Energy Professionals Welcome Bruce Power Partnership Restructuring

TORONTO, Jan. 31, 2014 /CNW/ - The Society of Energy Professionals believe that the restructuring of the Bruce Power partnership, announced today, better positions Bruce Power to fulfill its mandate under the Long Term Energy Plan to provide nearly a third of Ontario's electricity supply through safe, clean, and affordable nuclear generation.

The restructuring, which will see Borealis Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System, acquire an additional 31.6% interest from Cameco, is an important vote of confidence by the investment giant, said Society President Scott Travers. "As a union, we see Borealis' additional stake in Bruce as part of a virtuous economic circle, where public sector workers' pension assets are used to finance critical infrastructure and create high-quality, well-paying, knowledge sector jobs for other workers, at the same time as they earn a good rate of return for OMERS pension plan members."

The Society of Energy Professionals has been a partner in Bruce Power since 2001 and is strongly committed to continuing this role going forward. Through the investment of more than $7 billion in capital and the exceptional efforts of its employees, Bruce Power has revitalized its entire facility over the past 13 years. "Returning Bruce to its full operating capacity is truly important for the economic and environmental future of Ontario," said Travers. "The refurbishments at Bruce, both recent and future, result in securing good jobs, providing reliable, low-cost power, and reducing the carbon footprint of our electricity system. We're proud to be a part of that."

The Society of Energy Professionals represents 8,000 knowledge workers and supervisors employed by 14 employers that are responsible for Ontario's generation, transmission and regulation of energy in both the broader public and private sectors.

SOURCE: The Society of Energy Professionals

Scott Travers, President, Society of Energy Professionals: [phone], [email protected]; Adam Chaleff-Freudenthaler, Communications Officer, Society of Energy Professionals: [phone], [email protected]