trending Market Intelligence /marketintelligence/en/news-insights/trending/vjRHDPzGY1zW3tHecnVpBA2 content esgSubNav
In This List

Ontario, Quebec oversee signing of electricity trade pact

Blog

European Energy Insights - May 2021

Blog

Metals & Mining Insights May 2021

Blog

[Report]: 2021 Corporate Renewables Outlook

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective


Ontario, Quebec oversee signing of electricity trade pact

The premiers of Ontario and Quebec on Dec. 15 attended the signing of a trade agreement under which Quebec will provide to Ontario electricity for a seven-year period beginning next year.

When the agreement was first announced in October, Ontario officials said the annual purchase by its grid operator, the Independent Electricity System Operator, of up to 2 TWh from hydroelectric generation sources operated by provincial-government owned Hydro-Québec would save consumers about C$70 million compared to previous forecasts. It will also reduce greenhouse gas emissions produced in Ontario by avoiding the creation of such emissions from power generation sources.

For Quebec, the contract, which will run through 2023, fits in with its Energy Policy 2030 plan announced earlier this year. Part of that plan calls for Quebec to increase its presence in power markets through exports to neighboring jurisdictions, both in Canada and the U.S.

"This agreement on the sale of energy, which will benefit both of our governments, is made possible by the complementary nature of our electricity systems," Quebec Premier Philippe Couillard said in a statement. "Quebec will pursue its efforts to increase its exports to neighboring provinces and American states."

In the third quarter of 2016, Hydro-Québec reported 9.8 TWh of power exports, a quarterly record.