Statement by Bruce Power in response to electricity reforms announced today by the Ontario government

TIVERTON, ON, March 21, 2019 /CNW/ - Bruce Power supports this afternoon's announcement by the Hon. Greg Rickford, Minister of Energy and Northern Development and Mines, to modernize the electricity system in a way that focuses on key economic drivers, long-term stability, transparency and the leveraging of existing assets and proven technology.

As a low-cost, stable electricity generator, Bruce Power generates 30 per cent of Ontario's electricity at 30 per cent below the average cost to generate residential power. In addition, we are focused on increasing output through modernization and building efficiencies within our own business which benefit Ontario consumers as recently demonstrated by $200 million in efficiency payments announced in January, 2019.

Additionally, our investment program will secure our low-cost generation for the long-term and will also create and sustain thousands of jobs, billions in tax revenues and provide a strong export capability for Ontario for isotopes globally.

It is through a stable policy environment at the provincial level, combined with a long-term contract with Ontario's Independent Electricity System Operator (IESO) through 2064 that Bruce Power will continue to take a long-term view as an anchor in the province's electricity system.

As noted by the Financial Accountability Office (FAO) in its report from November, 2017, "there is currently no portfolio of alternative low emissions generation which could replace nuclear generation at a comparable cost".

Bruce Power will continue to provide Ontario families and businesses with low-cost electricity and engage with the provincial government as it continues to seek solutions to meet future energy needs.

About Bruce Power
Formed in 2001, Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable, low-cost nuclear power to families and businesses across the province. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.

SOURCE Bruce Power