Bruce Power’s unique structure has helped Ontario achieve a number of key goals including keeping electricity prices low for families and businesses, helping ensure Ontarians have clean air to breathe while injecting more than $10 billion of private investment into public assets without impacting the province’s balance sheet in the process, according to a joint report released yesterday morning.
“When this structure was unveiled 15 years ago, critics warned safety would suffer, jobs would be cut and environmental issues would be ignored. History has proven those critics wrong,” said Duncan Hawthorne, Bruce Power President and CEO. “We have an industry-leading safety record, strong operational performance and have hired more than 3,100 people, while our multi-billion dollar investment to renew Ontario’s nuclear fleet has helped the province phase-out coal in the process.”
The unique Bruce Power Public-Private Partnership was recognized by The Canadian Council for Public-Private Partnerships (CCPPP) in 2001 as the winner of its Gold Award for Infrastructure in the National Awards for Innovation and Excellence in Public-Private Partnerships.
The jointly-produced report highlights the company’s achievements over the past 14 years within the P3 structure, including the establishment of an important role in Ontario’s Long-Term Energy Plan which allows Bruce Power to continue to add value to Ontario for decades to come.
“Bruce Power’s strong track record of delivering tremendous value to Ontarians through low-cost electricity and reliable supply demonstrates that nuclear power can be operated safely and cost effectively by the private sector in a competitive market,” said Dale Richmond, Chair of CCPPP. “As one of the largest P3s in Canada and the first involving nuclear power generation, Bruce Power is a unique model for future P3s in the global energy sector.”
When Bruce Power took over the site, there were no plans to return the Bruce A units to service and the company has done that doubling the number of operating units and allowing the province to deliver on its promise of eliminating coal-fired generation in Ontario. Having returned the site to its full potential, supported by a new Bruce-Milton Transmission line, the company is now focused on maintaining its output for decades to come as outlined in Ontario’s Long-Term Energy Plan.
“The Bruce Power model allows the province to focus on meeting its own fiscal targets and supporting programs like health care and education,” Hawthorne said. “It is a model that has served Ontario well over the last decade and will be essential moving forward.”
Established in 1993, CCPPP is a national not-for-profit, non-partisan, member-based organization with broad representation from across the public and private sectors. Its mission is to promote innovative approaches to infrastructure development and service delivery through public-private partnerships with all levels of government. The Council is a proponent of evidence-based public policy in support of P3s, facilitates the adoption of international best practices, and educates stakeholders and the community on the economic and social benefits of public-private partnerships.
Bruce Power operates the world’s largest operating nuclear generating facility and is the source of roughly 30 per cent of Ontario’s electricity. The company’s site in Tiverton, Ontario is home to eight CANDU reactors, each one capable of generating enough low-cost, reliable and clean electricity to meet the annual needs of a city the size of Hamilton. Formed in 2001, Bruce Power is a partnership among Borealis Infrastructure Management (a division of the Ontario Municipal Employees Retirement System), TransCanada, the Power Workers’ Union and the Society of Energy Professionals. A majority of Bruce Power’s employees are also owners in the business.
