Core Viewpoint - The Tennessee Valley Authority (TVA) has reversed its commitment to renewable energy and canceled the retirement of two major coal plants, indicating a significant shift in energy strategy that could impact the broader energy market [3][4]. Group 1: TVA's Role and Influence - TVA is the largest public power provider in the U.S., serving 10 million people across seven states, making its decisions influential on a national scale [2]. - The recent actions taken by TVA highlight the fluidity of energy markets, challenging previous assumptions held by investors [2]. Group 2: Strategic Changes - TVA had previously planned to retire two major coal plants (Kingston and Cumberland) by 2027 and 2028, intending to replace them with natural gas and renewable energy solutions [5]. - The board's recent unanimous decision to drop renewable energy as a priority and to extend the operational timeline for coal plants marks a significant departure from its earlier decarbonization strategy [6]. Group 3: Implications of the Decision - The decision to maintain coal operations and deprioritize renewable energy has serious implications for industrial strategy, regulatory outlooks, and investment decisions in the energy sector [4][6]. - The board's choice appears to be driven by both commercial interests and political considerations, reflecting a complex interplay of factors influencing energy policy [6].

INVESTOR PRESENTATION Q1 2026 FORWARD LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opport ...