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FINWIRES

Hydro One to Construct Red Lake Transmission Line in Northwest Ontario

-- Hydro One (H.TO) will develop and construct the Red Lake transmission line in northwest Ontario, the company said on Friday.

The proposed project consists of a new double-circuit 230-kilovolt transmission line that will run from Dryden Transformer Station (TS) north to Ear Falls TS, including associated station facilities and will continue on to connect to Red Lake Switching Station. It is expected to be in service by the early 2030s.

The Red Lake Transmission Line is expected to add about 400 megawatts of electricity in northwest Ontario, nearly quadrupling existing capacity. It is also expected to strengthen regional reliability and reinforce the grid for newly connected northern remote communities and the broader region, a statement said.

Proximate First Nations can invest in a 50% equity stake in the transmission line component of the project.

Hydro One shares closed up $1.23 to $58.11 on Thursday on the Toronto Stock Exchange.

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