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CALGARY, Alberta — AltaLink is continuing to focus on providing safe, affordable and reliable transmission service for its customers. On April 9, 2026, AltaLink submitted an application to the Alberta Utilities Commission, which, if approved, will keep AltaLink’s rates below 2018 levels for the eighth consecutive year. If AltaLink’s rates had followed inflation over those eight years, Albertans would have paid more than $1 billion more for their transmission service.
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During the last eight years while keeping its rates below 2018 levels, AltaLink’s reliability performance improved by 13 per cent and customer satisfaction improved by 8 per cent.
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“Since 2019, when we began our commitment to keeping our rates below 2018 levels, we have worked tirelessly to manage costs while improving our operational performance,” said Gary Hart, AltaLink’s President and Chief Executive Officer. “It’s the commitment of every employee at AltaLink that has allowed us to achieve such positive results during the past eight years without increasing costs beyond what they were in 2018.”
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AltaLink names Paul Lee as new President
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Today AltaLink announced Gary Hart, AltaLink’s President and Chief Executive Officer, is retiring and that Paul Lee will assume the role of President effective May 19, 2026.
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“I want to thank Gary for his commitment to AltaLink and its customers,” said David Tuer, Chairman of the AltaLink Board of Directors. “His focus on continuous improvement has helped to deliver outstanding performance at AltaLink.”
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Mr. Lee is a registered Professional Engineer with APEGA and has a Bachelor of Science in Computer Engineering from the University of Alberta, as well as an MBA from the Haskayne School of Business at the University of Calgary. He was most recently AltaLink’s Senior Vice President of Corporate Services and Projects. Since first joining AltaLink in 2004, Mr. Lee has held a variety of senior positions in AltaLink’s Projects, System Operations and Customer Service groups. He currently serves on the Board of Directors for the Calgary Philharmonic Orchestra and the Werklund Centre.
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“Our team at AltaLink is focused on ensuring we deliver safe and reliable electricity to the millions of Albertans we serve,” said Mr. Lee. “We realize the critical role we play in powering the lives of our customers and the economic engine of our province. I’m incredibly proud to be part of this team.”
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AltaLink announces 2026 first quarter financial results
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Today, AltaLink, L.P. announced comprehensive income of $82.1 million for the three months ended March 31, 2026, compared to $80.2 million for the same quarter in 2025, an increase of $1.9 million. The increase is primarily due to higher equity returns on higher rate base in 2026 and a higher approved return on equity of 9.02% in 2026 versus 8.97% in 2025.
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For the three months ended March 31, 2026, our revenue from operations was $249.9 million, an increase of $3.6 million compared to the same period in 2025. The change is primarily due to higher equity returns on rate base in 2026 due to a higher approved return on equity of 9.02% in 2026 versus 8.97% in 2025 and higher recovery of other allowable costs of transmission services.
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As a partnership, AltaLink, L.P. reports its net income before income taxes; therefore, its results are not directly comparable with net income reported by corporations that recognize income taxes in their financial statements.
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AltaLink’s full financial results and management’s discussion and analysis can be found on AltaLink’s website at www.altalink.ca or on SEDAR+ at www.sedarplus.ca.
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Headquartered in Calgary, with offices in Edmonton, Red Deer and Lethbridge, AltaLink is Alberta’s largest electricity transmission provider, with approximately 13,400 kilometres of transmission lines and more than 310 substations. AltaLink is partnering with its customers to provide innovative solutions to meet the province’s demand for reliable and affordable energy.
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Significant highlights during the first quarter of 2026
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AltaLink’s safe delivery of affordable and reliable electricity for its customers is highlighted in its 2026 first quarter results:
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- We achieved a customer satisfaction average score of 9.70 out of 10 compared to 9.83 for the same quarter in 2025. Our first quarter of 2025 results were our best-ever achieved to date.
- Our customer average outage duration increased to almost four minutes compared to two minutes for the same quarter in 2025.
- We had two employee injuries, representing a total recordable injury frequency rate of 1.25, compared to zero injuries for the same quarter in 2025. AltaLink’s annual safety performance remains strong, with a total recordable injury frequency rate of 0.48, for the twelve-month period ending March 31, 2026. Additionally, AltaLink has not had a preventable vehicle accident in 679 days, with over six million kilometres of driving during this time.
- On March 10, 2026, the AUC issued its decision with respect to AltaLink’s 2026-2027 GTA, which provided directions on the matters excluded from the previously approved negotiated settlement agreement. The AUC approved the 2026-2027 wildfire mitigation plan capital forecast at $40.6 million, representing a 39% increase from the 2024-2025 GTA decision. The AUC disallowed $12.8 million of capital costs for the 2024-2025 wildfire mitigation plan that exceeded the AUC-approved forecast levels in its 2024-2025 GTA decision. On April 9, 2026, AltaLink filed its compliance filing with total revised revenue requirements, including PLP and KLP, of $904.0 million and $939.2 million for 2026 and 2027, respectively. The total revenue requirement of $904.0 million for 2026, pending final AUC approval, will enable AltaLink to continue to achieve revenue requirement at or below the 2018 approved revenue requirement for eight years.
- On March 12, 2026, we received the United Way’s Quantum Leap Award, which recognizes organizations with significant year-over-year growth in employee participation and fundraising, and we were nominated for the Spirit of Volunteerism Award, which celebrates organizations that demonstrate exceptional creativity, passion and employee engagement in support of their United Way campaign. This recognition reflects the strength of our employee-led campaign and the collective commitment of our employees. In 2025, our employees raised $905,941 for the United Way after the dollar-for-dollar match by AltaLink, establishing a new Powerful Giving record for AltaLink and bringing our total to more than $13.0 million since 2002.
- On May 1, 2026, S&P reaffirmed its issuer credit rating and senior secured rating on AltaLink at “A-” with a stable outlook. On January 23, 2026, DBRS reaffirmed its ratings on AltaLink including the Issuer, Medium-Term Note (Secured), and Senior Secured Note ratings at “A”, as well as the Commercial Paper rating at R-1 (low), all with stable trends. “A” and “A-” ratings allow us to keep debt financing costs low for our customers.
- We earned net and comprehensive income of $82.1 million compared to $80.2 million for the same quarter in 2025. Our income increased mainly due to higher equity returns on higher rate base in 2026 and a higher approved return on equity of 9.02% in 2026 versus 8.97% in 2025.
- We invested $143.6 million in capital assets compared to $103.6 million for the same quarter in 2025 to ensure continued electric transmission system safety and reliability and to connect customers.
- AltaLink has been selected to receive more than $1.8 million in funding from Emissions Reduction Alberta and the Government of Alberta through the Industrial Transformation Challenge for the Dynamic Line Rating Project. This investment will offset a portion of the project cost, supporting affordable transmission for Albertans. The project aims to address transmission system capacity by using technology to calculate transmission line ratings in real-time.
- Following consultation with industry, including AltaLink, on March 5, 2026, the Alberta government launched its Alberta Wildfire Mitigation Strategy. The strategy highlights the importance of ongoing collaboration with communities, industry partners and municipalities around wildfire mitigation, including the role the utility industry plays when it comes to wildfire preparation, resilience and mitigation efforts.
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