Directive from the Government of Ontario will drive the development and
construction of transmission infrastructure to support economic
growth and Reconciliation in the province
SAULT
STE. MARIE, ON, Oct. 23,
2023 /CNW/ - Today, the Minister of Energy has
directed the Ontario Energy Board to amend Hydro One Networks
Inc.'s (Hydro One) transmission license to develop and construct
three new priority transmission lines to meet growing electricity
demand in northeast and eastern Ontario. The three priority transmission lines
will meet the needs of new and growing industries and help attract
future jobs in these regions.
Hydro One and First Nations have been collaborating on early
planning and will advance the development and construction phases
of the projects together. First Nations have the opportunity to
invest in a 50 per cent equity stake in the transmission line
component of the projects once complete through Hydro One's Equity
Partnership model. Hydro One looks forward to continuing to work
together as partners to support Ontario's clean energy future.
The three priority transmission projects the government
designated today will support capacity constraints and growing
electricity demands in sectors including transportation, mining,
steel, and manufacturing. The three designated priority projects
are:
- The Mississagi to Third Line – an approximately 75
km, 230-kilovolt transmission line between Mississagi Transformer
Station (west of Sudbury) and
Third Line Transformer Station (Sault
Ste. Marie)
- The Hanmer to Mississagi
Line – an approximately 205 km, 500-kilovolt transmission
line between Hanmer Transformer Station (Greater Sudbury) and Mississagi Transformer
Station (west of Sudbury)
- The Greater Toronto Area East Line – an
approximately 50 km, 230-kilovolt transmission line between either
Cherrywood Transformer Station (Pickering) or Clarington
Transformer Station (Oshawa) and
Dobbin Transformer Station (Peterborough)
To support the growing electricity demand, the Independent
Electricity System Operator (IESO) has recommended that the three
new transmission lines come into service no later than 2029.
More details about Hydro One's projects can be found at:
www.hydroone.com/major-projects
QUOTES
"Hydro One is pleased to work with Indigenous communities in the
region and the government of Ontario to build these critical infrastructure
projects that will help unlock Ontario's clean energy future," said
David Lebeter, President and CEO,
Hydro One. "With our long history of building and operating
transmission lines in the province, we are confident that our
resilient electricity network will enable unprecedented investments
in the clean energy value chain, including clean steelmaking,
mining, manufacturing and other sectors creating new jobs and
driving Ontario's competitive
advantage."
"Atikameksheng Anishnawbek has always looked to the future as
guidepost in our growth and evolution as a community. We are elated
that our Sister Nations along the North Shore have worked
diligently in concert with us and Hydro One to bring these two
transmission lines to fruition. We remain committed to our
partnership with Hydro One and we thank them for the future
benefits this project will bring to all our communities," said
Gimaa Craig Nootchtai, Atikameksheng Anishnawbek.
"The leadership of Batchewana First Nation are focused on
accommodating the diverse needs of our communities. The equity
partnership with Hydro One allows us to meet the growing
electricity demands throughout our territories. We are encouraged
to see the project advancing as quickly as it is and look forward
to promoting future jobs for our people in this sector," said Chief
Mark McCoy, Batchewana First
Nation.
"We're building a made-in-Ontario supply chain that's connecting the
province's critical minerals and clean steel in the north, to auto
makers and battery manufacturers across Ontario," said Todd
Smith, Minister of Energy. "These three new transmission
lines will power that vision, helping to electrify Algoma Steel's
conversion to electric arc furnace as well as new homes, critical
mineral development, and other job creators in northeast and
eastern Ontario."
"Sault Ste. Marie is
well-positioned for economic progress and population increases in
the coming years," said Matthew
Shoemaker, Mayor, Sault Ste.
Marie. "The designation of the transmission lines to Hydro
One, from Sault Ste. Marie to
Sudbury, with local First Nation
partners, will help both decarbonize our local industries and make
future job-creating investments in our region possible. This
announcement represents badly needed progress, and I look forward
to future projects supporting Sault Ste.
Marie and all of Northern
Ontario."
Hydro One Limited (TSX:
H)
Hydro One Limited, through its wholly-owned subsidiaries,
is Ontario's largest electricity transmission and
distribution provider with approximately 1.5 million valued
customers, approximately $31.5 billion in assets as
at December 31, 2022, and annual revenues in 2022 of
approximately $7.8 billion.
Our team of approximately 9,300 skilled and dedicated employees
proudly build and maintain a safe and reliable electricity system
which is essential to supporting strong and successful communities.
In 2022, Hydro One invested approximately $2.1 billion in
its transmission and distribution networks, and supported the
economy through buying approximately $1.9 billion of
goods and services.
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 Leader™
by Electricity Canada.
Hydro One Limited's common shares are listed on the TSX and
certain of Hydro One Inc.'s medium term notes are listed on the
NYSE. Additional information can be accessed at www.hydroone.com,
www.sedarplus.com or www.sec.gov.
Forward-Looking Statements and
Information:
This press release and the application and investment plan to
which it refers 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.sedarplus.com. Hydro One does not intend, and it
disclaims any obligation, to update any forward-looking
information, except as required by law.
SOURCE Hydro One Inc.