as many questions as time permits. Today's discussion will likely touch on estimates and other forward-looking information. Listeners should review the cautionary language in today's earnings release and our MD&A, which we filed this morning regarding the various factors, assumptions, and risks that could cause our actual results to differ as they all apply to this call. With that, I turn the call over to our President and CEO, David Lebeter. Thank you, Wassem. Good morning, and thank you for joining us for our second quarter 2025 earnings call. This morning, I will provide an update on our recent activities and accomplishments during the quarter. Harry will take you through the financial results. Before we start, I'll touch on safety. It is at the core of our business and will always be a focus for us. This focus, and connected to safety, goes beyond our day-to-day activities and includes contributions to public safety. Recently, Hydro One, in partnership with the Advanced Coronary Treatment or ACT Foundation and other partners, trained more than 25,000 local area high school students in Lindsay and surrounding communities with critical CPR and AED lifesaving skills that will help care for their fellow community members. To date, more than 3 million students across the province have been trained through ACT's High School CPR and AED program. We are very proud to be part of this achievement and our partnership with the ACT Foundation. Established in 2000, the long-time partnership between ACT and Hydro One has provided continued access to CPR, AED, and now OPS-associated emergency training for teachers and students across Ontario. Turning to the quarter, the damage caused by the March 2025 ice storm was severe and widespread, with three days of ice accumulation causing uprooted trees, downed power lines, and more than 2,700 broken poles across the province. Hydro One crews, alongside 30 community utility partners and contractors, worked safely day and night in freezing rain, snow, and wind to restore power to our communities and those impacted by the storms. The costs associated with the storm, including those incurred by third-party contractors and other local distribution companies that supported the restoration efforts, are approximately $225 million. As noted in our prior call, given the severity of the storm, we are applying to recover the cost through a debt factor application with the Ontario Energy Board. This application allows utilities that experience a significant, unforeseen event that was beyond the utility's control to apply for cost recovery. We expect to file the application shortly. To help with cleanup and recovery efforts, Hydro One announced 50 recipients that include Indigenous communities and municipalities who will each receive up to $10,000 through the Ice Storm 2025 Recovery Grant. The grants are part of our commitment to supporting recovery efforts and initiatives in local communities that were severely impacted by the storm. Energy demand in Ontario continues to grow across the province, with demand expected to grow by 70% by 2050. Hydro One is pleased to be part of this growth and continues to play a critical role in meeting the increased demand and supporting the province's electrification goals. Early in June, our province's Ontario government released its first Integrated Energy Plan, or IEP, titled Energy for Generations. The plan sets out a long-term roadmap to 2050 for diligent, clean, affordable, secure, and reliable energy. It unifies planning across electricity, natural gas, hydrogen, and emerging fuels to support economic growth, jobs, and energy security to meet the growth in demand and provide Ontario with affordable, secure, reliable, and clean energy. As part of the plan, the government announced the acceleration of the development of transmission infrastructure and the modernization of the distribution grid, which will provide Hydro One with additional growth opportunities. The new transmission project included the Barrie to Sudbury Transmission Line, a new single-circuit 500 kV line between the Essa Transformer Station and Hanmer Transformer Station. There was also early development work on a second 500 kV line, Bowmanville to the Greater Toronto Area Transmission Line, a new double-circuit 500 kV line from Bowmanville Switching Station to an existing 500 kV station in the GTA. Greenstone Transmission Line, a new 230 kV transmission line between Longlac Transformer Station and Geraldton to Nipigon Transformer Station and connecting to the East-West Tie Transmission Line near Nipigon Bay. Windsor to Lakeshore Transmission Line, a new 230 kV transmission line from Lauzon Transformer Station in Windsor to Lakeshore Transformer Station in Lakeshore. The report also referred to the Orangeville to Barrie Reconductor Project, which involves reconductoring of Hydro One's existing 230 kV transmission lines between the Orangeville Transformer Station and the Essa Transformer Station, both in Barrie. Subject to required approval and a 60-day consultation period, the Ministry of Energy and Environment attempted to declare these projects as priority projects and designate the new transmission lines to Hydro One. The Windsor to Lakeshore Transmission Line was previously designated to Hydro One in March of 2022. However, with the declaration of this project as a priority project, it moved from early development into delivery to meet the emerging demand of the region. Our Chatham to Lakeshore Transmission Line project, which was completed and energized at the end of 2024, represents a significant milestone as it was the first project to be completed to the industry-leading 50-50 First Nations equity partnership model. We are happy to report that the two First Nations partners have secured the necessary financing, enabling them to make their equity investments in the transmission line. This project represents the first time we are advancing this project represents the first of the advancement under the 50-50 partnership model and further enables First Nation investment into the electricity system to provide generational owned source revenues for Indigenous communities. We are proud of these new partnerships and our ongoing efforts to advance reconciliation. We continue to collaborate with the remaining First Nations partners as they work to finalize their investment and financing decisions and expect to conclude this work by the end of 2025. After reaching tentative settlements with two collective agreements, the main collective agreement and the customer service and operations agreement with the Power Workers’ Union earlier this year, I'm happy to report these agreements were ratified by members of the Union. The agreements cover employees in front-line and customer-facing roles across the company's operations and will be effective from October 1st, 2025- March 31st, 2028. Bargaining with the Society of United Professionals continues as the parties working towards reaching an agreement ahead of the September 30, 2025 expiry of existing contracts. As is normal with steering bargaining and to respect the bargaining process between the scenes, we won't be providing any further comment on this process. In May, we released our 2024 Sustainability Report. The report provides a balanced account of our performance across a range of sustainability measures and highlights our progress towards enabling the energy transition in Ontario, leading to a better and brighter future for all. The 2024 report highlights the accomplishments related to our long-term progress and key initiatives, including reducing our operations-driven greenhouse gas emissions, Scope 1, and Scope 2 operations-driven emissions by approximately 41% compared to baseline year of 2018, converting approximately 44% of our sedans and SUVs to electric vehicles and hybrids since announcing the initiative in July of 2021, spending over $158 million, or 5.5% of our total perishable spend in 2024, on materials and supplies from Indigenous businesses, ahead of our target of 5% by 2026. Investing approximately $3.1 billion of capital in 2024 to expand and renew Ontario's grid and creating over 60 hectares of pollinator habitat in 2024. These achievements reflect the alignment that exists between our strategy and sustainability, leading to a better and brighter future for all. Our actions reflect our purpose and commitment, and I am pleased that our actions continue to be recognized. For the 10th year in a row, we are part of Corporate Knights' annual list of 50 Best Corporate Citizens in Canada. This award recognizes those entities that are committed to doing business differently and are committed to sustainability and environmental stewardship. We're also proud to be recognized by the Forbes inaugural ranking of Canada's best employers for company culture. The ranking surveyed more than 40,000 Canadian-based workers employed at companies with at least 500 people and involved a range of companies' culture-related topics, including fairness, inclusivity, and opportunity. Lastly, Hydro One was also recognized in the Time Magazine and Statista's first-ever list of Canadian Best Companies for 2025. The list ranks the top Canadian companies from over 2,000 eligible companies based on metrics that include employee satisfaction, sustainability transparency, and continuous revenue growth in the last three years. These accolades reinforce what drives us every day and are a powerful reflection of our values, promises, and the dedication we all bring to work every day. Before I turn the call to the area, I want to take a moment to update you on some recent executive changes. It is my pleasure to announce that Megan Telford will take over as Chief Operating Officer and will lead the Safety, Operations, and Customer Experience, Capital Portfolio Delivery, Strategy, Growth, Planning of Hydro One Remote Communities, Inc. Megan joined Hydro One in 2020 and previously held leadership roles that include responsible for Health and Safety and Environment, Human Resources, Indigenous Relations, Corporate Affairs, and Customer Care Change. She’s appearance and will assume the role of Executive Vice President, Corporate Affairs. Since joining Hydro One in 2024, Lisa’s been responsible for building the trusted partnerships that deliver value for the customers and shareholders. In addition to her current mandate, she will also lead the Indigenous Relations, Sustainability, and Energy Policy Consultants at Hydro One. These changes position us for the future and help us achieve our strategic objectives while driving economic growth across Ontario. With that, I’ll turn it over to Harry to discuss our financial results. Harry, over to you. Thank you, David. Good morning to our listeners, and thank you for joining us today. In the second quarter, we delivered basic EPS of $0.54 compared to $0.49 in the second quarter of 2024. The key drivers behind the year-over-year change included higher revenues, net of purchase power due to higher 2025 OEB-approved rates, and higher energy consumption. These were partially offset by higher depreciation, amortization, and asset removal costs resulting from storm restoration efforts and growth in our capital assets. Higher interest expense, primarily due to an increase in long-term debt outstanding, and higher income tax expense, primarily due to higher pre-tax earnings. Our second quarter revenues, net of purchase power, increased year-over-year by 7%. Transmission revenues increased by 6.7% year-over-year, primarily due to changes in OEB-approved rates for 2025, coupled with contributions from our Chatham to Lakeshore Transmission Line following its in-servicing in Q4 2024, and also from contributions from Hydro One's investment in the East West Tide Limited Partnership. On the distribution side, distribution revenues, net of purchase power, increased by 7.9% year-over-year, primarily due to the changes in OEB-approved rates for 2025 and higher energy consumption. There were some net income neutral items in revenue relating to third-party storm recovery costs, which had corresponding offsets in OM&A that are making them net income neutral. On the cost front, operating maintenance and administration expenses in the quarter were higher by 0.3%. In the transmission segment, costs were higher by 14.2%, mainly due to corporate support costs attributable to lower capitalized overheads, lower insurance proceeds received this year compared to 2024, and higher asset write-offs. In the distribution segment, costs were lower by 10.4%, mainly due to lower work program expenditures, including vegetation management, lower corporate support costs due to higher capitalized overheads, and a lower allowance for debt to account. Depreciation, amortization, and asset removal expenses for the second quarter were higher year-over-year by 9.5%. This was due to higher asset removal costs resulting from storm restoration efforts and higher depreciation resulting from the growth in capital assets as the company continues to place new assets in service. With respect to our financing activities, we saw a 7.6% increase in interest expense year-over-year. This was mainly due to a higher amount of long-term debt and higher weighted average interest rate on long-term debt. Having said that, we continue to be pleased with the strength of our balance sheet, along with our creditworthiness. Our current annualized FFO to net debt metrics of 13.6% remains well above the threshold limits the rating agencies use in determining our credit rating. Turning to taxes, our income tax expense in the quarter was $61 million compared to $57 million in the same quarter last year. The increase was primarily due to higher pre-tax earnings, which were partially offset by higher deductible timing differences compared to last year. The effective tax rate this quarter was 15.6% versus an effective tax rate last year of 16.2%. The current rate is consistent with our effective tax rate expectations of 13%- 16% for the remainder of the JRAF period. Moving on to our capital expenditures, in the second quarter, we invested $913 million, which was an increase of 11.6% over 2024. The increase occurred in the distribution segment as a result of a higher spend on storm-related asset replacements and investments in Ontario's broadband initiative. The overall increase in capital investment was partially offset by a lower volume of wood pole replacements and a lower spend on system capacity reinforcement projects within the distribution segment. In the transmission segment, we saw a slight decrease in capital expenditures, primarily due to a lower volume of station refurbishments and equipment replacement, lower spending on major development projects, a lower volume of line refurbishments and wood pole replacement, and lower spending on spare transformer purchases. These were partially offset by investments in the Chatham to Lakeshore Transmission Line in the quarter. Looking at in-service additions, in the second quarter, we placed $591 million of assets in service for our customers, which was an increase of 12.4% compared to the prior year. In the transmission segment, we saw a decrease of 49.3% year-over-year, primarily due to the timing of assets placed in service for station refurbishments and replacements, as well as lower volume of line refurbishments. These were partially offset by investments placed in service for our distribution warehouse. In the distribution segment, in-service additions increased by 88.4% from the prior year due to a higher volume of storm-related asset replacements, primarily related to the March ice storm and associated restoration efforts. Also contributing to the increase were investments placed in service for the same Aurelia Distribution Warehouse and investments in the advanced metering infrastructure known as AMI 2.0 system. Looking ahead, we continue to expect earnings per share to grow between 6% and 8% annually through 2027, using the normalized 2022 EPS of $1.61 as a base. Finally, I'm pleased to report that our Board of Directors declared a dividend of $0.3331 per share payable to common shareholders of record on September 10th, 2025. With that, we will open the phone lines and be pleased to take your questions. Thank you, David and Harry. We will now open the call to take questions. We ask the operator to explain the Q&A polling process. We ask that you limit your questions to one question and one follow-up. If you have additional questions, we request you rejoin the queue. In case we can't address your questions today, my team and I are always available to respond to follow-up questions. Please go ahead, Shannon. Thank you. As a reminder, to ask a question, please press Star, one, one at your telephone and wait for your name to be announced. To withdraw your question, please press Star, one, one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Benjamin Pham with BMO. Your line is now open. Hi, thanks. Good morning, everybody. Maybe you can update us. I know last you've been talking about the potential regulatory application, maybe into next year, into the next JRAF program. Maybe you could update us on the timing of that. Is the intention still a combined application and also a multi-year one as well? Sure, Brad. It's Harry here. Thanks for the question. We continue to feverishly work away in preparing all the analysis and customer engagement to file our next joint rate application. We haven't changed our expectations of filing it in the fall of 2026, so that we have sufficient time to engage in settlement discussions and get everything done in advance of the new rate period beginning January 1st, 2028. You mentioned also in your report a number of ROA transmission projects all the way through 2032. It sounds like, I guess, from your perspective, you're interested in maybe getting some good visibility to maybe provide, you know, once the solid JRAF gets approved, you can roll forward a guidance that the rate might be very similar to your current one, a multi-year through 2032. Each of the transmission lines will be a separate partnership. Our joint rate application for 2028- 2032 will be for Hydro One Networks Inc. Each of the transmission lines will have its own rate application once we are ready to go and energize it. As we provide updates on our quarterly calls, our guidance will include at a Hydro One Limited level all of the related capital expenditures, OM&A expectations, earnings guidance that brings those in on a consolidated basis. There are separate rate applications. We will update capital guidance and timing once we get our Section 92, once we file our so-called Section 92 Leave to Construct applications. That is when we have a sufficient amount of engineering and cost estimates. We have a reasonable range within the capital expenditures for that base, and that is when we will update our tables and update our guidance around CapEx. Perfect. Thanks, Harry. Just to clarify that, the last question to thinking what I'm thinking about, are you expecting, you didn't expect some time that you get through post-2027, you could see an acceleration of EPS growth. Does that language include the potential ROA transmission projects that you put in the earnings report? Yes. Okay, got it. Okay, thank you. Thank you. Our next question comes from the line of Maurice Choy with RBC Capital Markets. Your line is now open. Thanks, Shannon. Good morning, everyone. I just want to touch on the Ontario Integrated Energy Plan. You've outlined a number of projects in the plan as part of your prepared remark. Given the success rate in securing recent transmission projects, any reason to believe that you wouldn't, again, have a high win ratio? To that end, when do you see projects being awarded? Yeah, Maurice, David here. Thank you for the question. A couple of things. Some of those transmission lines I spoke about will get awarded to us, but they probably, unless there's strong opposition during the consultation period, there won't be a competition on those. In the Integrated Energy Plan, the client does seek to do these competitive procurement of transmission lines within the province. These will be lines that have longer lead times, are not time-sensitive, are not holding back economic development. We remain really confident that if and when that occurs in a transmission line congruent just as we did two years ago, we'll be the successful proponent and able to win those. It's our backyard. We know the territory better than anybody else. We have over 92% of the transmission assets already owned and operated by us. We're very confident we can be successful if and when that does occur. Any idea when those awarding is going to have to occur? No, no idea. That's a discussion between the Independent Electric System Operator and the Ministry of Energy and Mines. As I've said, we now have 13 transmission lines designated to us, including the Chatham to Lakeshore. I'm concluding that the 60-day consultation period, when it closes, won't have raised any objections to those three additional lines, and the one that's early development will be awarded to us. Understood. My quick follow-up to that is, I suppose when you look at all the transmission lines that you have been awarded, some of these cost estimates aren't out yet. To Harry's point, the Section 92 applications will come. Are you seeing any higher cost pressures given today's environment? If so, do you anticipate that some of the projects will get pushed out in terms of timing? In spite of these cost pressures, do you reckon that the Ontario government will still want to stick to the current timing and make sure that timing doesn't slip in the name of economic growth? Yeah, I believe that the Ontario government will not want these timelines to slip. Economic growth is continuing to head in Ontario. There's still, you know, 40% of Canada's GDP, 40% of the country's population lives there. These are priority transmission projects, so they will stick to the timelines that we've outlined there. Certain parts, your first part of your question, cost pressures. Yes, we have seen some cost pressures coming out of the pandemic. We're seeing a little bit of pressure given tariffs, but nothing significant and nothing that we're concerned about at this point. The procurement team, which works in Harry Taylor's portfolio, has done a fantastic job of onshoring some increase in our Canadian purchases, looking for alternatives, standardization. We're initiating a lot of activities now that we've been working on for quite a while that are offsetting those tariff impacts. That's great. Thank you. Thank you. Our next question comes from the line of Mark Jarvi with CIBC. Your line is now open. Thanks. Just following up on the Integrated Energy Plan, I think it's fairly evident and obvious on how the transmission business can benefit from what was laid out. What about on the distribution side? Is there anything inside of that plan or conversation you think are sort of forming the outlook on the distribution, I guess, through the JRAF next phase and then into the 2030s? Yeah, good morning, Mark. How are you doing today, it's David. The Integrated Energy Plan was pretty important from our perspective. It's the first time that the ministry has acknowledged that the distribution system needs investments. It talks about the distribution system operator. It talks about integrated planning with natural gas. Those are aimed directly at the distribution sector. We anticipate that this is going to allow us to move forward with modernization of the distribution grid and recognize the importance of the distribution grid in supporting economic growth. It's not good enough just to have the transmission system flow and backflow, but you need to have the arteries that feed it out to those businesses and industries and homes and restaurants that people rely on for their day-to-day existence. David, you're meaning then from that and how the framework's been laid out, it opens up some new investment opportunities for distribution? Or is it largely just confirming your views in terms of where you thought the opportunities were? It does speak to innovation. There should be some opportunities there. We're looking to see what those might be. Mostly what it does is set the stage very nicely for us when you go in front of the Ontario Energy Board with JRAF 28, which is our next five-year filing. It sets the stage nicely to say, "Look, the investments we are planning on making are consistent with the Integrated Energy Plan, consistent with the direction the government would like us to take, and consistent with economic growth, supporting economic growth in the province." It is an important document with a large laser foundation that specifically doesn't identify any new investments because we're already making our advanced metering infrastructure investment and we're already upgrading our distribution automation system. We'd already started down this path towards being a DSO, but this provides additional evidence of it before we file our rate application. Got it. Quick follow-up for Harry. Some comments around the timing of the joint rate application next fall. You'll provide sort of a CapEx plan around that. Just curious too, at that point, would you be sharing a little bit more in terms of financing needs, timing of equity, versus something you think you could provide between now and then in terms of just updated views on equity needs? Do we wait until the fall of 2026? Mark, I'm afraid you will have to wait until the fall of 2026. Once we file the rate application, there's a lot of communication that we will do. There's no question we see CapEx accelerating. We'll be proposing an acceleration in CapEx and assets placed in service, which will drive incremental funding needs. It's no secret that in the next rate period, we will need to issue equity in addition to continue issuing debt. We're already thinking through and working on that right now, but I can't give any specifics at this point, and that will come together. We do want to be careful. We don't want to prejudge the outcome or prejudice the discussion. We have to be as wholesome as we can in our communication without creating any challenges for us in the settlement discussions as we go. We're going to kind of thread a needle here in terms of expectations for the 2028 through 2032 period. Understood. Okay, thanks, Harry. Thank you. Thank you. Our next question comes from the line of John Mould with TD Cowen. Your line is now open. Hey, everybody. Maybe just one more on the Integrated Energy Plan. You flagged a specific transmission initiative that had been identified that are relevant, excuse me, for Hydro One. It's touched on some of the competitive transmission procurement elements and you said the broader distribution implications. I'm just wondering if there are any other takeaways or broader strategic implications that you saw for the company coming out of that plan. Good morning, John. Thanks for joining us for the call today. The one that I forgot to mention in my earlier response was the plan does acknowledge LDC consolidation because there would be advantages to the consumer in terms of lower rates. It would allow modernization of the grid to move forward at a faster pace. We are watching and waiting for an opportunity to participate in that process in terms of shaping how that might be brought about. That's the one additional area that I didn't mention. Okay. Got it. Thanks for that. Last quarter, you flagged the challenge of steering manufacturing slots for equipment. I'm just curious how that dynamic's evolved over the last three months. If you could also touch on your efforts to continue to diversify your suppliers. John, I'll cover that. Our procurement team has been working hard with not only our vendor base, but also other Canadian utilities as we look to shift, in some cases, sources of supply and reduce exposure to U.S. dollars, certainly reduce exposure to U.S. suppliers where we can, and there's credible alternatives. We have not had issues in terms of securing manufacturing slots for long lead time items, particularly transformers. We are very happy with the early benefits from finding Canadian sources, particularly for things like wood poles, which is kind of a natural, if you will. We are seeing some real benefits from shifting some sources of supply there. It's early days. As David mentioned, we haven't seen any significant cost increases. We've been working through inventory and being proactive. We don't have any concerns, but it is something the team is working on pretty aggressively with other partner utilities around the country to ensure that we've got a diversified supply base. Okay, I'll leave it there. Thanks very much for taking my questions. Thank you. As a reminder, to ask a question at this time, please press Star,, one, one on your touchstone telephone. Our next question comes from the line of Patrick Kenny with National Bank Financial. Your line is now open. Thank you. Good morning, guys. Just curious if we can get a quick update on the Ring of Fire development opportunity in the province. Maybe what sort of milestone we should be looking out for, whether it be on the policy front or industry activity related. Perhaps you could just refresh us on what the critical minerals opportunity for the province in general could mean for your growth outlook. Good morning, Pat. Thanks for getting up early to join us on the call this morning. Ring of Fire is really interesting. Our approach towards the Ring of Fire has been to meet with the Indigenous Nations that are going to be impacted by this project with the development of that area, understand their needs, and get to build a relationship with them. That has been very successful for us. I'm quite pleased with the progress we've made there. Unfortunately, in the past, Bill 5 in Ontario and Bill C5 federally have created a bit of a wrinkle in that some of the nations feel that their rights and their ability to be adequately consulted and have influence and participate in these projects might be impacted by those bills. I remain confident and optimistic that both the federal government and provincial government with the nations can work through those challenges. That will take some time, so I would expect things to move forward a little bit more slowly than perhaps some people might have liked earlier on. It is a very rich mineral area. There are lots of critical minerals up there. I'm not a miner, so I'm not going to try to say how rich and how important it is. From everything I read and when I talk to the mining companies that are interested in there, it is a world-class mineral resource up there, and everybody wants to get in there. People recognize this has to be done in the right way. It has to be done in partnership with the communities and the people that live in that area. It has to be done in a way that respects the environment. It will be perhaps different than developments we've seen in the past. As I said, I remain optimistic we'll move forward, but there is some work that has to be done to build those bridges as a result of Bill C-5 and Bill 5 in Ontario. Understood. That's helpful. I guess when it comes to potential opportunities that might come up outside the province, I'm not sure if anything has changed just in terms of how you're thinking about bolt-on acquisitions within, say, adjacent jurisdictions that might have a net positive impact on customer affordability for Ontarians or perhaps other strategic benefits for your platform. Just curious if you had an update on the current market dynamic outside the province. Pat, it's Harry here. I'll start, David, some cleanups. If I have any omissions or errors, you know, the good news is our domestic, for lack of a better term, or Ontario growth opportunities are pretty significant, and that's our primary focus. We are open to other opportunities for us that will give us new and diversified avenues of growth as long as it doesn't detract from what we are doing in Ontario. It has to serve Ontarians' interests, which it could, to your point about helping with affordability in terms of spreading cost over bigger bases, etc. With both federal and the First Ministry priority about the nation-building projects, we're certainly interested to see what can come from that, where we can add some value and create some value for our shareholders and for our customers, if you will, without detracting from the agenda that we have in front of us. As long as it's an adder and we can do it and feel we have the capabilities where we can add some value, we're certainly open to it and we'll look and evaluate the opportunities. Pat, just to build on Harry's answer there, our largest shareholder, the Province of Ontario, is supportive of us going outside Ontario, provided you don't damage any of the work we're doing within the province, which is critical, as Harry just outlined. Provided it allows us to repatriate some additional profit back into the Province of Ontario. We have support from our largest shareholder, and the opportunities might exist out there, but we're not going to do anything to compromise the great growth rate that we see in Ontario and the responsibilities we've placed on us to develop and deliver those priority projects to sustain economic growth in Ontario. Yeah, that's great. I appreciate the clarity. I'll leave it there, guys. Thanks. Thank you. Our last question comes from the line of Robert Hope with Scotiabank. Your line is now open. Morning, everyone. Congrats on making the lease on the new roles. Maybe to start about with the kind of longer-term Ontario transmission outlook and regulatory framework. Regarding your prior comments on exceeding most of the transmission assets, even if they come up for a competitive bid, could we see in a scenario where increased competitions could potentially weigh on some returns on those projects on a longer-term basis? Rob, good morning. We're happy to compete if and when the IESO or the province wants to put something out for competition. We think we can measure up well and compete well. I don't know that the competitive process would result in lower returns. The competitive process is designed to ensure the lowest cost is achieved for the customers, and then the returns will be based on the formula and the metrics supporting the ROE formula in place at the time the application is brought. I think for us, it's about making sure we put our best foot forward if and when there is a competitive process and bring all the expertise and capabilities that we have to it to ensure that we're bringing the most value to the province and the customers. I appreciate that. Maybe just a cleanup question. The MD&A notes that work programs were a little lower in Q2. How does that look for the rest of the year, especially given the fact that it's been a very warm start to the summer, as well as kind of some business increase maybe tied up with prior work? I think the biggest reason for the delta in Q2 was so much storm restoration work, which detracted from normal course. It replaced some work, but it was in a concentrated area relative to across the province. We'll return to more normal levels now that the storm restoration work has been completed and go from there. Thank you. Thank you. That does conclude our Q&A session for today. I'd like to turn the call back over to Wassem Khalil for any further remarks. Thanks, Shannon. The management team at Hydro One thanks everyone for their time with us this morning. We appreciate your interest and your continued support. If you have any questions that weren't addressed on the call, please feel free to reach out and we'll get them answered for you. Thank you again and enjoy the rest of your day. Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program, and you may all disconnect. Have a great day.