TransCanada reaches agreement for gas-fired power plant

Source: TransCanada Corporation 

TransCanada Corporation (TSX, NYSE: TRP) announced today it has signed a memorandum of understanding with the Ontario Power Authority (OPA) to develop, own and operate a new 900-megawatt natural gas-fired power plant at Ontario Power Generation's Lennox Generating Station property near the village of Bath in eastern Ontario.

"We are very pleased an agreement was signed today to build a power plant in Ontario," said Russ Girling, TransCanada's president and chief executive officer. "TransCanada looks forward to expanding our contribution of clean, safe and reliable power to the residents of Ontario."

The OPA and TransCanada will finalize a contract based on the terms of the memorandum of understanding. It is expected that all contracts will be finalized by December 14, 2012. The Lennox power plant would act as a replacement facility for one that was planned in the community of Oakville.

TransCanada currently operates the 683-megawatt (MW) Halton Hills Generating Station in Ontario, has a 50 per cent ownership in the 550-MW Portlands Energy Centre on the Toronto waterfront and has agreed to purchase nine Ontario solar plants that would produce 86 MW of clean energy. TransCanada also owns a large portion of the Bruce Power nuclear facility - 49 per cent of Bruce A and 32 per cent of Bruce B. Bruce Power consists of two generating stations (Bruce A & B) with each station housing four nuclear reactors. Six of those reactors are currently operational, producing more than 4,700 MW of power. A refurbishment of the Unit 1 and 2 reactors is nearing completion, which will boost power output to 6,200 MW.

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