TORONTO, Aug. 8, 2017 /CNW/ - The Ontario Waterpower Association (OWA) is expressing concern in response to a potential take or pay contractual arrangement with Hydro Quebec as reported earlier today. The agreement, if finalized, would present a significant challenge to continued investment in waterpower in Ontario.
"Ontario's existing waterpower facilities are a reliable, cost-effective and long-lasting source of electricity in this province," said Paul Norris, President of the OWA. "We should be looking at all opportunities to maximize production from these facilities as a first priority."
The Independent Electricity Operator (IESO) is currently leading a "Market Renewal" initiative, the objective of which is to deliver a more efficient, stable marketplace with competitive and transparent mechanisms that meet system and participant needs at lowest cost. An additional out of market contractual arrangement appears to be contrary to this objective.
"Ontario's next Long Term Energy Plan is expected later this year and should be the vehicle for openly assessing all options for the future," added Norris. "The socioeconomic benefits of investment in Ontario, including those to Indigenous communities, should continue to be a key consideration in the Plan."
The OWA was founded in 2001 to represent the common and collective interests of the province's original renewable energy sector – waterpower. More than 160 members are committed to advancing responsible resource management and sustainable development.
SOURCE Ontario Waterpower Association
For further information: Paul Norris, President, Ontario Waterpower Association, 866-743-1500 ext. 22, email@example.com