Bruce Power is Ontario’s low-cost generator
We power more for less.
We provide families and businesses with 30% of their electricity at 30% less than the cost to generate residential power. Bruce Power will receive 7.5 cents per kilowatt-hour (kWh) of electricity in 2019, which, according to the Independent Electricity System Operator, is 3 cents /kWh less than was originally projected.
That’s also five cents less than the average price of residential power in the province in 2018 (12.6 cents/kWh), and significantly less than most other sources of electricity in 2018 when solar received 51 cents/kWh; natural gas received 18.8 c/kWh; wind was 15.9 c/kWh; and hydro received 6.2 c/kWh. Source: Ontario Energy Board annual report.
That means, for every kilowatt of emissions-free electricity generated by Bruce Power, the people and business owners of Ontario are paying less for power than they would with almost any other source of energy.
In addition to generating electricity at this low cost, Bruce Power announced $200 million in efficiency payments to further reduce system costs between 2019 and 2021, through efficiencies and enhanced output. This is the only IESO contract, out of approximately 35,000 in the province, which is returning savings and efficiencies of this magnitude.
While there are many components that make up an electricity bill, including distribution and transmission charges, if you received 100% of your electricity from Bruce Power, this portion of your bill would be at least 30% less.
That’s powering more for less.
Bruce Power sells all of its electricity under a controlled contract with the IESO. As outlined, in 2019, this cost is 7.5 cents per kW/h and this covers all investment the company has made in the site, as well as the funding of all long-term liabilities as required in the company’s lease with the province.
Bruce Power also makes available about 2,400 megawatts of flexible generation to accommodate intermittent sources like wind and solar in the market, and to meet changing demand. Bruce Power is the only nuclear operator in Ontario to offer this feature, which alleviates pressure on the IESO during times of lower demand for electricity.
Our long-term future
Bruce Power and the IESO entered into a long-term agreement in 2015 to extend the life of the Bruce Power site to 2064 through the life-extension of six units. The Life-Extension Program, which began on Jan. 1, 2016, remains on time and on budget, and will allow the province to maintain a low-carbon, low-cost electricity sector by maintaining nuclear as its baseload energy provider for decades.
The Life-Extension Program, which has twice been named Canada’s Number 1 Infrastructure Project, will create and sustain 22,000 jobs, directly and indirectly, annually, while injecting $4 billion into Ontario’s economy every year through 2064.
We will do all this while presenting zero risk to ratepayers, because all investments in the site will be met by our private-sector owners, including any potential cost over-runs.
As the only private nuclear company in Ontario, and one of Canada’s most successful Public-Private Partnerships, Bruce Power provides the people and businesses of the province with price stability due to its long-term contract and no risk of cost over-runs, all while generating no carbon emissions and producing medical isotopes that save millions of lives worldwide each year.
In fact, the Independent Financial Accountability Office (FAO) in 2017 reviewed Bruce Power’s arrangement with the IESO and determined it was in the best interest of ratepayers when compared to alternatives. The FAO concluded, “There is currently no portfolio of alternative low emissions generation which could replace nuclear generation at a comparable cost.” (Page 37) and “Bruce Power is a private sector entity, any transfer of risk to Bruce Power reduces the exposure of ratepayers,” the report states (Page 10).