{"id":768667,"date":"2023-07-10T14:54:49","date_gmt":"2023-07-10T18:54:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/tc-energys-pumped-storage-project-moving-to-final-evaluation\/"},"modified":"2023-07-10T14:54:49","modified_gmt":"2023-07-10T18:54:49","slug":"tc-energys-pumped-storage-project-moving-to-final-evaluation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/tc-energys-pumped-storage-project-moving-to-final-evaluation\/","title":{"rendered":"TC Energy\u2019s Pumped Storage Project moving to final evaluation"},"content":{"rendered":"

\nMade-in-Ontario: a solution to accelerate the province\u2019s ambitious plans for clean economic growth
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TORONTO, July 10, 2023 (GLOBE NEWSWIRE) — News Release \u2013 TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) welcomes\u00a0today\u2019s announcement<\/a> from the Government of Ontario, which outlines a sustainable road map towards achieving an emission-free electricity sector.\u00a0 As part of the announcement, the Ministry of Energy will now commence a final evaluation on the proposed Ontario Pumped Storage Project<\/u><\/a> (the Project) and render a decision by the end of the year.<\/p>\n

Ontario Pumped Storage is a made-in-Ontario solution that would keep jobs at home and rely on safe domestic supply chains.\u00a0 Proposed for development by TC Energy and its prospective partner Saugeen Ojibway Nation, Ontario Pumped Storage would be Ontario\u2019s largest energy storage project, storing enough clean electricity to power one million homes for 11 hours.\u00a0 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.\u00a0 Ontario Pumped Storage would deliver clean energy during times of peak demand while providing ratepayers with an affordable solution to drive Ontario\u2019s clean energy transition and accelerate economic growth in the province.<\/p>\n

The Project is subject to the approval of TC Energy\u2019s 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.<\/p>\n

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\u201cOntario Pumped Storage will be a critical component of Ontario\u2019s growing clean economy and will deliver significant benefits and savings to consumers. 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 \u2013 firming resources will become increasingly valuable in supporting a future emission-free electricity system,\u201d Corey Hessen, Executive Vice-President and President, TC Energy, Power and Energy Solutions.<\/p>\n

\u201cOntario Pumped Storage represents a significant partnership opportunity for the people of Saugeen Ojibway Nation. TC Energy has been working with us to establish a relationship based on trust and collaboration. Should the partnership proceed, Saugeen Ojibway Nation will jointly develop, construct, operate and own the Project, and would be entitled to a significant share of the Project\u2019s revenues that would provide lasting economic benefits to both Nations for years to come,\u201d Conrad Ritchie, Chief, Saugeen First Nation and Veronica Smith, Chief, Chippewas of Nawash Unceded First Nation.<\/p>\n

\u201cThe Municipality of Meaford recognizes the significant stimulus a project like this would have on the local economy, and the benefits it would bring as a whole to Ontario\u2019s electricity system.\u00a0 We look forward to continuing to work with TC Energy to develop a community benefits agreement that will ensure we move into the future stronger and better for years to come,\u201d Ross Kentner, Mayor, Municipality of Meaford.<\/p>\n

\u201cWe believe the Ontario Pumped Storage Project presents a unique opportunity to provide training and employment opportunities in the province, in support of well paying, middle class skilled jobs to help our economy grow, while addressing important climate concerns through the storage of clean energy,\u201d <\/em>Jack Oliveira, Business Manager, LiUNA OPDC and LiUNA Local 183.<\/p>\n

\u201cMaintaining resilient and reliable energy infrastructure is essential for a vibrant economy in Ontario. Planning for assets like the Ontario Pumped Storage Project will help ensure that the province stays on track to produce low carbon energy that will power our economy, when we need it,\u201d Rocco Rossi, President and CEO, Ontario Chamber of Commerce.<\/p>\n

\n Anticipated Timeline<\/strong>\n <\/p>\n