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Bruce Power agreement will provide Ontario's manufacturers stable electricity rates and economic opportunities

Published by Brad Fougere on December 01, 2015

The amended agreement announced today between the Independent Electricity System Operator (IESO) and Bruce Power is good news for Ontario’s manufacturing sector in terms of securing a stable source of low-cost electricity and creating economic opportunities throughout the province.

“Nuclear is the backbone of our electricity system and a reliable source of low-cost electricity which is critical to the competitiveness of the manufacturing sector," said Ian Howcroft, Ontario division vice president for Canadian Manufacturers & Exporters (CME). “This agreement not only secures the lowest cost nuclear power in Ontario from the Bruce site but will provide significant opportunities for Ontario-based manufacturers to deliver this investment program.”

In October 2014, CME authored a study jointly with the Provincial Building and Construction Trades Council of Ontario, Southwest Economic Alliance, Society of Energy Professionals, the Power Workers’ Union and Bruce Power that looked at the economic benefit of the Bruce investment program to the province. Based on this report and the economics of the amended agreement announced today the economic benefits are significant:

  • An estimated 18,000 jobs, directly and indirectly, and $4 billion in annual economic benefit in Ontario through direct and indirect spending on operational equipment, supplies, materials and labour income.
  • An additional 3,000 - 5,000 direct and indirect jobs annually, contributing between $900 million and $1.2 billion in direct and indirect labour income annually, from the investment program (2020-36). In addition, between $700 million and $1 billion in direct and indirect annual economic benefit will be realized through the purchasing of equipment, supplies and materials.
  • Over 90 per cent of Bruce Power’s spend takes place in Ontario and the company’s supply chain supports hundreds of businesses throughout the province. This investment program will also create significant, long-term opportunities for Ontario’s Manufacturing Sector.

“This is an agreement that will not only lead to jobs and economic activity but affordable electricity that will provide price stability to our energy system for decades to come,” Howcroft said.

 

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