2024-Feb-05
Important Updates on the Trans Canada Energy Pumped Energy Storage Project at Meaford
Since our last update on the TC Energy (TCE) pumped energy storage project at Meaford, the Ontario Minister of Energy has:
- Delayed his decision on the Project to July 31, 2024
- Asked for updated capital costs and timelines from TCE
- Initiated discussions on federal government financing for TCE’s pre-development costs (this is concerning as it is inconsistent with a public tender process)
Please see: Letter from MoE to IESO – Jan 9 2024
TCE has advised that their capital cost will not exceed $7 billion and Project completion is likely to be in the early 2030’s. Senior, experienced engineers at Save Georgian Bay (SGB) estimate the Project’s capital cost at $8-10 billion
GBA has joined SGB in asking for this provision of long-term energy storage to be made subject to public tender, per the Independent Electricity System Operator (IESO) recommendation, and consistent with the seven recent 250MW battery storage public tenders, with one other under construction and due to be completed in 2025.
The GBA webpage has been updated, please see: https://georgianbay.ca/tc-energy/ for more information.