Ontario Increases Energy Procurement Target to 7,500 MW
The Ontario government has announced an expansion of its competitive energy procurement initiative, increasing the target from 5,000 megawatts (MW) to 7,500 MW. This expansion is part of the Second Long-Term Procurement (LT2) plan, which aims to address the province's growing electricity demand. The Independent Electricity System Operator (IESO) has forecasted that Ontario will require 75% more electricity by 2050, equivalent to adding four and a half cities the size of Toronto to the grid.
The procurement process is designed to be transparent and competitive, focusing on securing technology-agnostic energy resources, including wind and solar. The initiative also emphasizes protecting prime agricultural areas and promoting projects in northern Ontario and Indigenous communities. Municipalities are required to provide support resolutions for new projects, ensuring local consent and involvement.
The IESO is expected to report back with a procurement design framework by September 2024 and aims to conclude energy and capacity procurements by February 2026. This timeline is intended to support large-scale investments that require a clean and reliable energy supply.
This procurement builds on previous efforts, including the acquisition of nearly 3,000 MW of new battery storage projects. The government states that these measures are part of a broader strategy to maintain long-term affordability for Ontario's ratepayers and businesses.
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