Bill Taylor: Executive vice-president and president, TransCanada Energy
In anticipation of TransCanada’s upcoming Annual Meeting on May 1, members of TransCanada’s executive leadership team share their thoughts on significant milestones from the past year and the company’s priorities for 2015.
TransCanada is Canada’s largest private sector power company with interests in 10,900 MW of generating capacity, enough to power approximately 11 million homes. One-third of our energy assets are emission-less sources including nuclear, hydro, wind and solar. Our diverse portfolio of assets consists of 19 power generation facilities that are either underpinned by long-term contracts, are on the low end of the cost curve, or are otherwise supported by stable revenue streams.
Our facilities are located in Alberta, Eastern Canada, New England, Arizona and New York. Our experience in these regions positions us well for future successes, and as new opportunities present themselves, we will keep pace with that demand growth in these markets through the replacement of older facilities with new, less carbon-intense forms of electricity generation.
The Bruce Nuclear facility in Ontario, which produces approximately one-third of the province’s power supply, performed very well in 2014, as all eight reactors were operational for the first time in nearly two decades. Also in Ontario, we continue to be the largest private power producer and recently expanded our portfolio of renewable energy sources with a total of eight solar generation facilities to support the province’s transition towards alternative energy sources. The addition of these solar facilities allows us to continue to maintain a diversified portfolio while reducing our own emissions and developing technologies to help us operate in a more environmentally-sustainable way.
The $1-billion Napanee Generating Station under development in Ontario received all necessary permits needed for construction which began in February 2015. It will be a highly-efficient combined-cycle natural-gas-fired power plant located the town of Greater Napanee and will be capable of generating 900 MW of clean energy under a 20-year supply contract with the Independent Electricity System Operator. The development, construction and operation of the facility will provide significant economic benefits to the community including the creation of 750 jobs. The facility is expected to begin operating in 2018. The Napanee Generating Station project plays a vital role in the province of Ontario achieving its goal of phasing out its remaining coal-fired power plants last year while ensuring reliable power supplies will be available as demand grows in the future.
In addition to our emission-less assets in Eastern Canada, in the United States, we operate the largest wind facility in New England and 13 hydroelectric facilities along the Connecticut and Deerfield Rivers in New Hampshire, Vermont and Massachusetts.
As we look to the future, Alberta continues to be an attractive area for long-term investment with growing demand for power. More than 800 MW of coal-fired generation is expected to be decommissioned around the end of the decade as the coal fleet reached the end of its lifecycle. We believe this will present valuable opportunities to add new and replacement capacity during this transition.
We will continue to explore more opportunities for growth in markets where we have an established presence and a competitive advantage. This include consideration of additional nuclear refurbishments in Ontario, capacity additions or replacement in the northeastern U.S. markets and consideration of new power facilities in Mexico where we have an established and growing corporate presence as this markets continues to mature and evolve.