TIVERTON, ON, Nov. 8, 2016 /CNW/ - A joint study has determined the life-extension activities and ongoing operations at the Bruce Power site will create thousands of jobs and inject billions of dollars into Ontario's economy for decades.
The economic impact study – titled 'Affordable Power. Jobs & Growth.' – has determined the operation of the Bruce site through 2064 will create and sustain 22,000 direct and indirect jobs annually, while creating $4 billion in annual Ontario economic benefit through the direct and indirect spending on operational equipment, supplies, materials and labour income.
Originally released in 2013, the updated study is a collaborative effort between the Provincial Building and Construction Trades Council of Ontario, the Canadian Manufacturers & Exporters and Bruce Power. It has determined the life-extension activities on Bruce Power Units 3-8, which began Jan. 1, 2016, and continue to be on time and on budget, will create and sustain 5,000 direct and indirect jobs annually. The program will also see $980 million to $1.2 billion in labour income invested annually into Ontario's economy, and result in $751 million to $1.07 billion in annual economic benefit through contracting of equipment, supplies and materials, both directly and indirectly.
The life-extension activities, which include the Major Component Replacement program, were announced last December and will take place over the next 40 years, while the site will continue to produce carbon-free electricity until 2064.
"The current investment and operation program at Bruce Power will provide 22,000 jobs directly and indirectly across Ontario through 2064," said Patrick Dillon, Business Manager, Provincial Building and Construction Trades Council of Ontario. "The life-extension program will create highly skilled jobs for thousands of tradespeople in Ontario, while also providing decades of stable electricity prices for their families."
Bruce Power's private investment program will ensure Ontario industries maintain a reliable supply of carbon-free nuclear energy through 2064, said Ian Howcroft, Vice-President, Canadian Manufacturers & Exporters Ontario.
"Nuclear power is reliable and competitively priced," Howcroft said. "Bruce Power, which provides 30 per cent of the province's electricity, will continue to provide Ontarians with affordable, reliable electricity, which is especially important for our manufacturing sector."
Download 'Affordable Power. Jobs & Growth.'
About Provincial Building and Construction Trades Council of Ontario
The Provincial Building and Construction Trades Council of Ontario is an umbrella organization that represents 13 construction craft unions with a total of over 150,000 construction workers from throughout the province.
About Canadian Manufacturers & Exporters
Since 1871, Canadian Manufacturers & Exporters have made a difference for Canada's manufacturing and exporting communities. Fighting for their future. Saving them money. Helping them grow. The association directly represents more than 2,500 leading companies nationwide. More than 85 per cent of CME's members are small and medium-sized enterprises. CME's membership network accounts for an estimated 82 per cent of total manufacturing production and 90 per cent of Canada's exports.
About Bruce Power
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. Formed in 2001, Bruce Power is an all-Canadian partnership among Borealis Infrastructure Trust 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.
SOURCE Bruce Power
For further information: Patrick Dillon - Provincial Building and Construction Trades Council of Ontario - (416) 347-8245; Ian Howcroft - Canadian Manufacturers & Exporters Ontario - (613) 238-8888; John Peevers - Bruce Power - (519) 361-6583; Bruce Power Duty Media - (519) 361-6161