TC Energy seeks Ontario approval for 1GW flexible power project to meet rising electricity demand by 2035.

TC Energy is planning to develop a revenue framework for a proposed 1GW of flexible power project in Ontario, with the state government yet to approve it. The proposed plant would pump water from Ontario’s Georgian Bay to a reservoir when electricity demand is low, and then release it back, turning turbines to generate electricity when demand is high. The Independent Electricity System Operator (IESO) expects the province to need an additional 15GW of new power capacity by 2035, and TC Energy is optimistic that this project will help meet this demand with flexible power generation. However, while the company had planned to begin construction this year, the government has not yet approved the project. As a result, TC Energy plans to submit a report, including a new revenue framework, for the project by the end of July 2024, and expects approval from the Ontario government within 45 days.