Building a stronger electrical grid in
southwestern Ontario to support
greenhouse, industrial and residential growth in the region
TORONTO, Nov. 28, 2019 /CNW/ - Today Hydro One Inc. (Hydro
One), Ontario's largest
electricity transmission and distribution company, and the
Independent Electricity System Operator (IESO) together announced
major investments and key initiatives to support the growth of the
greenhouse, industrial and residential sectors in Essex County.
Hydro One's multi-stage capital and maintenance investment of
approximately $580 million includes
new and previously announced projects expected to provide enough
electricity by 2026 to supply a city the size of Ottawa, while improving local reliability.
In June, Hydro One outlined a multi-stage investment to increase
the power supply to the region, including a new transmission line
from Chatham to Lakeshore
requested by the IESO.
Hydro One's investments also include:
- A transmission station in Leamington, which is now in service;
- A second transmission station in Leamington, which is expected to be in service
by year end;
- Two stations in Lakeshore, which are currently in the planning
stages;
- Transmission equipment upgrades in Kingsville and Tecumseh; and,
- Innovative smart technologies, such as remote switches and
fault indicators, pole replacements and hazardous tree trimming to
reduce the number, size and duration of distribution system power
outages in Essex County.
"Our customers and the broader business community have advocated
for more electricity to support economic expansion in the area. We
have been listening, and have worked with the IESO to deliver more
power to this community," said Mark
Poweska, President and Chief Executive Officer, Hydro One.
"We are committed to Essex County and the surrounding region. Hydro
One will continue to work with the IESO and engage with the
local community to address its existing needs and support the
success of this growing economic area."
The IESO's forecasts show a remarkable rate of growth in Essex
County, where electricity demand is expected to triple from 2018 to
2026, due to strong agricultural growth.
"We have been actively meeting with communities in Essex County
and working with Hydro One to ensure we are initiating the steps
needed to ensure a reliable supply of electricity," said
Peter Gregg, President and Chief
Executive Officer, IESO. "Energy efficiency and innovative
solutions will also help us offset increasing demand while making
electricity more affordable for businesses."
The IESO's Save on Energy Retrofit program can help businesses
reduce monthly electricity costs through incentives to upgrade
various equipment and lighting. The IESO is also inviting proposals
through its Grid Innovation Fund until February 14, 2020, for innovative indoor
agricultural projects that could cost-effectively reduce
electricity demand during peak periods.
"A strong and reliable system is crucial in supporting growing
industries and fuelling job growth," said Greg Rickford, Minister of Energy, Northern
Development and Mines. "I applaud Hydro One and the IESO for
supporting business and residents here in Essex County."
"Leamington and the surrounding
area is an economic success story for Ontario. With the greenhouse sector's historic
rate of growth, we need the energy infrastructure to support our
industry, so we can continue to create new jobs and support the
economy," said Peter Quiring, Chief
Executive Officer, NatureFresh. "We are grateful for Hydro One and
the IESO's work to increase power supply to the region and we look
forward to their ongoing support as we continue to see business
growth in the southwest."
About Hydro One Inc.:
Hydro One Inc. is a fully owned subsidiary of Hydro One Limited,
Ontario's largest electricity
transmission and distribution provider with almost 1.4 million
valued customers, over $25.6 billion
in assets and 2018 annual revenues of over $6.1 billion. Our team of approximately 8,600
skilled and dedicated employees proudly build and maintain a safe
and reliable electricity system which is essential to supporting
strong and successful communities. In 2018, Hydro One invested
almost $1.6 billion in its 30,000
circuit kilometres of high-voltage transmission and 123,000 circuit
kilometres of primary distribution networks and injected
approximately $1.3 billion into the
economy by buying goods and services in Ontario. We are committed to the communities
where we live and work through community investment, sustainability
and diversity initiatives. We are designated as a Sustainable
Electricity Company by the Canadian Electricity Association. Hydro
One Limited's common shares are listed on the Toronto Stock
Exchange (TSX: H).
About the IESO
The IESO operates Ontario's
power grid 24 hours a day, 365 days a year, ensuring Ontarians
receive a reliable and cost-effective source of power when and
where they need it. It works with sector partners and engages with
communities across Ontario to plan
and prepare for the province's electricity needs now and into the
future. Visit www.ieso.ca for more information.
Forward-Looking Statements and Information
This press release may contain "forward-looking information"
within the meaning of applicable securities laws. Words such as
"expect", "anticipate", "intend", "attempt", "may", "plan", "will",
"can", "believe", "seek", "estimate", and variations of such words
and similar expressions are intended to identify such
forward-looking information. These statements are not guarantees of
future performance or actions and involve assumptions and risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed,
implied or forecasted in such forward-looking information. Some of
the factors that could cause actual results or outcomes to differ
materially from the results expressed, implied or forecasted by
such forward-looking information, including some of the assumptions
used in making such statements, are discussed more fully in Hydro
One's filings with the securities regulatory authorities in
Canada, which are available on
SEDAR at www.sedar.com. Hydro One does not intend, and it disclaims
any obligation, to update any forward-looking information, except
as required by law.
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SOURCE Hydro One Limited