“[This recent] announcement helps support Ontario's plan to modernize the province's electricity infrastructure, clean up the air we breathe and end the use of coal by 2014,” said Minister Bentley.
The cost of TransCanada's plant at Lennox will be comparable to the cost of the original competitively procured Oakville plant. In addition, TransCanada will receive $40 million to cover the costs it incurred for goods and services that cannot be used at the Lennox site.
The OPA-TransCanada agreement has been formalized in a memorandum of understanding. OPA and TransCanada will now negotiate a contract based on the terms of that agreement. TransCanada will also finalize site-specific arrangements with Ontario Power Generation. It is expected that the contract and other arrangements will be finalized by December 14, 2012.