Business Plan

With demand for electricity on the rise, additional resources required to meet growing needs, and new technologies providing options to meet those needs, the power system is facing some unique challenges in the coming years. The IESO’s 2023-2025 Business Plan positions the organization well to deliver the reliable, resilient and efficient grid and market on which Ontarians rely. This plan sets out our priorities in a number of key areas, which include ensuring resource adequacy, enabling new resources, fostering innovation, exploring pathways to decarbonization, and advancing market renewal.

As a response to new government priorities set out in the province’s Powering Ontario’s Growth report, which was released in July 2023, the IESO has amended the 2023-2025 Business Plan to ensure it has the resources needed to carry out the specific requirements outlined in Powering Ontario’s Growth and implement these policy actions.

The IESO has held its revenue requirement below inflation for the previous five years, but targeted investments in resources to support this expanded effort continue to be required. As always, the IESO is committed to finding efficiencies and pursuing the most economical solutions, including introducing more competition, enabling more resources to participate in the market, and using more flexible procurements to meet changing system needs.

The IESO 2023-2025 Business Plan is the first submission under a new three-year approval process that has provided revenue certainty for the IESO to plan future years and permits flexibility to move work over the planning horizon to achieve the IESO’s corporate strategies and address changing priorities. As part of this new business planning approach, the IESO is required to submit an Interim Year Business Outlook to the Minister for each fiscal year (i.e., 2023 and 2024) during a business plan cycle for approval. This year’s edition is the first Interim Year Business Outlook and provides updates on how the IESO’s plans are progressing towards delivering ratepayer value in Ontario in the coming years.

To learn more, please read the amended Business Plan and the Interim Year Business Outlook 2023-2026.

Approval letter of the Amendment to 2023-2025 Business Plan from the Minister of Energy (November 28, 2023)

Approval letter from the Minister of Energy (February 15, 2023)