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Contract Finalized to Relocate TransCanada Power Plant to Napanee


Contract Finalized to Relocate TransCanada Power Plant to Napanee

TORONTO, Dec. 17, 2012 /CNW/ - The Ontario Power Authority (OPA) and TransCanada Energy Ltd (TCE) have finalized a Clean Energy Supply Contract for a new 900 megawatt gas-fired power plant, which will be located on the site of Ontario Power Generation's (OPG) Lennox Generating Station near Napanee.

The terms of the contract are consistent with the terms in the Memorandum of Understanding (MOU) the OPA and TCE signed on September 24, 2012. The MOU set a deadline of December 14 for finalizing the contract. The complete contract is available on the OPA's website.

TransCanada also finalized agreements with OPG to acquire land at the Lennox site based on an independent market appraisal, as set out in the MOU between TCE and OPG. http://www.opg.com/power/thermal/Executed%20Shared%20Site%20Agreement.pdfhttp://www.opg.com/power/thermal/Land%20Purchase%20Agreement.pdf

The location of the plant takes advantage of existing transmission and gas infrastructure as well as the expertise of local workers. Construction of the plant is expected to provide 600 construction and 25 permanent jobs.

Media Contact:

Kristin Jenkins 416-969-6007 Media@powerauthority.on.ca

SOURCE: Ontario Power Authority

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2012/17/c9265.html

CO: Ontario Power Authority ST: Ontario NI: OIL ORDER REL

-0- Dec/17/2012 13:11 GMT

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