Ontario Waterpower Could Create Up To 5,000 Jobs Annually


For immediate release

 

Power of Water Canada Wraps Up With A Focus On Investor Confidence 

May 27, 2021 – The Ontario Waterpower Association (OWA) concluded its successful 20th anniversary event – the Power of Water Canada Conference – by featuring the new results of an independent analysis of the potential socioeconomic impact over the next five (5) years of investment in existing operating waterpower facilities.

“This analysis clearly demonstrates the significance of ongoing investment in these multi-generational assets to the health of our Regional and Provincial economies”, said Paul Norris, President of the OWA. “Put simply, investment in and royalties from every 2MW[1] of waterpower in the province creates one high value skilled job”

The OWA’s survey of hydroelectric generating members forecast that investment in existing waterpower facilities over the next five years (2021-2025) could top $2.4 billion dollars and contribution to the Consolidated Revenue Fund (CRF) would exceed $600 million dollars. As illustrated below, waterpower expenditures and contributions could create annual jobs comparable to many of Ontario’s leading employers.

“Fundamental to realizing this economic contribution will be the confidence of owners and investors in the long-term future of these assets, added Norris. “As Ontario renews its electricity market structure, designs its resource acquisition and re-acquisition framework, and prepares to improve the approach to Long Term Energy Planning, it is imperative that the investment signals and time horizons for these long lifespan assets be recognized and incorporated”.

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For more information, please contact

Paul Norris, President
Ontario Waterpower Association
pnorris@owa.ca

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[1] Ontario has 224 Operating Waterpower Facilities with a total installed capacity of more than 9,000 MW