Assumptions

• Capital investment is repaid incrementally, with 5% being paid out in year 2 through year 10. The 55% balance is paid out at maturity.

• Dividends are paid out yearly starting in year 2 at a rate set by the Board.

• Emission calculations are based on the Toronto Atmospheric Fund's “marginal emissions factor” (MEF) report (see A Clearer View of Ontario’s Emissions, 2021).

• Solar production is generally at peak energy usage times of day, therefore an MEF of 133 g/kWh has been assumed.

• Wind production is generally across all energy usage times of day, therefore an MEF of 123 g/kWh has been assumed.

• Energy efficiency retrofits, between lighting and heating, is generally across all energy usage times of day, therefore an MEF of 123 g/kWh has been assumed.

• Car emissions equivalent of 206 g / km and 4,854 km / tonne are based on Canadian cars are the world's dirtiest, (Canada's National Observer, 2019).

• The average Ontario household consumes about 9,500 kWh of electricity per year (energyrates.ca).

• Estimates for MWh energy, and tonnes of GHGs reduced, are based on the total the depreciating capital will contribute over a 10 year term.