The Canadian Press has learned Premiers Kathleen Wynne and Philippe Couillard will sign the deal, which will see Ontario import up to two terawatt hours of electricity from Quebec each year, enough to power a city the size of Kitchener.
It’s also expected to save Ontario’s electricity system about $70 million in costs over the seven years.
Sources familiar with the agreement say power generated from Quebec’s hydro dams will allow Ontario to cut its reliance on natural-gas generators, reducing greenhouse gas emissions by one million tonnes a year.
Ontario will also be allowed to keep up to 500 gigawatt hours of power behind Quebec’s dams in a “pump storage” system, which will allow the province to reduce its surplus generation.
The sources say the focus of the joint cabinet meeting will be jobs and the economy, with an emphasis on innovation such as expanded use of electric vehicles and more public charging stations.