I'm Pentti Karkkainen, Chair of the Board at AltaGas. On behalf of the Board, it's my pleasure to welcome you to AltaGas's 2025 Annual and Special Meeting of Shareholders. Thank you for joining us. Before we get started, I would like to introduce today's speakers and provide an overview of the meeting format. We'll start with Jennifer McFadyen, Vice President of Sustainability and Stakeholder Relations, who will provide a land acknowledgment. Then I will be joined by Jimmi Duce , Vice President and Corporate Secretary, who will assist me in providing an overview of the conduct of the meeting. We'll then have the formal portion of the meeting, and once the formal meeting is over, I will turn it over to Vern Yu, our President and Chief Executive Officer, to provide a short corporate update.
Then we'll have James Harbilas, Executive Vice President and Chief Financial Officer, join Vern and I on stage for a Q&A session to close the event. Other members of our Board and Management Team are joining us virtually. And with that, I will turn it over to Jennifer.
Thank you, Pentti. We're speaking to you today from downtown Calgary, and while we meet on a virtual platform, this land is deeply rooted in the histories and cultures of many diverse Indigenous peoples and communities. Today we meet on the traditional territories of Treaty 7 signatories, which include the Siksika Nation, the Piikani Nation, the Kainai Nation, the Îethka Stoney Nakoda Nations, comprising the Chiniki, Bearspaw, and Goodstoney, and the Tsuut'ina Nation. Calgary is also homeland to the Otipemisiwak Métis Government of the Métis Nation within Alberta Districts 5 and 6. As a business leader, I come with deep respect for this land that I'm on today, and for the people who have and do reside here. We pledge to respect and honor this land and its first inhabitants, acknowledging their enduring presence and contributions to our collective future.
We do this to reaffirm our commitment and responsibility in improving relationships between nations and to improving our own understanding of local Indigenous peoples and their cultures. It is my honor to continue to learn and work towards meaningful outcomes in areas where our business operates.
Thank you, Jennifer, and thank you to our Indigenous partners and the local communities where we work and call home. Before we start the formal meeting, I would ask our Corporate Secretary to address a few housekeeping matters related to the formal proceedings. Jimmi, over to you.
Thank you, Pentti. Good afternoon, everyone. As is the case with our in-person shareholder meetings, only shareholders of record at the close of business on the record date of March 6, 2025, and their duly appointed proxy holders may ask questions and vote on the meeting matters. If you wish to ask a question, simply click on the messaging icon and type your question in the chat box, then click the send icon to submit. Your questions will be put in the queue and addressed at the appropriate moment during the meeting. Questions about meeting business will be answered during the formal portion of the meeting, and other questions will be brought forward during the Q&A session. We encourage you to submit your questions early, and if your question relates to an item of business, to specify the item to which it relates at the start of your question.
When reading a question, I will first note the name of the registered shareholder or proxy holder submitting the question. To ensure all questions are addressed, questions of a similar nature may be answered only once. Any questions we are not able to address during the meeting will be referred to our Investor Relations Team for follow-up. To assist us in doing so, please include your email address or a phone number with your question. All items for shareholder approval today will be conducted by poll online through the Lumi platform and must be approved by a majority of the votes cast. All items being polled will appear on your screen at once. As in prior years, a significant amount of voting occurred before the meeting, and the response was positive. Thank you to our shareholders who have voted in advance.
We have received your votes, and your votes have been included in the final count. You do not need to vote again today. Any vote you cast at this meeting will revoke your prior vote. If you plan to vote today, you may choose to vote on the resolutions immediately when they appear on your screen or wait to cast your vote until the conclusion of discussion. To vote, simply click on your choice: for, withhold, or against, as applicable. A confirmation message will appear to show that your vote has been received. To change your vote, simply change your selection. If you wish to cancel your vote, press cancel. If you do not submit a vote, the vote will be shown as abstained. The votes you submitted on each polling item when the poll closes will be recorded.
Totals in favor or against or withheld for each resolution item will be tallied by the scrutineer once the polls close, and the Chair will report on the outcome of all motions at the end of the formal meeting. For meeting efficiency, the Chair will make the motions, and I will second. We are both shareholders of AltaGas. As noted in the Information Circular, the Board recommends voting in favor of the resolutions being tabled. With the housekeeping matters taken care of, I will turn the meeting back to the Chair.
Thank you, Jimmi. In accordance with our bylaws, I will chair today's meeting, and Jimmi will serve as Secretary. I also appoint Christopher Parsons, who joins us today as a representative of our Registrar and Transfer Agent, Computershare Investor Services Inc., to act as scrutineer for the meeting. I now call the meeting to order. I have been advised by Computershare that the Notice of Meeting and meeting materials were duly delivered to shareholders and that a quorum is present. Accordingly, I declare that the meeting has been duly called and is properly constituted for the transaction of business. Computershare's statutory declaration of mailing and the scrutineer's report on attendance will be filed by the Secretary with the minutes of this meeting. I now declare the polls open on all resolutions. Each person who is entitled to vote should see voting choices displayed on their screen.
As a reminder, you may vote on the resolutions immediately or wait to cast your vote following discussions on the motions. We will now commence with the business of the meeting. The agenda is as set forth in the Notice of Meeting being the presentation of financial statements, the appointment of auditors, the election of directors, the amendment to AltaGas's Option Plan, and the advisory vote on AltaGas's approach to executive compensation. Let's begin with the first item of business. The consolidated financial statements of AltaGas for the year ended December 31, 2024, Management's Discussion and Analysis, and the auditor's report thereon have been provided to shareholders. They are available on AltaGas's page on SEDAR+ and on AltaGas's website in accordance with Notice and Access provisions. No action is required by shareholders on this item.
The next item of business is to vote on the appointment of Ernst & Young LLP as auditors of AltaGas to hold office until the next annual meeting. I now move that Ernst & Young LLP be appointed as the auditors of AltaGas until the next annual meeting of shareholders or until a successor is appointed and that their remuneration be fixed by the directors of AltaGas.
Mr. Chair, I second the motion.
Thank you. You have heard the motion and is now open for discussion. Jimmi, have we received any questions on this motion from shareholders?
Mr. Chair, we have received no questions on this motion.
Thank you, Jimmi. We will now proceed with the next item on the agenda. The next item of business is the election of directors. The Board of Directors of AltaGas has fixed the number of directors to be elected at the meeting at 10. As noted in the Information Circular, our bylaws contain advance notice provisions which provide a procedure to be followed for the nomination of directors at meetings of shareholders. No other nominations were received. Therefore, the only individuals entitled to be nominated as directors at this meeting are the individuals named as nominees in AltaGas's Information Circular. In accordance with our majority voting policy, you are being asked to vote for each director separately. Jimmi, can you please read the names of the 10 director nominees set out in AltaGas's Information Circular who are standing for election?
Mr. Chair, the director nominees are as follows: Victoria Calvert, David Cornhill, Jon-Al Duplantier, Derek Evans, Cynthia Johnston, Angela Lekatsas, Pentti Karkkainen, Phillip Knoll, Nancy Tower, and Vern Yu. Each of the nominees has consented to act as a director of AltaGas until the next annual meeting or until their successor is duly elected or appointed.
Thank you, Jimmi. The nominees bring a mix of knowledge, experience, expertise, and perspectives to the boardroom. The various skills and attributes of the nominees are set out in the Information Circular. All the nominees currently sit on our Board, though Derek Evans will be standing for election for the first time today. Derek was appointed to the Board in January. He is an industry leader and strong advocate for the energy industry with broad industry experience, with over 40 years of experience in various operational and senior executive positions in the oil and gas business in Western Canada. Mr. Evans brings a wealth of knowledge and experience to our Board, and we believe his strategic mindset and collaborative leadership style will benefit our organization as we continue to focus on driving long-term stakeholder value.
I would also like to take a moment to acknowledge the dedication of longtime director Robert Hodgins, who is not standing for reelection at today's meeting. Bob, thank you for your substantial contributions and valuable insights during your 20-year tenure, including your commitment to AltaGas's stakeholders and your strong leadership as past Audit Committee chair and as a member of the Governance Committee. Bob, I know I speak on behalf of the entire Board when I say it has been a pleasure serving alongside you, and we will miss your presence in our boardroom. With that, I now move that the individuals nominated as directors, as listed by the Secretary, be elected as directors of AltaGas to hold office until the next annual meeting of shareholders or until they cease to be a director by operation of law or until their resignation becomes effective.
Mr. Chair, I second the motion.
Thank you. You've heard the motion and it is now open for discussion. Jimmi, have we received any questions on this motion from shareholders?
Mr. Chair, we have received no questions on this motion.
Thank you, Jimmi. With that, we will move on to the next item on the agenda. The next item of business is the consideration of the resolution to amend the Option Plan. The Board has approved the change from a rolling Option Plan to a fixed maximum number Option Plan and fixed the number of common shares that may be issued on the exercise of options at 14.5 million. Subject to shareholder approval and the final approval of the TSX. With that, I move that the resolution set out on page 16 of AltaGas's management Information Circular dated March 6, 2025, approving the amendments to AltaGas's Option Plan and the unallocated options and their issuance be approved by shareholders.
Mr. Chair, I second the motion.
Thank you. You've heard the motion and is now open for discussion. Jimmi, have we received any questions on this motion from shareholders?
Mr. Chair, we have received no questions on this motion.
Thank you, Jimmi. With that, we will move on to the final item on the agenda, which is the consideration of AltaGas's approach to executive compensation. This is an advisory vote, so the results will not be binding, but the Board will take the results into consideration in its ongoing review of executive compensation. I move to accept on an advisory basis and not to diminish the roles and responsibilities of the Board of Directors AltaGas's approach to executive compensation as disclosed in AltaGas's Management Information Circular dated March 6, 2025.
Mr. Chair, I second the motion.
Thank you. You have heard the motion and it is now open for discussion. Jimmi, have we received any questions on this motion from shareholders?
Mr. Chair, we have received no questions on this motion.
Thank you. That was the final agenda item. For those of you who have not yet cast your votes, please do so now. I will pause briefly before closing the polls. Thank you. The polls are now closed.
Mr. Chair, based on the preliminary results from the scrutineer, I can advise that each of the motions has been passed by a majority of the votes cast.
Thank you, Jimmi, and thank you to the scrutineer. On that basis, I declare that all motions have been carried. Final voting results will be published on SEDAR+ tomorrow. As there is no further business, I now declare the meeting terminated. Thank you to all our shareholders for participating in the annual and special meeting either by voting in advance or voting virtually today, and thank you for your support of AltaGas. Prior to turning the meeting over to our President and Chief Executive Officer, Vern Yu, I'd like to draw your attention to our advisory statement. Please take a moment to review the posted advisory statement regarding forward-looking information and non-GAAP measures. Within our corporate update, we may make forward-looking statements which involve certain assumptions and we have inherent risks and uncertainties. Actual results could therefore differ from these statements.
We may also reference certain financial measures that do not have a standardized meaning prescribed by U.S. GAAP. This past year was a successful year for AltaGas. We advanced our strategic priorities by investing in long-life energy infrastructure. We focused on our balance sheet and strengthening our enterprise. All this in service of one goal: reliably growing the long-term value for our shareholders. As the stewards of our company, the Board of Directors focuses on providing our foresight, our oversight, and our insight to help lead AltaGas and ensure the highest ethical standards are maintained. Our core values are at the heart of how we do business. They guide every decision we make and every interaction we have with each other and the communities we serve.
I would like to recognize and thank the leadership team and employees of AltaGas for their continued execution of our strategic priorities, as well as stakeholders, Indigenous, and local communities for joining us on our journey, and lastly, thank you to my colleagues on the Board for your stewardship and sound counsel as we collectively execute our responsibilities. With that, I will turn the mic over to you, Vern.
Good afternoon, and thank you for taking the time to be with us today. 2024 was a very busy year, one filled with progress, growth, and momentum. Our unique business model is one of a kind, providing a competitive edge to deliver the energy the world needs. AltaGas is a great company. This short video highlights why.
Our vision is clear. We deliver competitively priced, reliable, and safe energy to customers and markets across North America and beyond. At AltaGas, we are focused on strengthening our enterprise by building energy projects where it counts, reducing risks across our operations, and creating consistent long-term investment value. This is our strategy at work: unlocking potential and possibility. We are raising the bar with our long-life energy infrastructure, setting new standards for resilience and compounding value. From wellhead to tidewater, our midstream value chain is uniquely positioned to connect high-demand customers and markets with the energy they need nearly twice as fast as other shipping roads and more efficiently than ever. Our unique business model marries our strategic midstream advantages with the steady returns from our regulated utilities. From coast to coast, AltaGas is a company that's built for what's next.
Delivering rate-regulated natural gas distribution and storage infrastructure, we flex to our customers' needs because they are at the heart of everything we do. Today, our energy fuels 1.6 million residential, commercial, and industrial customers to power their homes, businesses, and communities. That's the business we're in. At AltaGas, we take great pride in the partnerships we build and cultivate. An equitable energy future requires collaboration and trust and takes all of us hand in hand, shoulder to shoulder, creating shared prosperity together. By collaborating with stakeholders, Indigenous, and local communities, we are building stronger communities together, taking steps to mitigate the environmental impact of our operations and keeping our people safe. Our story is strong. It features energy assets designed for the future and a strategy built on resilience to unlock long-term value.
Whether it's improving efficiency for our customers, lowering emissions through thoughtful infrastructure investments, or providing strategic direction to drive growth across our operations, our team is setting the pace within the industry. We are focused on delivering exceptional results for each other, our communities, customers, and shareholders today and for the future.
2024 was a very successful year for AltaGas, and I'm pleased to share some of the highlights with you. We made strong progress on our strategic priorities. We optimized our business, advanced a number of key growth projects, further de-leveraged the balance sheet, and de-risked our commercial operations. I want to thank our employees and contractors for helping us achieve these strong results and for delivering them safely. In 2024, we significantly improved our safety performance levels over 2023 by reducing recordable injuries across the enterprise. Financially, we delivered normalized EBITDA of CAD 1.769 billion for the year, which was in the top end of our 2024 guidance range. 2024 normalized EPS came in at CAD 2.18, which is in the upper half of our guidance range. In midstream, we delivered record global export volumes of 122,000 barrels per day across 80 VLGCs.
That's a VLGC leaving our facilities once every four and a half days. Customer demand to access our terminals was strong and has strengthened in the wake of the current tariff war. The global trade uncertainty has reinforced the importance of market diversification, reiterating the need to connect Canada's energy exports to premium global markets. Commercially, we made strong progress de-risking the business. We have executed additional long-term contracting across our global exports platform. We have now exceeded our 2027 tolling target of 100,000 barrels per day, which significantly de-risked the REEF project and our global exports business. Our utilities continue to be very active, executing on our network modernization programs, improving the safety and reliability of our distribution system. The programs ensure we continue to meet the long-term energy needs of our customers in a safe, reliable, and affordable way.
Our rate base grew by 5% year over year through modernization investments and the addition of new customers. In 2024, we ramped up our cost management efforts at the utilities to align our cost structure with customer rates. These actions helped drive another year of strong shareholder value creation while protecting customer affordability. During 2024, AltaGas delivered a 20% total shareholder return, and we outperformed our peer group by more than 15% annually over the last five years. The momentum continues as we've been the top-performing stock within our peer group in 2025. Tariffs have highlighted the value of our low-risk diversified business and our global exports platform. Turning to our growth projects, I'll start with utilities. Sizable investments for pipeline replacement, asset modernization, and system expansion continue to be a major focus.
We have deployed approximately CAD 5 billion of capital since 2019, driving a 9% rate-based CAGR over that timeframe. We have more than CAD 1.7 billion of pipeline modernization capital to be deployed over the next four years across our four operating jurisdictions. These programs allow us to balance the need of improving safety and reliability of our network while ensuring that we deliver timely returns on our invested capital. We continue to add new customers at a strong pace that has averaged approximately 1% per year, including 12,000 new meters in 2024. We're also excited about the Keweenaw Connector project in Michigan. The project will improve system reliability and extend natural gas service to approximately 14,000 new customers. The project is nearly through its regulatory approval process, and we expect the construction to commence in 2026. Data center opportunities continue to show promise.
Our utilities are in the heart of the most active data center development region in the world, and we are working with several developers in Northern Virginia to evaluate building pipeline interconnects for on-site generation to support their long-term energy needs. We are pursuing these opportunities on a de-risk basis through traditional rate-based investments. In midstream, we remain focused on the construction of our two major growth projects: REEF, our third West Coast LPG export terminal, and Pipestone II, a 100 million cu ft per day deep-cut gas processing plant in the Alberta Montney. At REEF, we are currently advancing a number of project execution work streams, including uplands work, rail and utilities construction, off-site facilities fabrication, and jetty construction. One of the key risks of the project, the earthworks site preparation, is now behind us. We completed overburden removal earlier this year and are approaching completion of rock blasting.
Work is progressing on-site grading and facility foundations. Off-site fabrication of the LPG storage units and bullets in Asia is progressing nicely, with the storage units and LPG bullets over 70% complete. Compression and refrigeration is also progressing off-site in controlled manufacturing environments on a modular basis. The units will then be assembled on-site, which materially reduces project execution risk. Progress on the jetty has accelerated and is recovering from weather-related delays experienced during the winter. We now have 88 piles driven into the seabed and have seen increased efficiencies since March 1st. Construction remains on budget and schedule, with a year-end 2026 in- service date. Pipestone II is also progressing well. It is on track for a December 2025 in- service date. Facilities construction is approaching 80% completion, which is the final work stream for the project.
The facility is 100% backed by long-term take-or-pay contracts with marquee producers, and principally all the capital cost has either been completed or is under fixed-price contracts. Strong customer demand for additional service offerings has provided midstream with a robust pipeline of additional organic growth opportunities. We recently reached a positive final investment decision for the RIPET Methanol Removal Project. The project will increase the number of downstream markets that RIPET can access in Asia, which further enhances the profitability of our global export business. At our Dimsdale Gas Storage Facility, we're evaluating a two-stage facility expansion for an additional 54 BCF of gas storage. We continue to advance work at our fractionation facility in Northeast BC, North Pine. The facility recently completed an optimization project to increase throughput. Volumes at North Pine are already approaching its new capacity.
As such, we are evaluating a brownfield expansion to substantially increase North Pine's total fractionation capacity. Strong commercial success for the first phase of REEF has allowed us to accelerate the regulatory and engineering work for the next phases of REEF. Demand for capacity at REEF highlights the importance of building energy infrastructure that connects Canadian energy to premium global markets. Having a wide range of projects with different execution horizons allows us to continue to grow the enterprise on a consistent basis over time. We will continue to be disciplined with our annual investment capacity, which ensures that only the best risk-adjusted projects move forward. In 2025, our strategic priorities remain unchanged. We will continue to execute our long-term priorities of optimizing our assets, growing the enterprise on a de-risk basis, de-leveraging the balance sheet, and returning more capital to our shareholders. Let's close out with our value proposition.
We're positioned to deliver industry-leading dividend growth through stable and increasing earnings and cash flows. We're improving our risk profile through long-term commercial contracts and will continue to de-leverage the balance sheet in 2025. The long-term fundamentals for AltaGas remain very robust and underpin our visible industry-leading growth profile. I am proud of what the team has achieved in 2024 and very excited about AltaGas's future. The continued execution of our strategic plan will drive robust shareholder returns for years to come, and with that, I'll open the floor to any questions from our shareholders.
Thank you, Vern. We are pleased to have James Harbilas join us on stage and open the floor for questions.
Jimmi, are there any questions from shareholders?
There are no questions.
We've reached the end of our Q&A session. We encourage you to reach out to us throughout the year with your questions by contacting our Investor Relations Department, or if your question is governance-related, by contacting the Board in accordance with the Board Shareholder Engagement Policy. Before we close today's meeting, I would like to thank the team across North America who remain focused on executing our strategic priorities safely and responsibly. The work you do is important, and I'm glad you continue to choose AltaGas as a great place to work. To the communities we serve, our indigenous communities, and our stakeholders, you play an important role in helping share our energy future. Thank you, and to our valued shareholders, thank you for joining us today and voting. Our team is grateful for your continued support, confidence, and investments in AltaGas.