TC Energy Corporation has reached agreement with the Department of National Defence that, subject to conditions and regulatory approval, allows for the development of the 1,000-MW Ontario Pumped Storage Project on federal lands.
TC Energy would build the project on Department of National Defence’s 4th Canadian Division Training Centre property. It would be Ontario’s largest energy storage project and is estimated to deliver more than $250 million in annual savings to electricity consumers and generate about $12.1 billion in energy cost benefits.
A multi-billion-dollar private sector investment, over the next eight years, the project would result in about 1,000 jobs during development and construction, TC Energy said. It would provide emission-free electricity for the province while reducing greenhouse gas emissions by an expected 490,000 tonnes.
TC Energy will continue to consult with the Saugeen Ojibway Nation and other Indigenous Rightsholders and communities and engage with local communities and other interested stakeholders to assess potential impacts and economic benefits as the company advances the next phase of project development — including provincial and federal environmental and impact assessments. Advancement of the project remains subject to a number of conditions, including approval of the company’s Board of Directors, regulatory approvals, and assurances that the project would not impact military activities and training.
“Energy storage is key to unlocking Canada’s transition to a low-carbon economy, while reducing system costs and delivering private sector economic stimulus,” said François Poirier, president and chief executive officer, TC Energy. “As a complement to TC Energy’s ownership in Bruce Power, this project provides a platform for future growth and diversification in our power and storage business.”
“The Saugeen Ojibway Nation and TC Energy have been in consultation regarding a potential co-development and joint ownership arrangement on the project. With a Pathways Agreement in place, we are collaborating on the assessment of potential environmental impacts and economic benefits for our communities. We will continue to work in the spirit of collaboration with TC Energy through the environmental, social and economic assessment aspects towards a Community decision on the project in the future,” said Chief Lester Anoquot, Chippewas of Saugeen and Councillor (Acting Chief) Anthony Chegahno, Chippewas of Nawash Unceded First Nation.
TC Energy delivers the energy millions of people rely on to power their lives in a sustainable way through a network of natural gas and crude oil pipelines, along with power generation and storage facilities.