Earlier today, Ontario’s Minister of Energy confirmed that the province will work to secure the role of nuclear power over the long-term through the refurbishment of Ontario’s existing nuclear units at Bruce Power and Darlington. While the Long-Term Energy Review continues – it’s expected to be completed later this fall – it will provide more context related to the timing, approach and broader considerations regarding future nuclear refurbishments. Securing this key element of the LTEP is important for ratepayers.
This summer, Bruce Power released our 2040 Vision about how we plan to keep electricity costs low for our families and businesses, while protecting the air we breathe.
The refurbishment of Ontario’s nuclear fleet would provide stable power prices for Ontario families and businesses. If the average Ontario family and business look at their bill today, some of their lowest-cost electricity is from nuclear. There are often misconceptions around the true cost of power, but with everything included, such as capital costs and long-term liabilities, nuclear and hydro are the lowest-cost energy sources in the province. Through refurbishment, this low-cost output would be secured for the long term, providing price stability.
Advancing the refurbishment agenda would also be good news for jobs and the economy. Based on information from the Canadian Manufacturers and Exporters, securing the output from Bruce Power will contribute to over $3 billion in economic activity annually and 15,000 jobs. This would all be achieved through private investment in public assets.
The continued role of Bruce Power nuclear is also important to stay off coal generation, which will be phased out in the coming months. Through the new Bruce-to-Milton transmission line, the revitalization of Bruce A’s four units, and strategic maintenance programs at Bruce B over the past decade, 70 per cent of the energy needed to phase out coal has been provided by Bruce Power. To stay off coal, 6,300 megawatts from the Bruce Power site needs to be secured for the long term.
For more information visit: www.brucepower.com.
About Bruce Power
Bruce Power operates one of the world’s largest nuclear sites and is the source of roughly 25 per cent of Ontario’s electricity. The company’s site in Tiverton, Ontario is home to eight CANDU reactors, each one capable of generating enough low-cost, reliable, safe and clean electricity to meet the annual needs of a city the size of Hamilton. Formed in 2001, Bruce Power is an all-Canadian partnership among TransCanada, Cameco, Borealis Infrastructure Management (a division of the Ontario Municipal Employees Retirement System) as well as the Power Workers’ Union and Society of Energy Professionals. A majority of Bruce Power’s 4,000 employees are also owners of the business.
For further information, please contact:
John Peevers – 519-361-6583 – email@example.com
24-hour Duty Media Officer – 519-361-6161