OPG Partners with Leading Automotive Supplier on Clean Energy Credits

Proceeds of credits can fund new energy infrastructure for Ontario

TORONTO, Jan. 28, 2025 /CNW/ - Ontario Power Generation (OPG) will supply Clean Energy Credits (CEC) sourced from its low-carbon hydroelectric facility, the Sir Adam Beck Generating Complex, to leading global automotive supplier Magna International.

Businesses in Ontario can voluntarily purchase and retire CECs from eligible low-carbon electricity producers to help meet their corporate environmental and sustainability objectives. The Province's CEC registry, introduced in 2023, helps provide transparency and auditability by tracking the program and guaranteeing each CEC is credited to only one user.

The majority of the proceeds from the sale of CECs will be directed to the Government's Future Clean Electricity Fund (FCEF). The FCEF supports investments in new low-carbon generation to meet the increasing demand for electricity driven by Ontario's economic growth.

Key facts

• Ontario's Independent Electricity System Operator (IESO) forecasts that the province's demand for electricity will increase by 75 percent by 2050, the equivalent of adding four and a half cities the size of Toronto to the grid.
• OPG owns a diverse portfolio of electricity generation across Ontario, which annually produces over 70 TWh of low-carbon electricity to the grid.
• Magna is purchasing CECs from OPG to help meet its sustainability goals in Canada by 2028—two years ahead of schedule

Quotes

"Partnerships like this show how OPG's electricity generation is key to Ontario's low-carbon energy advantage," said Nick Pender, OPG Senior Vice President, Renewable Generation and Energy Markets. "Through sale of CECs, OPG helps industry meet sustainability goals, while also benefiting ratepayers and enabling new generation to help meet Ontario's growing electricity demand through the government's Future Clean Electricity Fund."

"Purchasing Clean Energy Credits from OPG is a key step in Magna's ongoing sustainability journey," said Ahmed Elganzouri, Global Director, Sustainability and Energy at Magna. "By securing renewable electricity certification ahead of schedule, we're advancing our environmental goals and supporting long-term energy stability and cost certainty. This decision reflects our commitment to a cleaner and more sustainable future for our operations and the communities we serve."

About OPG

As one of North America's largest, most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario and the US. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects, and electrification initiatives to power the growing demand of a clean economy. Learn more about how the company is delivering these initiatives while prioritizing people, partnerships, and strong communities by reading OPG's Integrated ESG and Annual Report.

SOURCE Ontario Power Generation Inc.