TransCanada to Build Napanee Gas Plant

TransCanada Corporation (TSX:TRP, NYSE:TRP)  announced that they have signed a contract with the Ontario Power Authority (OPA) to develop, own and operate a new 900-megawatt (MW) natural gas-fired power plant to be located in Napanee, Ontario.

As quoted in the press release:

Construction of this 900-MW facility will mean an investment of millions of dollars in the local community that supports the creation of approximately 600 construction jobs and an expected 25 long-term jobs resulting in approximately $4 million in annual salaries and benefits. The power plant will contribute to the local tax base each year, providing officials with the ability to invest those dollars locally.

TransCanada’s President and CEO, Russ Girling, said:

The contract signing will allow TransCanada to move forward with our plans to provide a reliable source of electricity to the people of Ontario.

To view the whole press release, click here.