Ontario Pumped Storage Project receives support from Meaford Council

CALGARY, Alberta, Feb. 28, 2023 -- News Release – TC 바카라 사이트 주소 Corporation (TSX, NYSE: TRP) (TC 바카라 사이트 주소 or the Company) announced today that Meaford Municipal Council passed a resolution of support for the Company’s proposed Ontario Pumped Storage Project subject to conditions outlined below.

This development project is a transformative 1,000-megawatt clean 바카라 사이트 주소 storage facility, proposed for construction on the Department of National Defence’s 4th Canadian Division Training Centre in Meaford, Ontario. As one of Canada’s largest 바카라 사이트 주소 storage proposals, the project would provide safe, reliable power, support made-in-Ontario economic growth, and aid in the transition to emission-free power generation.

“Meaford Council’s support provides us with assurance that the work we are doing is important to the community,” said John Mikkelsen, Director, TC 바카라 사이트 주소 Power & 바카라 사이트 주소 Solutions. “This project represents an unprecedented economic opportunity from a once-in-a-generation, multibillion-dollar project. We want to ensure that the project benefits are shared amongst the community. What’s more, we will endeavour to hire and buy local to create good jobs and increase spending at local businesses.”

Over the last several years, the Company has engaged with Indigenous Nations and Groups and municipal and regional governments and listened to residents to align project plans with the interest of those directly impacted. The Meaford Council’s support is contingent on TC 바카라 사이트 주소 fulfilling the following conditions: 1) Reasonable cost recovery by TC 바카라 사이트 주소 for all costs incurred by the Municipality; 2) Development of a regulatory plan to address the Municipality’s role throughout the project’s lifecycle; 3) Successful negotiation of a Community Benefit Agreement with the Municipality; and 4) Completion of all applicable federal and provincial environmental assessment processes and obtain all associated permits and approvals.

TC 바카라 사이트 주소 will continue to consult with the Saugeen Ojibway Nation, other Indigenous Nations and Groups, and engage with local communities and other interested parties to assess potential impacts and economic benefits as the Company advances the next phase of project development.

The project is targeting a final investment decision in 2024 and is expected to be in-service in 2030, subject to receipt of regulatory and corporate approvals.

Quick Facts

• The project would stimulate the economy and maximize the value of Ontario’s electricity, generating approximately .1 billion in 바카라 사이트 주소 cost benefits, while creating more than 1,000 direct jobs with an additional 2,800 spin-off jobs regionally and in Ontario.
• The project would optimize Ontario’s existing electricity resources, reduce waste, inefficiency and system costs, and address future electricity needs of the province while reducing ratepayer cost.
• Once operational, the project would pay approximately .5 million annually in income to workers employed at the facility, off-site employees and direct contract workers.

About TC 바카라 사이트 주소

We’re a team of 7,000+ 바카라 사이트 주소 problem solvers working to move, generate and store the 바카라 사이트 주소 North America relies on. Today, we’re taking action to make that 바카라 사이트 주소 more sustainable and more secure. We’re innovating and modernizing to reduce emissions from our business. And, we’re delivering new 바카라 사이트 주소 solutions – from natural gas and renewables to carbon capture and hydrogen – to help other businesses and industries decarbonize too. Along the way, we invest in communities and partner with our neighbours, customers and governments to build the 바카라 사이트 주소 system of the future.