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Ontario Energy Association Supports Pragmatic Electricity Procurement Plans

TORONTO, Oct. 7, 2022 /CNW/ - The Ontario Energy Association (OEA) supports the Government of Ontario's direction today to the Independent Electricity System Operator (IESO). The directive provides a pragmatic approach to decarbonizing Ontario's electricity system while protecting reliability and affordability.

Ontario Energy Association Logo (CNW Group/Ontario Energy Association (OEA))
Ontario Energy Association Logo (CNW Group/Ontario Energy Association (OEA))

"We support the Government of Ontario's pragmatic approach to current procurements which recognizes the critical role natural gas power generation and development of energy storage resources have in ensuring the reliability and ongoing affordability of Ontario's electricity supply over the next decade," said Vince Brescia, President and CEO of the OEA.

The directive issued today by the Ontario Minister of Energy to the IESO asks them to limit natural gas-fired generation to 1,500 MW of capacity, of the anticipated 4,000 MW of capacity being sought through current procurement processes, and to use a shorter amortization period for those assets. The directive also requests that a minimum capacity of 1,500 MW of standalone energy storage projects. The capacity in these procurements is necessary to ensure the ongoing reliability and affordability of Ontario's electricity supply as demand for electricity expands due to economic growth and increasing electricity use by customers to meet net zero goals.

"The OEA supports the government being responsive to the advice of system planners and giving them the flexibility to deliver a practical approach to meeting system needs for affordability and reliability while supporting Ontario's emissions reduction goals," said Brescia.

OEA members strongly support Canada's and Ontario's net zero goals. OEA members are actively working on a variety of strategies to deliver affordable clean energy to customers.

About the OEA

The Ontario Energy Association (OEA) is the credible and trusted voice of the energy sector. We earn our reputation by being an integral and influential part of energy policy development and decision making in Ontario. We represent Ontario's energy leaders that span the full diversity of the energy industry.

SOURCE Ontario Energy Association (OEA)

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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2022/07/c0471.html