TC Energy’s pumped storage project moving to final evaluation

TC Energy Corporation welcomes the 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.

“Ontario Pumped Storage will be a critical component of Ontario’s 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 — firming resources will become increasingly valuable in supporting a future emission-free electricity system,” said Corey Hessen, Executive Vice-President and President, TC Energy, Power and Energy Solutions.

“Ontario 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’s revenues that would provide lasting economic benefits to both Nations for years to come,” said Conrad Ritchie, Chief, Saugeen First Nation and Veronica Smith, Chief, Chippewas of Nawash Unceded First Nation.

“Maintaining 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,” said Rocco Rossi, President and CEO, Ontario Chamber of Commerce.