Bruce Power to Save Ontario Electricity Customers $200 Million
Bruce Power’s focus on innovation, simplification and delivering efficiencies, while increasing site output and reliability, means Ontario electricity consumers will benefit from over $200 million in efficiency payments between 2019 and 2021.
“As a private-sector company, Bruce Power remains constantly focused on operational excellence and efficiency,” said Mike Rencheck, Bruce Power’s President and CEO. “We are a low-cost generator providing 30 per cent of Ontario’s electricity at 30 per cent less than the average cost to generate residential power. By achieving these efficiencies through this framework, we are proud to build on this and contribute more than $200 million to reduce electricity system costs from 2019-21, through our arrangement with the Independent Electricity System Operator (IESO).”
The announcement was made during a visit to the Bruce Power site by the Hon. Greg Rickford, Minister of Energy, Mines, Northern Development, and Minister of Indigenous Affairs Ontario. He was joined by Hon. Lisa Thompson, Minister of Education and Huron-Bruce MPP, and Hon. Bill Walker, Minister of Government and Consumer Services and MPP for Bruce-Grey-Owen Sound.
“Nuclear power continues to be a great investment for the people of Ontario, providing a clean, reliable and low-cost source of electricity,” said Hon. Rickford. “I’m pleased that consumers across the province will benefit from cost savings realized through operational efficiencies at Bruce Power.”
During the Ministers’ visit, Bruce Power reiterated its commitment to build on these efficiencies on an on-going basis by exploring new long-term strategies to increase the output from the Bruce facility during the company’s Life-Extension Program, which remains on time and on budget. These efficiencies will benefit the electricity system as a whole, Rencheck added.
“The IESO’s agreement with Bruce Power puts the Ontario consumer first,” said Peter Gregg, President and CEO of the IESO. “Ontarians will continue to benefit from reliable power, while the $200 million in efficiencies announced today will help reduce electricity costs.”
Bruce Power’s Life-Extension Program will also create and sustain 22,000 direct and indirect jobs annually, and inject $4 billion into Ontario’s economy every year, while still providing 30 per cent of Ontario’s electricity at a competitive price, said Hon. Lisa Thompson, Minister of Education and MPP for Huron-Bruce.
“This has a significant impact on our regional economy, with over 40 companies supporting this project who are now based locally,” Minister Thompson said.
The Life-Extension Program remains on time and on budget with the next phase of the project commencing in January 2020, with the Major Component Replacement (MCR) on Unit 6. The first MCR is the next step in Bruce Power providing low-cost, clean, reliable nuclear power, as well as good jobs and medical isotopes, through 2064.
Hon. Bill Walker, MPP for Bruce-Grey-Owen Sound who also serves as Government Nuclear Caucus Chair, re-enforced the importance of Bruce Power’s work at the core of Ontario’s nuclear industry supplying low-cost power, creating jobs and producing life-saving Isotopes.
“Bruce Power is home to Canada’s largest infrastructure project,” MPP Walker said. “Private investment in these public assets will help the facility remain a source of low-cost, reliable, clean electricity for decades to come, while creating jobs in the region and across Ontario. This will ensure our province remains a global exporting leader for medical isotopes.”
The visit also included an employee recognition luncheon, a tour for members of Caucus, and the grand opening of the new Major Component Replacement Training Facility, in Kincardine.
By increasing site output by 150 megawatts in recent years, leveraging economies of scale, and delivering work more safely, predictably and to a higher quality, the electricity system will benefit from $200 million in benefit from 2019-21. This will be carried out through Bruce Power’s arrangement with the IESO, and every three years these efficiencies will be calculated to reduce the cost of the electricity system.
- Nuclear power provides about 60 per cent of Ontario’s electricity supply and supports 60,000 jobs across the province.
- Refurbishing Bruce reactors will also secure the long-term supply of medical isotopes used for cancer treatment and sterilization of medical equipment around the globe.