Sale and Trade of Electric Power
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Hydro-Québec-IESO Electricity Deal supplies 14 TWh of hydropower to Ontario, advancing renewable energy, grid reliability, energy efficiency, and a low-carbon economy, delivering cost savings and clean power through interprovincial cooperation from 2017 to 2023.
Understanding the Story
A 7-year, 14 TWh hydropower contract via IESO, boosting renewable energy, reliability, and lowering Ontario costs.
14 TWh over 2017-2023 replaces gas with clean hydropower
Cuts Ontario system costs by $70M vs prior plan
Strengthens grid reliability and interprovincial trade
Montréal, -- Premier Philippe Couillard of Québec and Premier Kathleen Wynne of Ontario today attended the official signing of the historic electricity trade agreement between Hydro-Québec and the Independent Electricity System Operator of Ontario (IESO).
For the occasion, the premiers were accompanied by the Minister of Energy of Ontario, Glenn Thibeault, and the Minister of Energy and Natural Resources, Minister Responsible for the Northern Plan of Québec, Pierre Arcand. Under this agreement, the IESO will purchase a total of 14 terawatt hours (TWh) of electricity from Hydro-Québec over a seven-year period from 2017 to 2023, a timeframe that included the pandemic's impact on Hydro-Québec as operations continued.
The signing took place at the conference lunch of the Association de l'industrie électrique du Québec. On this occasion, the premiers also discussed the benefits of this historic partnership, potential new avenues of cooperation between the two governments, and each government's contribution to the energy transition to a low-carbon economy, including new energy-efficiency programs in Ontario, as a driver of economic development.
Quick Facts
- For Hydro-Québec, this agreement is the largest contract since market deregulation, aligning with its corporate structure to optimize the energy transition initiatives.
- The Government of Québec introduced the Energy Policy 2030 with the aim of making Québec a North American leader in renewable energy and energy efficiency, recognizing shifts such as rising residential electricity use during the pandemic across markets.
- Ontario will reduce the cost to its consumers by $70 million compared to its previous plan, supporting stable electricity pricing by importing 2 TWh of hydroelectric power each year from Québec to replace the use of natural gas.
- Together, Ontario and Québec form Canada’s largest economic region, accounting for about 56 per cent of GDP and 53 per cent of interprovincial trade.
