Media Advisory - TC Energy reaches agreement with National Defence to develop proposed world-class pumped storage project
CALGARY, Alberta and TORONTO, Ontario, July 28, 2021 (GLOBE NEWSWIRE) -- Media Advisory - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) has reached agreement with the Department of National Defence, that subject to conditions and regulatory approval, allows for the development of a transformative 1,000-megawatt clean energy storage project on federal lands.
- CALGARY, Alberta and TORONTO, Ontario, July 28, 2021 (GLOBE NEWSWIRE) -- Media Advisory - TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) has reached agreement with the Department of National Defence, that subject to conditions and regulatory approval, allows for the development of a transformative 1,000-megawatt clean energy storage project on federal lands.
- The Ontario Pumped Storage Project, proposed to be constructed on Department of National Defences 4th Canadian Division Training Centre property by TC Energy, would be Ontarios largest energy storage project, optimizing the provinces electricity system and is estimated to deliver more than $250 million in annual savings to electricity consumers.
- Energy storage is key to unlocking Canadas transition to a low-carbon economy, while reducing system costs and delivering private sector economic stimulus.
- Franois Poirier, President and Chief Executive Officer, TC Energy
The Saugeen Ojibway Nation and TC Energy have been in consultation regarding a potential co-development and joint ownership arrangement on the project.