Bruce Power President and CEO, Mike Rencheck, announced on Friday, January 25th, that the company’s focus on innovation, simplification and delivering efficiencies, while at the same time increasing output and reliability, means that Ontario consumers will benefit from over $200 million in efficiency payments between 2019 and 2021.
“As a private-sector company, Bruce Power remains constantly focused on operational excellence and efficiency,” said Rencheck. “We are a low-cost generator that provides 30 per cent of Ontario’s electricity at 30 per cent less than the average cost to generate residential power. By achieving these efficiencies through this framework, we are proud to build on this and contribute more than $200 million to reduce electricity system costs over the next two years to 2021 through our arrangement with the Independent Electricity System Operator (IESO).”
“The IESO’s agreement with Bruce Power puts Ontario consumers first,” said Peter Greg, IESO President and CEO. “Citizens of Ontario will continue to benefit from the efficiencies at Bruce Power.”
The announcement was made during a visit by the Hon. Greg Rickford, Minister of Energy, Mines, Northern Development & Indigenous Affairs Ontario, the Hon. Lisa Thompson, Minister of Education & Huron-Bruce MPP and the Hon. Bill Walker, Minister of Government and Consumer Affairs & MPP for Bruce-Grey-Owen Sound.
“Our government stands behind the nuclear industry,” said the Hon. Rickford. “Nuclear power continues to be a great investment that provides a clean, reliable and low-cost source of electricity. We are very pleased consumers across Ontario will benefit from the cost savings realized through the operational efficiencies at Bruce Power.”
During the Ministers’ visit, Bruce Power President Mike Rencheck reiterated that that company has committed to building of the efficiencies by exploring new long-term strategies to increase the output from the Bruce facility during the company’s longer-term Life Extension Program that remains on time and on budget.