TORONTO, March 20, 2014 /CNW/ - The Power Workers' Union (PWU) is pleased to announce that it will increase its equity in Bruce Power, acquiring approximately an additional 1.25 percent share of the four-reactor Bruce B Nuclear Generating Station. The PWU is able to make this acquisition because of the returns received from its participation in the Partnership to date and its anticipated future returns from the Partnership.
"The PWU has been a proud partner in both of Bruce Power's Bruce A and Bruce B stations since it began operations in 2001 and we are pleased to add to our equity holding. We are committed to the continued success of Bruce Power and the vital role of greenhouse gas emission-free nuclear power in the province" said Don MacKinnon, President of the PWU.
In January, Borealis Infrastructure Management, on behalf of Ontario Municipal Employees Retirement System (OMERS), announced that it was increasing its share in Bruce Power by purchasing Cameco's interest in Bruce B. As an existing partner, this provided the PWU an opportunity to acquire an additional proportional equity share.
"We are pleased with this ownership change because it positions Bruce Power to fulfill its role in Ontario's Long-Term Energy Plan as it begins the mid-life refurbishments of six of its reactors" added MacKinnon. "Nuclear power is the backbone of Ontario's electricity system and a big part of our economy. This "made-in-Ontario" energy source provides abundant, clean, reliable and affordable electricity."
Bruce Power operates the world's largest nuclear site and is the source of approximately 30 percent of Ontario's electricity. It is an innovative and successful public-private partnership with the Province of Ontario. The company's site in Tiverton, on Lake Huron, is home to eight CANDU reactors.
Equity shares in the all-Canadian Bruce Power ownership structure are held by Borealis, TransCanada, the Power Workers' Union, the Society of Energy Professionals and individual Bruce Power employees.
The Power Workers' Union represents over 15,000 women and men working in Ontario's electricity production and delivery sector.
Image with caption: "Power Workers' Union (CNW Group/Power Workers' Union)". Image available at: http://photos.newswire.ca/images/download/20140320_C6191_PHOTO_EN_38167.jpg
SOURCE: Power Workers' Union
For further information:
Contact: John Sprackett, Staff Officer, President's Office
244 Eglinton Ave. E., Toronto ON M4P 1K2