IESO Auction Secures Capacity to Help Meet Ontario's 2023-2024 Electricity Needs
December 8, 2022
Ontario’s electricity grid is prepared to meet growing supply needs for the next 18 months as a result of supply procured through the IESO’s annual Capacity Auction. Held November 30 – December 1, the auction saw 1,430.6 megawatts (MW) of supply acquired for summer 2023 and 1,160 MW for winter 2023-2024 - this is equivalent to the electricity needed to power a city the size of Ottawa.
This year’s auction received enrollments totalling more than double the megawatt target, demonstrating the diversity of options available as Ontario’s electricity needs grow this decade. As demand increases - coupled with pressure on supply due to nuclear refurbishments - the annual auction provides the flexibility needed to balance supply and demand over the near term.
As outlined in the IESO’s 2022 Annual Acquisition Report, auction targets increased for both the summer and winter obligation periods compared to last year to prepare for the province’s upcoming needs. The auction is part of a multi-pronged approach to meeting Ontario’s electricity needs, which also includes longer-term procurements that are underway and enhanced energy-efficiency programming.
The full list of this year’s successful participants is available on the Capacity Auction web page.