In a move it says signifies greater possibilities to grow the city’s “green energy capacity for the future,” Hydro Ottawa announced Monday it will acquire the remaining 33 per cent interest in the Ottawa River Ring Dam and a 27-megawatt hydroelectric generating station on the Gatineau side of Chaudière Falls from Hydro-Québec.
“Sustainability is the future, and environmentally responsible generation is the key to achieving it,” Hydro Ottawa president and CEO Bryce Conrad said in a statement. “That’s why increasing renewable power is a top business priority for Hydro Ottawa.”
Mr. Conrad said the deal “opens a world of possibilities” for the city and its residents.
Hydro Ottawa, the largest municipally owned producer of green energy in Ontario, already owns the other 67 per cent of the ring dam as well as all water rights. The acquisition supports its strategy to increase the utility’s supply of clean energy to customers.
Relying on the natural flow of their water source, hydroelectric facilities can run 24 hours a day without causing pollution or producing greenhouse gases.
NAV Canada earned a total of about $50 million from all outside sources last year, he says, which also includes external service contracts in addition to foreign sales. He believes that figure could eventually increase to 10 per cent of the corporation’s revenues.
“I think we’re optimistic we can grow it,” he says. “So far, we’re on a good path to get there.”