Bruce Power and IESO Sign Agreement to Support Long-Term Electricity Supply
Bruce Power and the Independent Electricity System Operator (IESO) have signed a new agreement to support the long-term electricity supply in Ontario. The agreement, signed on December 17, 2020, serves as a significant milestone in maintaining the stability of Ontario`s electricity system.
The agreement involves the refurbishment of six nuclear reactors at Bruce Power`s facility in Tiverton, Ontario, to extend their operating lives by an additional 30 years. With an investment of $13 billion in refurbishment, these reactors will be able to provide clean and reliable energy to Ontario for many years to come.
“The agreement ensures that the life extension project at Bruce Power will proceed in a way that is consistent with the goals of the Long-Term Energy Plan,” said Peter Gregg, President and CEO of IESO. “This project will support the province`s efforts to reduce greenhouse gas emissions, provide reliable electricity, and maintain affordability for Ontarians.”
The refurbishment of the Bruce Power nuclear reactors will create 22,000 jobs during the project`s peak, including 6,000 direct jobs. This investment will contribute $4.9 billion to the Ontario economy annually, with $2.2 billion spent in Bruce, Grey, and Huron counties.
“This agreement is an essential step in Bruce Power`s and Ontario`s plans to provide clean and reliable energy for the next three decades,” said Mike Rencheck, President and CEO of Bruce Power. “We are proud to support Ontario`s climate change agenda and contribute to its economic growth through job creation and investments in the local community.”
The refurbishment of the Bruce Power nuclear reactors will have a significant impact on Ontario`s electricity system. This agreement will ensure that Ontario continues to have a reliable and affordable supply of energy while reducing the province`s greenhouse gas emissions. The project is a significant milestone in Ontario`s efforts to achieve its climate change goals while contributing to its economic growth.
In conclusion, the Bruce Power and IESO agreement is a significant achievement in securing Ontario`s energy future. The refurbishment of the nuclear reactors at the Bruce Power facility will provide clean and reliable energy for the next 30 years and create thousands of jobs in the local community. Through this investment, Ontario will continue to reduce its greenhouse gas emissions and maintain an affordable supply of energy to support its economic growth.