Hydro One is Ontario's dominant electricity transmission and distribution utility. The company owns and operates roughly 94% of Ontario's transmission system by revenue requirement, and its distribution subsidiary is the largest local distribution company in the province. Hydro One does not generate or sell electricity — it only moves it, earning regulated returns set by the Ontario Energy Board. The transmission segment (~54% of revenues net of purchased power) operates roughly 30,000 circuit kilometres of high-voltage lines connecting generators to local distributors and large industrial customers. The distribution segment (~46% of revenues net of purchased power) delivers electricity over approximately 126,000 circuit kilometres of lower-voltage lines to roughly 1.5 million customers, predominantly in rural Ontario. Hydro One earns a regulated return on equity on its approved capital asset base, meaning earnings growth is driven primarily by capital investment — currently running at over $3B per year. Growth is driven by two levers: ongoing investment in the existing network, and a pipeline of 13 major new transmission lines designated by the Ontario government under its Integrated Energy Plan, targeting Ontario's forecast 70% electricity demand growth by 2050. Hydro One also grows through acquisitions of smaller local distribution companies and recently acquired a 48% stake in the East-West Tie Transmission Line for ~$261M. For new large-scale transmission projects above $100M, Hydro One offers First Nations partners a 50% equity stake in the transmission line component.