A quarter of a trillion dollar opportunity.
Like most of The Great Lakes region, Ontario is currently facing one of the toughest recessions in recent memory. In its adoption of the Green Energy and Green Economy Act in May 2009, the Government of Ontario has been explicit in its contention that environmental gains and economic recovery can not only successfully coincide, but reinforce one another.
As part of its focus on offshore wind development in The Great Lakes, Trillium Power has calculated the economic benefit of the potential capacity currently applied for by Ontario developers - 20,790 MW - over a period of 15 years. Trillium Power's calculations are based on a recent cost and investment model for Ontario-based FIT projects by Haywood Securities.
Over a 15-year period, and assuming a conservative average development cost of C$4,000,000/MW, Ontario's Reserved Offshore Potential of 20,790 MW of offshore wind would generate:
- C$256.3 billion in gross economic activity;
- C$11.4.1 billion in provincial tax revenues;
- C$126.8 billion for Ontario (with a 50% Domestic Content requirement);
- C$190 billion for Ontario (with a 75% Domestic Content requirement);
- C$84.9 billion for the U.S. Great Lake states and Quebec (with a 50% Domestic Content requirement).
To put one year of gross economic benefit - C$16.9 billion - from Great Lakes offshore wind development into perspective, it is equivalent to roughly 3% of Ontario's and 1% of Canada's entire Gross Domestic Product according to Statistics Canada figures for 2008.
The socio-economic benefit of Trillium Power Wind 1
Trillium Power Wind Corporation will invest approximately C$2 billion into the TPW1 project and help generate many economic opportunities, including:
- Between roughly 1,300 and 2,100 new jobs in manufacturing, services, O&M and RDD&D;
- A new era of green-collar manufacturing;
- New demand for local products and services;Contributions to municipal, provincial and federal tax bases.