Energy Agreement Secures Jobs and Clean Energy
Ontario Government and Korean Consortium Update Energy Agreement
The Ontario government is supporting job creation and protecting ratepayers by updating the province's Green Energy Investment Agreement (GEIA) with the Korean Consortium, which includes Samsung C&T Corporation.
The 2010 GEIA has led to a number of significant investments in Ontario, including three new renewable energy manufacturing facilities. Six wind and solar projects are also underway, adding enough electricity each year to power approximately 260,000 homes.
Building on this success, the revised agreement will increase local control over renewable energy projects, create jobs and protect ratepayers by:
- Extending job commitments from 2015 to 2016. In addition, Samsung will build a fourth manufacturing facility in London by the end of this year, which is expected to create up to 200 additional manufacturing, and research and development jobs.
- Reducing the total commitment for renewable energy projects from 2,500 megawatts (MW) to 1,369 MW. This represents an estimated $3.7 billion reduction in contract cost, or about $24 per year for the average residential consumer. As part of Ontario's review of the Long-Term Energy Plan, the province will consider how to best use those savings with a focus on conservation, keeping costs down for ratepayers, and a continued to commitment to renewable energy.
- Increasing local engagement for all future renewable energy projects under the revised agreement. The Korean Consortium will be required to obtain municipal council support resolutions for new renewable energy projects.
Protecting ratepayers and creating jobs is part of the new Ontario government's plan to build strong communities, powered by clean, reliable energy.
- The four manufacturing plants in Toronto, Tillsonburg, London and Windsor are expected to create up to 900 direct jobs.
- Ontario’s Green Energy Act has attracted billions of dollars in private sector investments and created 31,000 jobs since 2009.
- Over the past ten years, Ontario has brought more than 3,300 MW of renewable energy online, enough to power over 900,000 homes each year.
- By August 2014, the Independent Electricity System Operator is expecting more than 3,200 MW of additional renewable capacity to be connected to the grid — enough to power about 980,000 homes each year.
- Ontario is phasing out coal-fired generation, which made up less than three per cent of the province’s power generation in 2012 — down from 25 per cent in 2003.
“There’s no question that our partnership with Samsung has helped create a thriving clean energy industry in Ontario. With this updated agreement, we’ll continue to create good jobs, while maintaining Ontario’s commitment to clean, renewable energy.”
“As a globally responsible company, Samsung believes in Ontario’s renewable energy potential. Beyond the environmental and health benefits, Samsung has already created hundreds of jobs for Ontarians with more planned for the future. We are proud that, as promised, and thanks to government support, we have brought world leading manufacturers to Ontario. We have taken the necessary time to engage with our project communities, resulting in tens of millions of dollars of support for their identified community needs. Moving forward we will continue to work within the government’s new process to fulfill our amended agreement.”
Mr. Ki-Jung Kim