Bruce Power’s Major Component Replacement project provides substantial return on investment for Ontarians

Today, the Ontario Chamber of Commerce (OCC) released a report commissioned by Bruce Power outlining an impartial economic impact assessment of the Major Component Replacement (MCR) Project undertaken as part of Bruce Power’s Life-Extension Program. The report, Major Component Replacement Project Economic Impact Analysis, reveals that the 13-year-long MCR Project would be of significant benefit to the economy through economic impact, GDP increase, tax revenue, and opportunities for local workers and industry.

The results of the report indicate that Bruce Power’s MCR Project will inject billions of dollars into the Ontario and Canadian economies, generating value for industry, communities, and governments. The complexity and size of the MCR Project will also benefit the province’s workforce development due to the unique work experience offered and the project’s demand of advanced skills.

“Our analysis shows that Bruce Power’s MCR project is a fundamental contributor to the Ontario economy. More broadly, the life-extension of the Bruce Power facility will provide quality jobs for Ontarians, produce a stable supply of medical isotopes for the world’s health care system, and deliver economic benefit through direct and indirect spending.” said Rocco Rossi, President and CEO of the OCC. “As Ontario’s energy demand grows, nuclear truly is the best option to meet those demands with reduced GHG emissions. The Bruce Power MCR Project will not only drive economic growth in the region, it will position Ontario as a global leader in nuclear innovation and expertise.”

The OCC’s economic analysis of the benefits from the MCR project reveals:

  • Ontario GDP to increase between $4.8 and $7.1 billion

  • Canadian GDP to increase between $5.2 and $7.8 billion

  • Ontario labour to receive between $3.8 and $4.6 billion and Canadian workers located in other provinces to receive an additional $300 million

  • The federal government to receive $144 million in excise tax and $1.2 billion in income tax

  • The provincial government to receive $300 million in excise tax and $437 million in income tax

The report also provides an overview of the value of nuclear energy and the nuclear industry to the province. The $5 billion nuclear industry currently provides 60 percent of Ontario’s daily energy supply needs and is made up of over 200 companies and more than 60,000 jobs across a diversity of sectors such as operations, manufacturing, skilled trades, health care, and research and innovation.

Mike Rencheck, President and Chief Executive Officer of Bruce Power added that “Nuclear power is the backbone of Ontario’s electricity system. Every day, across the great province, Ontarians count on Bruce Power to provide low-cost, clean, reliable nuclear power, to meet their electricity needs.  Our MCR project will ensure that Ontario families and businesses have an affordable and reliable source of emissions-free electricity, while simultaneously supporting tens of thousands of jobs across the province for decades to come.”

http://occ.ca/publications/bruce-power-major-component-replacement-project-economic-impact-analysis/

Facts:

  • Bruce Power currently produce 30 percent of the province’s electricity, at 30 percent less than the average cost to generate residential power.

  • In 2017, Bruce Power generated enough electricity to power over 5.2 million Ontario homes.

  • The nuclear sector contributes to the Ontario economy by providing less costly electricity, supporting the province’s climate change goals, creating jobs across its high-tech supply chain, and providing a critical supply of medical isotopes to the world’s health care system.

  • With the MCR project, Bruce Power will continue to provide Ontarians stable, affordable, and clean energy.

  • The MCR project will have a huge return on investment, providing good jobs and revenue for generations to come.