A pumped storage facility proposed by TC Energy on Department of Defence lands in Meaford is headed for final evaluations in the province’s regulatory process.
The company released a statement on Monday following an announcement by the Ford government concerning its energy plans.
Some excerpts from the statement can be read below:
TC Energy Corporation welcomes (Monday’s) announcement from the Government of Ontario, which outlines a sustainable road map towards achieving an emission-free electricity sector. As part of the announcement, the Ministry of Energy will now commence a final evaluation on the proposed Ontario Pumped Storage Project (the Project) and render a decision by the end of the year.
Ontario Pumped Storage is a made-in-Ontario solution that would keep jobs at home and rely on safe domestic supply chains. Proposed for development by TC Energy and its prospective partner Saugeen Ojibway Nation, Ontario Pumped Storage would be Ontario’s largest energy storage project, storing enough clean electricity to power one million homes for 11 hours. As Ontario transitions to a cleaner electricity grid, it will need a portfolio of new emission-free power that will rely heavily on long duration storage. Ontario Pumped Storage would deliver clean energy during times of peak demand while providing ratepayers with an affordable solution to drive Ontario’s clean energy transition and accelerate economic growth in the province.
The Project is subject to the approval of TC Energy’s board of directors and a successful partnership agreement with the Saugeen Ojibway Nation. TC Energy is targeting a final investment decision in 2024. It is expected to be in-service in the early 2030s, subject to receipt of regulatory and corporate approvals.
Anticipated Timeline
The Ministry of Energy has directed the Independent Electricity System Operator (IESO) to conduct a final analysis of Ontario Pumped Storage to validate its role as part of Ontario’s electricity system. The IESO will provide their analysis to the Ministry by Sept. 30, 2023.
In parallel, the Ministry of Energy will launch consultations on Ontario’s Regulatory Registry and the Environmental Registry of Ontario on the potential to rate regulate Ontario Pumped Storage via the Ontario Energy Board.
By Nov. 30, 2023, the Minister of Energy will make a final determination on Ontario Pumped Storage.
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