Financial Accountability Office (FAO) confirms that Ontario's Nuclear Refurbishment is Clean and Cost-Effective
OTTAWA, Nov. 21, 2017 /CNW/ - The Canadian Nuclear Association (CNA) welcomes the work done by the Financial Accountability Office of Ontario on the Nuclear Refurbishment Plan which highlights the significant contributions the nuclear industry makes to the people of Ontario by providing one of the lowest cost, emissions-free sources of power in the province.
The FAO's report validates that refurbishing Ontario's Bruce and Darlington nuclear generating stations is the best option to keep costs low for electricity customers and to protect the environment. In fact, the FAO estimates the average cost of nuclear at $82.70 per megawatt-hour (MWh) through to 2064 will be lower than Ontario's current average overall cost of electricity of $115/MWh (Page 18). It is also priced lower than electricity sourced from wind, solar, gas or bio-energy. The report points to the significance of the long-term commitment to the refurbishment plans that will see nuclear power supplying over 50% of the province's electricity for the next several decades: "There is currently no portfolio of alternative low-emissions generation which could replace nuclear generation at a comparable cost."
OPG and Bruce Power are working together to share best practices and lessons learned on their refurbishment projects. By sharing this knowledge, both companies are reducing their respective risks on both budget and schedules, while boosting economies of scale. Together, these two projects are delivering tens of thousands of jobs through hundreds of companies across the province.
CNA President and CEO, Dr. John Barrett states: "Nuclear technology is an integral part of any advanced economy. It supports medicine, materials science, advanced manufacturing, food safety and clean energy production. While nuclear generating station refurbishments require significant upfront capital investment, their long life and low costs for fuel, operations and maintenance lead to low power costs in the long run as identified in this report."
In its analysis, the FAO views the Nuclear Refurbishment Plan as the least risky means of producing very low emissions and reliable and low-cost electricity for the foreseeable future, while supporting an industry employing tens of thousands of people in Ontario and contributing to strong economic growth.
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SOURCE Canadian Nuclear Association
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