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Valener Inc. Fiscal Yr Update

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Valener(VNR) owns a 29% interest in Energir (previously GazMétro LP) whose core business is the distribution of natural gas in Quebec and Vermont and the distribution of electricity in Vermont. As well Valener directly owns wind power generation assets in Quebec. Natural gas and wind power generation in Quebec contributes approximately 55% of AFFO with the balance mainly from power generation and distribution and natural gas utilities in Vermont.

GazMétro is the largest natural gas distribution company in Quebec, where its network of over 10,000 km of underground pipelines GazMetro serves 300 municipalities and more than 205,000 customers in Quebec, and 315,000 customers in Vermont. They serve 70% of the electricity distribution market in Vermont. GazMétro is actively involved in the development of wind power, the use of natural gas as a transportation fuel and the development of biomethane. With $7.7B in assets, Gaz Metro Inc. is a major energy player in Quebec and the third largest natural gas distributor in Canada, and the sole gas distributor in Vermont. The 29% investment in Gaz Metro and the approximate 50% interest in the wind farms is carried at $894M.

Vermont represents 41% of Gaz Metro's assets and 60% of distribution customers. Gaz Métro's activities are segmented by: Energy Distribution, Transportation of Natural Gas, Storage of Natural Gas, as well as Energy Services. Energy services include natural gas fuelling for the commercial transportation sector.

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