MEAFORD, ONT. — The proposed Ontario Pumped Storage Project, developed in partnership by TC Energy (TCE) and the Saugeen Ojibway Nation, has reached another miletsone with the Ontario government advancing pre-development work for the Meaford development.
The project, which would be the largest of its kind in Canada, would provide up to 1,000 megawatts of electricity storage, which is enough to power one million homes for up to 11 hours, states a release.
The facility 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.
The province is investing up to $285 million to advance this work which includes the completion of a detailed cost estimate and environmental assessments. The province will make a final decision on the project once a detailed cost estimate is complete, the release adds.
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 would also support more than 1,700 construction jobs during the four-year construction period, the release highlights.
If constructed, the Saugeen Ojibway Nation would have the opportunity to enter into an equity partnership with TCE.
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