The nuclear generation investments in the Long Term Energy Plan lead to $60 Billion in economic benefits and 100,000 more jobs
TORONTO, July 8, 2013 /CNW/ - A new detailed analysis concludes that investment in Ontario's nuclear generation capacity will deliver the greatest benefit to Ontario ratepayers and the economy while dramatically reducing future potential greenhouse gas (GHG) emissions.
Ontario is in the middle of a review of its 2010 Long-Term Energy Plan (LTEP). Many observers have speculated that with slower than forecasted growth in energy demand in Ontario, building out the full capacity contemplated by the LTEP could result in higher than anticipated costs to ratepayers and an unacceptably large surplus of power generation capacity. New decisions on the future supply mix for Ontario may have to be contemplated.
To inform the LTEP review, the Power Workers' Union (PWU) and the Organization of Canadian Nuclear Industries (OCI) commissioned Strategic Policy Economics Inc. (Strapolec) to assess the economic and GHG emission impacts associated with two supply mix options. One scenario - Retained Wind − assumes that planned new wind generation goes forward while investments in nuclear power generation are curtailed. Under this scenario, additional gas-fired generation is needed as a backstop to the intermittency of wind generation. The other scenario - Retained Nuclear − assumes that the planned refurbishment of existing nuclear reactors and the building of new reactors would proceed while the proposed development of new wind generation would not.
The study shows that retaining the nuclear generation capacity as planned in the 2010 LTEP while reducing contemplated wind generation would:
- Produce $56 billion in direct benefits to Ontario's economy through $27 billion in savings to ratepayers and $29 billion in direct investment in Ontario. This represents a $60 billion net incremental benefit to Ontario as compared to the Retain Wind scenario.
- Generate $9 billion in greater direct employment income benefits than the Retained Wind scenario including the creation of more than 100,000 full-time jobs in Ontario, many in the advanced manufacturing sector.
- Reduce greenhouse gas (GHG) emissions by more than 108 million tonnes, or 80 per cent less, compared to the Retained Wind scenario.
"We commissioned this study to help ensure that Ontarians have as much information as possible to make these important decisions about our energy future," said PWU President Don MacKinnon. "The study confirms that focusing our investments in nuclear power generation will lead to lower electricity costs and greater investment in Ontario while delivering some $60 billion in greater direct benefit to Ontario's economy".
"This rigorous and fact-based comparative analysis shows independently that continued reliance on reliable and cost effective nuclear base load generation is a good decision for Ontario," added OCI President Dr. Ron Oberth. "Sticking with the planned investment in nuclear power generation will result in more than 100,000 additional quality jobs for people in Ontario while contributing substantially to our province's commitment to reducing GHG emissions as part of Canada's initiative to mitigate the risks of climate change".
The full report is available at:
The Power Workers Union (PWU) represents the majority of employees in Ontario's electricity production and delivery sector. The PWU has promoted and contributed to the development of sound electricity policy and planning for more than 60 years to ensure a robust and sustainable electricity system and clean, affordable electricity for Ontario consumers.
Organization of Canadian Nuclear Industries (OCI) is an association of 180 leading Canadian suppliers to the nuclear industry in Canada and the international marketplace. OCI member companies collectively employ more than 12,000 highly skilled and specialized people who manufacture major equipment and components and provide engineering services and support for CANDU and other nuclear power plants in Canada and around the world. OCI companies also work on medical and other safe applications of nuclear technology.
SOURCE: Organization of CANDU Industries
For further information:
The Power Workers Union (PWU)
John Sprackett, Staff Officer, President's Office
244 Eglinton Ave. E., Toronto ON M4P 1K2
Organization of Canadian Nuclear Industries (OCI)
Ron Oberth, President
1730 McPherson Court, Pickering ON L1W 3E6