TIVERTON, ONTARIO--(Marketwired - Dec. 4, 2013) - This morning, a question was raised in the Ontario Legislature by a third-party opposition member regarding Bruce Power's contract with the Ontario Power Authority (OPA).
There are a number of factual points that are important to clarify related to these items.
First, this contract has been completely transparent from Day 1 and has been available to the public. Any updates are also provided in an open, transparent manner. Also, the output secured through this contract is low cost and has secured billions of investment in the publicly owned assets on the Bruce Power site.
Last year, through the terms of the contract, a Force Majeure issue arose and was - and will continue to be - dealt with through the prescribed process in the contract with the OPA as the counter-party, involving experts. Updates on progress are also made public in an open, transparent manner.
The figures quoted today are also inaccurate and come from a Toronto Star story from June 2012, which was later corrected. The matter is still being discussed with the OPA through the process specified in the contract.
Here is a link to Bruce Power's August 2012 statement on this matter:
Here is the Ontario Power Authority on the same matter:
About Bruce Power
Bruce Power operates the world's largest nuclear sites and is the source of roughly 25 per cent of Ontario's electricity. The company's site in Tiverton, Ontario is home to eight CANDU reactors, each one capable of generating enough low-cost, reliable, safe and clean electricity to meet the annual needs of a city the size of Hamilton. Formed in 2001, Bruce Power is an all-Canadian partnership among TransCanada, Cameco, Borealis Infrastructure Management (a division of the Ontario Municipal Employees Retirement System) as well as the Power Workers' Union and Society of Energy Professionals. A majority of Bruce Power's employees are also owners in the business.