Electricity Market Benefits Ontarians
Ontario's electricity market generated over $16 million in November by exporting electricity to other states and provinces, bringing total net export revenues to nearly $264 million this year.
This revenue helps Ontario:
- Keep costs down for families
- Build and maintain a clean, reliable and modern electricity system
Ontario is part of an interconnected North American power grid that allows the province to buy and sell electricity with states and other provinces. Being interconnected gives the province the opportunity to export power when it's not needed by Ontario families and businesses and benefit from these revenues.
Since 2006, the electricity market has generated $1.8 billion through net exports compared to 2002 and 2003 when Ontario paid $900 million to import power. Over the last year, the province exported power at positive prices more than 98 per cent of the time.
Ontario is replacing dirty, coal-fired plants with cleaner sources of power like wind, solar and bio-energy. It is part of the McGuinty government's plan to keep costs down for families today, while building a clean, modern and reliable electricity system for tomorrow.
Ontario's Green Energy Act is on track to create 50,000 clean energy jobs by the end of 2012. Over 20,000 jobs have already been created as a result of our plan.
- In November alone, the Ontario electricity market generated net export revenues of $16.1 million. This is based on export revenues of $24.1 million minus imports of $8.0 million.
- Ontario's Independent Electricity System Operator operates the wholesale electricity market, balancing supply and demand to ensure system reliability.
- Ontario's high-voltage transmission grid is connected to Manitoba, Quebec, New York, Michigan and Minnesota.
- Between 1995 and 2003, Ontario's electricity system lost 1,800 megawatts of power, the equivalent of Niagara Falls running dry.
- Since 2003, Ontario has brought more than 9,000 megawatts of new electricity supply online. That's enough power for over two million homes.
- Through the Ontario Clean Energy Benefit, the government is taking 10 per cent off electricity bills for the next five years to help families, farms and small businesses manage the costs of turning on more clean power. The Ontario Clean Energy Benefit will save the average family about $150 per year.