According to the minister of energy, the LTEP balances five principles that will guide future decisions: cost-effectiveness, reliability, clean energy, community engagement, and an emphasis on conservation and demand management (CDM) before building new generation.
Compared to the previous plan, the LTEP is expected to reduce projected cost increases by $16 billion in the near term (2013-2017), and $70 billion to 2030.
The LTEP claims that Ontario will achieve balance in the energy sector by:
• Decreasing the need for new supply by implementing conservation programs and standards to offset most growth in electricity demand over the next 20 years.
• Lowering costs for consumers. Compared to LTEP 2010, residential customers can expect to pay about $520 less over the next five years and $3,800 less to 2030, and industrial consumers can expect to pay $3 million less over the next five years and $11 million less to 2030.
• Expanding demand response programs to help achieve a 10 percent reduction in peak demand by 2025.
• Making new financing tools available to consumers starting in 2015, including programs to incent energy efficient retrofits to residential properties.
• Moving ahead with nuclear refurbishment at both Darlington and Bruce Generating Stations, beginning in 2016.
• Extending the phasing-in of wind, solar, and bioenergy for three more years than estimated in the 2010 LTEP, with 10,700 megawatts (MW) online by 2021. By 2025 about half of Ontario’s installed generating capacity will come from renewable sources.
• Developing a new competitive procurement process with the Ontario Power Authority (OPA) for future renewable projects larger than 500 kilowatts (kW).
• Issuing an annual Ontario Energy Report to update on changing supply and demand conditions, and to outline the progress to date on the LTEP.
Publication date: 12/23/2013