Exhibit 99.2
FORM 51-102F3
MATERIAL CHANGE REPORT
| Item 1: | Name and Address of Company |
Hydro One Inc. (“Hydro One”)
483 Bay Street, South Tower, 8th Floor
Toronto, Ontario M5G 2P5
| Item 2: | Date of Material Change |
June 21, 2022
A news release announcing the material change referred to in this report was issued through Cision Canada and filed on SEDAR under Hydro One’s profile at www.sedar.com on June 21, 2022.
| Item 4: | Summary of Material Change |
On June 21, 2022, Hydro One Limited (“HOL”) announced that Mark Poweska will step down as President and Chief Executive Officer (“CEO”) and director of HOL and Hydro One to assume a leadership position at a utility closer to his family in Western Canada later this year. William (Bill) Sheffield, a member of the Board of Directors of HOL and Hydro One (“Board of Directors”) since 2018, has been appointed Interim President and CEO of HOL and Hydro One effective June 21, 2022.
| Item 5: | Full Description of Material Change |
On June 21, 2022, HOL announced that Mark Poweska will step down as President and CEO and director of HOL and Hydro One to assume a leadership position at a utility closer to his family in Western Canada later this year. William (Bill) Sheffield, a member of the Board of Directors since 2018, has been appointed Interim President and CEO of HOL and Hydro One effective June 21, 2022. Mr. Poweska will remain with Hydro One as an advisor to support Mr. Sheffield with the transition.
Bill Sheffield is a highly-regarded leader with experience in the electricity industry in Ontario who will provide continuity as the company delivers on its commitments. He will leverage Hydro One’s significant bench-strength to further advance the company’s vision, mission and strategy as the Board of Directors begin a thorough CEO selection process.
Bio: William (Bill) Sheffield
William (Bill) Sheffield is the former CEO of Sappi Fine Papers, headquartered in the United Kingdom and South Africa. He began his career in the steel industry with Stelco Inc., headquartered in Ontario. Mr. Sheffield also held senior roles in the forest products industry with Abitibi-Price Inc. and Abitibi-Consolidated Inc. where he led the forestry, mill and hydro-electric operations with the Iroquois Falls Division in northern Ontario.
Mr. Sheffield has been a corporate director since 2004 and is currently completing his last term on the board of Velan Inc. His previous directorships include Ontario Power Generation, Canada Post Corporation, Houston Wire & Cable Company, Pan Asia Paper, Corby Distilleries, Royal Group Technologies, 4iiii Innovations Inc., Family Enterprise Canada, and SHAD. In addition to his engagements on the boards of public companies and Crown corporations, Mr. Sheffield also has experience with family enterprise advisory boards such as Burnbrae Farms, Longview Aviation Capital Corp. and Epicure.
Mr. Sheffield holds a Bachelor of Science (Chemistry) from Carleton University, a Master of Business Administration (MBA) from McMaster University and holds his ICD.D. designation from the Institute of Corporate Directors. In 2015, he was awarded a Fellowship from the National Association of Corporate Directors in the United States. He also completed the Family Enterprise Advisors Program (FEA) at the University of British Columbia.
