ONTARIO
Ontario Starting Pre-Development Work for Pumped Storage Project in Meaford

"With electricity demand set to increase by 75 per cent by 2050, our government is advancing an all-of-the-above approach to energy affordability and energy security," said Stephen Lecce, Minister of Energy and Electrification. "The Ontario Pumped Storage Project has the potential to store and deliver clean, affordable energy for decades, representing Canada's largest clean energy storage project. This project can only proceed following this work and the successful approval of Bruce's expansion plans, as this storage is a critical part our larger energy build out. I look forward to working with the Saugeen Ojibway Nation, local municipal leaders and TC Energy to explore the next step to meet soaring electricity demand."

The facility - in the Municipality of Meaford - would function by pumping water from Georgian Bay up to a reservoir during periods of low electricity demand and releasing the water back into Georgian Bay to generate electricity during periods of high demand. By harnessing water and gravity, this project would act as a natural battery, storing clean electricity to ensure it's available when Ontario needs it most.

The province is investing up to $285 million to advance this work which includes the completion of a detailed cost estimate and environmental assessments to determine the feasibility of the proposed project. The province will make a final decision on the project once a detailed cost estimate is complete, ensuring the project is built only when it is in the best interest of Ontario ratepayers.

The Ontario Pumped Storage Project would complement other actions government is taking to meet rising demand, including pre-development work for a new large-scale nuclear station at Bruce Power. Building Bruce C would provide the large amounts of clean, zero-emissions power necessary to fill the storage facility.

The proposed project would also complement the government's recent competitive procurement of battery storage, the largest in the country's history. While batteries excel in providing quick-response solutions to manage short-term increases in electricity demand, pumped storage offers made-in-Ontario large-scale, long-duration storage capacity to balance the grid during extended periods of increased use.

According to the Canadian Centre for Economic Analysis, a potential pumped storage project in Meaford would contribute $6.2 billion to Ontario's GDP over an estimated 50-year project life, which includes design, construction and operation. The project's economic impact would primarily benefit rural communities in Ontario, which would see about 60 per cent of the supported economic activity. The project would support more than 1,700 construction jobs during the four-year construction period.

TCE is proposing the project in partnership with the Saugeen Ojibway Nation. If constructed, the Saugeen Ojibway Nation would have the opportunity to enter into an equity partnership with TCE, which could provide stable long-term economic benefits to their Nation.

"Ontario has one of the cleanest electricity systems in the world," said Andrea Khanjin, Minister of the Environment, Conservation, and Parks. "Supporting the development of clean energy solutions is one of the many ways our government is building strong, resilient communities for generations to come."

Initiating this type of early planning, similar to work underway at Ontario Power Generation sites in Port Hope, Haldimand County and St. Clair Township, ensures the province has a diverse set of options available to power the next major international investment, new homes being built in the province, and industries across the province as they grow and electrify.

Advancing pre-development work for new generation and storage is just one part of Ontario's Affordable Energy Future, the government's vision as it plans for rising energy demand, which includes:

• Energy Planning - Developing the province's first integrated energy plan, including all energy resources, such as electricity, natural gas, and other fuels to ensure the province's energy needs are met in a coordinated and long-term manner.
• Nuclear Energy - Advancing clean, reliable, and affordable nuclear power through pre-development work at Bruce Power on the province's first large-scale nuclear build in 30 years, four small modular reactors at Darlington and supporting OPG's plan for refurbishing the Pickering Nuclear Generation Station.
• New Transmission Infrastructure - Designating and prioritizing transmission lines in Southwestern, Northeastern and Eastern Ontario that will power job creation, including EV and EV battery manufacturing and clean steel production.
• Keeping Costs Down - Launching new energy efficiency programs in January 2025, helping families and businesses reduce their electricity usage and save money on their energy bills.
• Additional Competitive Procurements - Launching the largest competitive procurement of electricity resources in the province's history in addition to successfully re-contracting existing capacity resources at about a 30 per cent discount.

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