For immediate release
Sustaining and Expanding Waterpower Key to Ontario’s Energy Future
OWA Releases New Strategic Plan – Gearing up for Growth
(October 27, 2021 – Peterborough) Today the Ontario Waterpower Association (OWA) released its Strategic Plan for 2022-2024, entitled “Gearing up for Growth”. The Plan outlines the critical role waterpower plays in powering Ontario’s electricity system and sets the stage for its expansion to meet increased demand.
A recent socioeconomic analysis commissioned by the OWA, to support the development of the Plan, revealed that generator members’ potential investment in existing waterpower facilities over the next five years (2021-2025) could top $2.4B. Ontario’s existing 9,000 MW of waterpower could grow by fifty percent (50%) with appropriate power system planning and procurement policies to instill investment confidence.
“The waterpower industry is ready and able to provide solutions for Ontario’s impending energy and capacity requirements, however it is imperative that clear signals and time horizons be given to ensure the confidence of owners and investors for these long-term assets,” stated Paul Norris, President of the OWA.
The Plan also outlines the need for waterpower to be recognized for its intrinsic advantages that other forms of energy do not provide and for its unique financial and social benefits. The Strategic Plan is not only a call to action and leadership by OWA members, but by citizens, communities and governments.
“Waterpower is unique,” added Norris. “We can no longer afford to be complacent and taken for granted. This Strategic Plan provides clear and concise goals for the OWA – sustain and enhance the assets we have and look for new opportunities for growth of the industry – and the time is now.”
The OWA represents the common and collective interests of the waterpower industry in Ontario. Waterpower provides some of the lowest cost and most reliable electricity in the province. The industry is expected to invest more than $2.4 Billion in existing Ontario waterpower assets over the next five (5) years. Click here to view the Plan, or click here to read an executive summary of the socio-economic report.
Paul Norris, President
Ontario Waterpower Association