Joint Message from the Chair, and President and CEO

EE JoinT Letter

Resiliency, responsiveness, and readiness for the future of energy

As we reflect on 2022, it was certainly an eventful year at Elexicon Energy. There were many planned projects we were pleased to launch, and unplanned situations that required the immediate attention of all employees.

All eyes were on the challenges of climate change and the importance of our transition to net zero. We are seeing an increase in the frequency and severity of storms, and Ontario was hit by three major weather events that caused widespread power outages and significant damage to the communities served by Elexicon.

Power restoration is never easy and can be further complicated by the extent of the damage and repair work required to re-energize customers. We are incredibly proud of how our crews, system operators and support teams demonstrated their readiness and resiliency throughout the year, and particularly in their response following all three major storms to restore power as quickly and as safely as possible.

The storm-related power outages emphasized just how important and critical electricity is to our customers and communities. They count on us to provide reliable, safe and affordable energy today, while developing the solutions they will need tomorrow.

It reminds us that we are at a pivotal moment in our industry. The electricity grid is transforming, demand is increasing, supply is under pressure, and technology for utilities and customers is evolving. The spotlight on our sector is growing brighter each day. The future of energy rests on the current transformational changes and electrification that are happening, which will in turn place increasing pressure on our business to deliver.

We understand that electricity powers life’s most meaningful moments, and in December 2022, we energized the Seaton Municipal Transformer Station. This is the first municipal transformer station wholly owned and operated by Elexicon. The station meets the rising power needs of our existing customers and will facilitate future customer growth as well as the connection of renewables.

Community engagement is at the heart of how Elexicon operates. Our Corporate Giving Program is about empowering the communities we serve to create a better future, together. Last year, the program provided funding to more than 100 community initiatives with a total donation amount of approximately $350,000.

To strengthen the organization for the future, we continue to develop our One Elexicon Culture. This initiative has diversity, equity and inclusion at its heart. We have refreshed our vision and mission with “Our Why”, “Our Way” and “Our How” operating principles that drive everything we do. We have partnered with a 100 per cent Indigenous owned consultancy firm and started work on developing a Reconciliation Action Plan, as well as created a Land Acknowledgement and territory map for the areas we serve.

As we look to that future, we have also assessed our workplace and our expectations for employees post pandemic. We have adopted a hybrid work model for employees whose job does not require them to be in the office full time. We truly believe that our people are our most valuable assets and are proud of the commitment they have demonstrated in keeping our work environment healthy and safe for their colleagues.

Finally, whether it be their response to emergency situations like the devastating storms, their support for our safe return to work, or their vision as we plan for the future, we would like to thank our employees for their outstanding efforts as Elexicon continues to grow and evolve to meet the changing needs of our customers and the communities we serve.

Our Energy, Our Future.

Paul Murphy SignatureIndrani J.Butany-DeSouza Signature

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