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Benefits

 

Helping Ontario get the most value from its power generation

Aside from benefitting the climate, the project will ensure Ontario gets the most value from its power generation, storing excess energy at night, during periods of low demand, and providing an energy balance by delivering that stored energy during the day, at times of extreme weather, during periods of high demand, reliably and responsibly. The project will reduce the need for reliance on natural-gas-fired power generation, will save Ontario ratepayers $250 million per year, and create 1,000 jobs during development and construction.

A made-in-Ontario solution

to benefit Ontarians

This project is one of the largest climate-change initiatives being developed in Canada and offers a number of benefits — reduction of greenhouse gas emissions, lower electricity costs, creation of more than 1000 jobs and improved reliability of Ontario’s electrical system. At a local level, the project is also expected to have a significant positive impact on local community economies during operation through the creation of skilled jobs, purchasing of local goods and services (e.g. equipment parts, fabrication, consulting, construction services, labour, materials such as gravel, etc.) and the associated indirect and induced financial benefits.

$12B in long-term electricity savings. $250M annual savings for consumers. +1K jobs over 4 yrs.

A socio-economic effects assessment will be completed that will provide more information regarding anticipated direct, indirect and induced benefits of the project (i.e. employment, personal income, GDP, government tax revenue, etc.). This information will be made public and will be used along with the other studies to evaluate the potential effects of the project.

Once in operation, it is anticipated the facility will employ approximately 20 permanent positions. There will also be significant local contracting work to support operations and maintenance in addition to the direct operations roles.

TC Energy - Proposed Pump Storage Project - Community Newsletter - November 2020 - Thumbnail

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