Ontario has cut a deal with Bruce Power to refurbish six reactors in the country’s largest nuclear power plant.
Bruce will spend $13-billion on the 15-year refurbishment project, while the province will pay Bruce an estimated average of $77 per megawatt-hour for the electricity, which is below the average electricity price in Ontario of $83 per megawatt-hour.
The price for Bruce’s power could go up, but in such a scenario the province would have the option of cancelling the refurbishment.
“We’re getting a hell of a bargain here in terms of price,” Energy Minister Bob Chiarelli said Thursday morning, as he announced the deal with Bruce chief executive officer Duncan Hawthorne.
The deal gave the government a chance to change the channel on a damning audit of electricity prices the day before.
Adrian Morrow – Globe and Mail – December 3, 2015.
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