In a bid to accelerate the province's ambitions for clean economic growth, TC Energy Corporation has announced significant progress in the development of the Ontario Pumped Storage Project. The Government of Ontario in Canada has unveiled a sustainable road map aimed at achieving an emission-free electricity sector, and as part of this plan, the Ministry of Energy is set to undertake a final evaluation of the proposed Ontario Pumped Storage Project. A decision is expected to be reached by the end of the year.
Ontario Pumped Storage is a collaborative effort between TC Energy and the Saugeen Ojibway Nation. The project is designed to be Ontario's largest energy storage initiative, capable of storing clean electricity to power one million homes for 11 hours. As the province strives to transition to a cleaner electricity grid, long duration storage solutions like Ontario Pumped Storage will play a pivotal role in providing reliable, emission-free power during peak demand periods.
The success of the Project hinges on the approval of TC Energy's board of directors and a fruitful partnership agreement with the Saugeen Ojibway Nation. TC Energy is aiming for a final investment decision in 2024, with the anticipated in-service date being in the early 2030s, pending regulatory and corporate approvals.
“Ontario Pumped Storage will be a critical component of Ontario’s growing clean economy and will deliver significant benefits and savings to consumers,” said Corey Hessen, Executive Vice-President and President, TC Energy, Power and Energy Solutions. “Ontario continues to attract major investments that will have large power needs — many of which are seeking zero-emission energy before they invest. We are pleased the government is advancing efforts to recognize the significant role that long duration storage plays — firming resources will become increasingly valuable in supporting a future emission-free electricity system.”
The Municipality of Meaford also expressed its support for the project, recognizing the positive impact it could have on the local economy and the overall electricity system of Ontario. Additionally, various stakeholders, including LiUNA OPDC, LiUNA Local 183, and the Ontario Chamber of Commerce, lauded the potential for job creation, training opportunities, and resilient energy infrastructure.
The timeline for Ontario Pumped Storage's progress includes a final analysis by the Independent Electricity System Operator (IESO) to confirm its role in Ontario's electricity system, to be completed by 30 September 2023. Concurrently, the Ministry of Energy will engage in consultations on the potential regulation of the Project via the Ontario Energy Board, with a final determination scheduled for 30 November 2023.
