Bruce Power announced today its plan to contribute to a ‘Made in Ontario’ economic recovery, investing $3 billion over the next 18 months through the company’s Life-Extension Program, isotope development, and asset optimization strategy.
This investment will create and sustain thousands of highly-skilled jobs and drive economic benefits throughout the Clean Energy Frontier region and across Ontario.
Mike Rencheck, Bruce Power’s President and CEO, outlined the company’s five-pillar strategy to contribute to a revitalized economy, while providing global leadership in the production of medical isotopes, contributing to Canada’s Net Zero 2050 goals, and securing reliable electricity for decades to come.
“Bruce Power’s Life-Extension Program continues to play a key role in stimulating the economy as Ontario moves into the recovery phase of the COVID-19 pandemic,” Rencheck said. “This investment program will also ensure a steady global supply of medical isotopes and a reliable source of clean electricity that will make significant contributions to a Net Zero Ontario and Canada.”
Hon. Todd Smith, Ontario’s Minister of Energy, commended Bruce Power for its focus on economic recovery and commitment to Net Zero.
“Bruce Power’s Life-Extension Program and Major Component Replacement Projects are key drivers supporting our post-pandemic economic recovery, with the vast majority of its multi-billion dollar investments benefitting the people, supply chains and jobs right here in Ontario,” Minister Smith said. “As Canada’s largest private infrastructure and clean energy project, this investment is also advancing Ontario’s role as a global leader in a clean energy future.”
Bruce Power’s strategy to help revitalize Ontario’s economy consists of five pillars:
- Recharging the economy through private investment. A private investment of $3 billion over the next 18 months through the company’s Life-Extension Program, isotope development, and asset optimization strategy will enable Canada’s largest privately-funded clean energy project to secure carbon-free, reliable electricity for decades to come and a stable global supply of medical isotopes.
- Advancing medical innovation through global isotope production. In 2022, the company will deploy a game-changing isotope delivery system for its CANDU reactors to produce Lutetium-177, an isotope used to treat neuroendocrine tumours and prostate cancer. The company also produces Cobalt-60, used to sterilize medical devices, battle cancer and treat brain tumours.
- Taking action on Net Zero. One of the largest emissions-reduction initiatives in a generation – the phase out of coal in Ontario – was made possible by Bruce Power. The company is building on this leadership role by contributing to a Net Zero Canada by 2050. In addition to providing a reliable supply of carbon-free electricity, this will be achieved by eliminating greenhouse gas emissions from its site operations by 2027; the launch of Ontario’s first Community Carbon Coalition, which will fund grassroots initiatives that both remove and offset carbon emissions; and work with a range of organizations to advance hydrogen, electrified transportation and integration of nuclear with other resources.
- Securing highly skilled jobs for Ontarians. Over 95 per cent of Bruce Power’s supply chain is Ontario-based, providing economic growth and supporting 22,000 direct and indirect jobs annually. Bruce Power continues to strengthen its ‘Made in Ontario’ supply chain to support the Clean Energy Frontier program in Grey, Bruce and Huron counties, while pursuing broader opportunities across the province.
- Advancing the future of nuclear. Ontario’s nuclear industry is a key driver in Canada’s clean energy future. Through its existing CANDU fleet, robust nuclear supply chain, and key global supply of medical isotopes, Ontario is a world-leader in nuclear. Bruce Power, in collaboration with a range of partners, and the Bruce County-based Nuclear Innovation Institute will launch the Future of Nuclear Program to support the positioning of Ontario as a global nuclear leader.
“These pillars will advance Ontario’s economic recovery as we make historic and long-term investments in Canada’s single largest site for clean electricity, which also support tens of thousands of jobs annually in Canada,” Rencheck said.
Rocco Rossi, President of the Ontario Chamber of Commerce, acknowledged the positive impact the Ontario nuclear supply chain has on the province’s economy.
“A strong nuclear industry is essential to a strong economy in Ontario,” Rossi said. “Ontario’s nuclear sector injects billions into the economy every year, providing low-cost, reliable and carbon-free electricity that our businesses need to stay competitive in the world market, and life-saving medical isotopes which are vital resources in the global medical community.”
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.