Portlands Energy Centre Signs Accelerated Clean Energy Supply Contract

Portlands Energy Centre L.P. has signed a 20 year Accelerated Clean Energy Supply (ACES) contract with the Ontario Power Authority for Portlands Energy Centre (PEC), a 550 megawatt high-efficiency, combined cycle natural gas generation plant to be constructed in downtown Toronto. PEC is a limited partnership of Ontario Power Generation and TransCanada Energy Ltd., a wholly owned subsidiary of TransCanada Corporation.

The ACES contract is the outcome of negotiations initiated in February 2006. PEC received Environmental Approval from the Ontario Ministry of Environment in April 2005 following two years of extensive studies, expert reviews, applications and public consultation.

The capital cost of PEC is estimated to be approximately $730 million. PEC is expected to create more than 500 construction jobs during the peak building period and about 25 full time positions.

PEC is expected to be operational in simple cycle mode and delivering 340 megawatts of electricity to the City of Toronto to meet peak summer demand beginning June 1, 2008. When completed in the second quarter of 2009, the plant will provide up to 550 megawatts of power under the ACES contract - 25 per cent of central Toronto's needs.

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Posted 19/09/06

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