IPPSO News Release, December 18, 2001
FOR IMMEDIATE RELEASE: December 18, 2001
The Independent Power Producers' Society of Ontario (IPPSO) welcomes today's announcement that the Ontario electricity market will open this coming spring, and congratulates the government of Ontario for its commitment to implement competition in electricity generation.
"This is the decision we have been waiting for," said John Brace, president of IPPSO, noting that, "With a competitive electricity market, we can expect to see new investment, as well as more efficiency and innovation in how electricity is provided." This removes a crucial barrier from a good number of power projects which may now start to move forward, creating jobs and bringing investment to Ontario. Many of these new projects will be environmentally-preferable to the plants that they are likely to displace.
Many see this as a clear break from problems of the past, in which investment in the electricity industry was largely confined to the government-owned Ontario Hydro, which accumulated more than $20 billion in unpaid debts. "In future, the competitive system should ensure two important things for the public: the lowest long-term prices, and not having to pay the price for bad investment decisions."
"This will be seen as a signal around the world to come and do business in Ontario," Brace said. "We look forward to working with the various players to ensure that the transition is as smooth as possible."
"Whenever you have the opportunity to choose from competing suppliers, the competitors have to work harder to keep their customers, and long-term the costs are kept down."
"Ontario will look back on this as a very wise decision," Brace predicted. "Not only will this be the beginning of a new era of investment, competition and efficiency, but we have also opened the door for important environmental initiatives which our children and grandchildren will thank us for."
IPPSO is a non-profit organization with more than 100 company and individual members active in the independent power industry in Ontario.
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IPPSO, PO Box 1084 Station F, Toronto, Ontario, M4Y 2T7 Canada.
Street address: 163-C Eastbourne Ave., Toronto, Ontario M5P 2G5
Last update: December 18, 2001