Overview Key strengths Key risks Owns low-risk electricity transmission utility AltaLink, L.P. (ALP). Geographic and regulatory diversity limited to Alberta. Limited commodity exposure. Rising physical risk in the service territory Effective regulatory risk management. Negative discretionary cash flow during our forecast period This expectation reflects the company's essential transmission operations under a generally credit-supportive framework in Alberta, Canada. ALP?s growth capital spending is authorized by the Alberta Electric System Operator (AESO), which pays ALP?s revenues in equal monthly installments. This provides ALP with stable and predictable operating cash flow and cost recovery, eliminating volumetric risk in electricity consumption. ALP also has a consistent record of earning at least its authorized return on equity (ROE). . Under our base-case scenario, we
