Bruce Power welcomes today’s report from Ontario’s Financial Accountability Office (FAO) on the life extension of the province’s nuclear fleet.
The report reinforces the role low-cost Bruce Power nuclear will continue to play in the supply mix over the long-term. The report states, “There is currently no portfolio of alternative low emissions generation which could replace nuclear generation at a comparable cost.” (Page 37)
Bruce Power currently generates 30 per cent of Ontario’s electricity at 30 per cent less than the average cost to generate residential power. The FAO estimates the cost of Bruce Power nuclear, which includes life-extension investments through 2064, will be consistent with what the company announced in December 2015.
While the FAO considers a wide-range of factors and postulated risks as these reviews are intended to do, it is recognized that Bruce Power will meet all investment requirements as part of this program and will assume the risk of delivering projects on time and on budget.
Furthermore, the report is clear ratepayers are protected. “As Bruce Power is a private sector entity, any transfer of risk to Bruce Power reduces the exposure of ratepayers,” the report states. (Page 10)
Bruce Power’s Life-Extension Program commenced on January 1, 2016, and is on time and on budget. This program includes the 13-year Major Component Replacement (MCR) Project, which begins in Unit 6 in 2020, and preparations are well underway for this element of the Life-Extension Program.
While Bruce Power will continue to generate 30 per cent of Ontario’s electricity, the report notes it provides other benefits aside from being a low-cost supplier, including the innovative ability to provide flexible output upon request by the Independent Electrical System Operator (IESO) as demand requires. Bruce Power is the only nuclear operator in Ontario to provide this valuable flexibility to the market.
About Bruce Power
Formed in 2001, Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable, low-cost nuclear power to families and businesses across the province. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.
For more information, contact:
John Peevers, Department Manager, Communications and Media Relations