Bruce Power to Save Ontario Electricity Customers $200 Million
Efficiencies to put over $5 million a month into consumers' pockets over three years
Ontario electricity consumers will benefit from about $200 million in cost savings from operational efficiencies at Bruce Power, putting more than $5 million per month into consumers' pockets over the next three years.
Provisions built into the Bruce Power Refurbishment Implementation Agreement with the Independent Electricity System Operator (IESO) ensure that the people of Ontario benefit from any savings realized during the refurbishment and operation of the Bruce Nuclear Generating Station.
The agreement has already delivered excellent value to Ontario consumers since the latest amendment was signed in December 2015. The price of electricity from Bruce Power over the last three years has been significantly lower than initially projected, saving about $150 million to-date for Ontario consumers.
"Nuclear power continues to be a great investment for the people of Ontario, providing a clean, reliable and low-cost source of electricity," said Greg Rickford, Minister of Energy, Northern Development and Mines and Minister of Indigenous Affairs. "I'm pleased that consumers across the province will benefit from cost savings realized through operational efficiencies at Bruce Power."
The Bruce Nuclear Generating Station provides over 30 per cent of Ontario's electricity needs. Bruce refurbishment and long-term operation is expected to increase employment by 22,000 jobs per year and generate $4 billion in annual economic benefits in communities throughout the province.
"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 efficiencies, we are proud to contribute more than $200 million to reduce electricity system costs from 2019-21, through our arrangement with the Independent Electricity System Operator."
- 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.