Montréal - 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.
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 as a driver of economic development.
- For Hydro-Québec, this agreement is the largest contract since market deregulation.
- 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.
- Ontario will reduce the cost to its consumers by $70 million compared to its previous plan 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.