TIVERTON, ON, Nov. 14, 2016 /CNW/ - An updated report released today the Canadian Council for Public-Private Partnerships (CCPPP) and Bruce Power concludes that Bruce Power's unique Public-Private Partnership (P3) continues to help Ontario achieve a number of key goals, including keeping electricity prices low for families and businesses and helping ensure Ontarians have clean air to breathe.
Bruce Power has done this while investing significantly in public assets, without impacting the province's balance sheet in the process, the joint study states.
The updated 2016 report, which was originally released in 2015, highlights the company's achievements over the past 15 years within the P3 structure, including the continuation of policy support through Ontario's Long-Term Energy Plan (LTEP), which will allow Bruce Power to add value to Ontario for decades through affordable energy, thousands of jobs and billions in annual economic activity.
"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 Mark Romoff, President and CEO 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."
The unique Bruce Power P3 was recognized by the CCPPP in 2001 as the winner of its Gold Award for Infrastructure in the National Awards for Innovation and Excellence in Public-Private Partnerships.
When Bruce Power took over the Bruce site in 2001, there were only four reactors operating. Over the course of the following decade, Bruce Power doubled the number of operating units allowing the province to deliver on its promise to eliminate coal-fired generation in Ontario. Having returned the site to its full potential in 2012, and with the policy support outlined in Ontario's LTEP, the company has begun 20 years' worth of life-extension maintenance activities that will see the site operate up to 2064. This will create and sustain 22,000 direct and indirect jobs province-wide each year through $4 billion in annual economic benefit.
About The Canadian Council for Public-Private Partnerships
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 smart, innovative, and modern 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.
About Bruce Power
Bruce Power operates the world's largest operating nuclear generating facility and is the source of about 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. Learn more at www.brucepower.com.
SOURCE Bruce Power
Image with caption: "An updated report released today the Canadian Council for Public-Private Partnerships (CCPPP) and Bruce Power concludes that Bruce Power’s unique Public-Private Partnership (P3) continues to help Ontario achieve a number of key goals, including keeping electricity prices low for families and businesses and helping ensure Ontarians have clean air to breathe. (CNW Group/Bruce Power)". Image available at: http://photos.newswire.ca/images/download/20161114_C5157_PHOTO_EN_817326.jpg