Bruce Power and the County of Bruce hosted an Economic Development and Innovation Summit today in Kincardine to formally launch their joint economic development initiative.
The summit brought together over 50 municipal, regional and provincial economic development professionals to learn more about Bruce Power, its role in providing 30 per cent of Ontario’s electricity at 30 per cent less than the average residential price of power, the overall initiative and opportunities for working together to achieve success.
“The summit was an opportunity to bring together our broader economic development community to build the foundation necessary to attract and retain business investment in the area,” said Mike Rencheck, Bruce Power’s President and CEO. “Our partnership with the County of Bruce is only the beginning – it takes local, regional and provincial economic development players with passion, dedication and understanding of the local economic development climate, to help make this happen.”
There were a number of presentations throughout the day, including Rencheck, who emphasized that a low-cost energy provider like Bruce Power can have a major, positive impact on local and provincial economies through its multi-year, $13 billion investment program.
“By securing the future of the Bruce Power site through 2064, the long-term annual economic impact will result in 18,000 direct and indirect jobs being created and sustained across Ontario, while over $4 billion will be invested each year into the province’s economy through the direct and indirect spending on operational equipment, supplies, materials and labour income,” Rencheck added.
Other presentations included Robert Lavigne, Managing Director, Economic Research, OMERS Capital Markets, who provided an overview and outlook of the global and provincial economic climate; Patrick Dillon, Business Manager, Provincial Building and Construction Trades Council of Ontario, who explored the labour market impacts of the Bruce Power investment program; Michael Fenn, former Ontario Deputy Minister and former Chief Administrative Officer for Burlington and Hamilton, who discussed successful economic development partnerships; and Kelley Coulter, CAO, Bruce County, who provided an overview of the county’s broader economic development strategy and initiatives.
The summit was also an opportunity to learn more about the initiative, which includes a jointly funded Business Investment Specialist position to create a single interface to facilitate a range of economic development and innovation ideas. It also includes the establishment of a regional Advisory Committee with representatives from Bruce, Grey and Huron counties. The goal of this committee will be to provide input and advice on the development and implementation of a strategy, while also serving as a resource to facilitate opportunities.
“The summit was a great opportunity to bring economic development players in the region together to advance the initiative and continue our path forward,” said Mike Smith, Mayor of Saugeen Shores. “We all look forward to working with Bruce Power, the County of Bruce and our colleagues across the region to leverage business investment opportunities in the area that support Bruce Power’s long-term investment activities.”
In 2015, Bruce Power and the Independent Electricity System Operator secured a long-term agreement that will see Bruce Power provide 6,300 megawatts through 2063, through a multi-year investment program known as Major Component Replacement. According to a joint study released by the Ontario Building and Construction Trades Council of Ontario, Southwest Economic Alliance, Canadian Manufacturers & Exporters, The Society of Energy Professionals and the Power Workers’ Union, the investment will annually secure 18,000 jobs directly and indirectly from operations, and an additional 3,000 to 5,000 jobs annually on the Bruce Power site, injecting billions into Ontario’s economy.
In June 2016, Bruce Power and the County of Bruce agreed to a Memorandum of Understanding with respect to Economic Development and Innovation, which recognizes the importance of establishing a consolidated approach to economic development as it relates to the company’s investment activities and other innovation opportunities. As part of the initiative, a jointly funded Business Investment Specialist position has been established to create a single interface to facilitate a range of economic development and innovation ideas as part of the multi-year investment program at Bruce Power.
About Bruce Power
Bruce Power operates the world’s largest operating nuclear generating facility and is the source of 30 per cent of Ontario’s electricity. The company’s site in Tiverton, Ontario, is home to eight CANDU reactors. Formed in 2001, Bruce Power is an all-Canadian partnership among Borealis Infrastructure Trust Management (a division of the Ontario Municipal Employees Retirement System), TransCanada, the Power Workers’ Union and The Society of Energy Professionals. A majority of Bruce Power’s employees are also owners in the business.
About County of Bruce
Bruce County is an upper tier municipality of 64,000 residents across eight (8) member municipalities. In addition to being home to Bruce Power, the County has a diverse geography including the UNESCO Niagara Escarpment World Biosphere of Bruce Peninsula with in excess of 200 kilometers of shoreline. In 2016, Bruce County was nominated for a national award with the Institute of Public Administration of Canada for innovative management and public service practices.
For further information, please contact:
John Peevers – 519-361-6583
Bruce Power Duty Media – 519-361-6161
For updated Bruce Power photos and b-roll video, please visit our Media Kit page.
Stellina Williams, Corporation of the County of Bruce – 519-881-1291