TIVERTON, ONTARIO--(Marketwired - March 19, 2014) - Bruce Power is pleased The Society of Energy Professionals has decided to increase its ownership stake in the company, reaffirming its commitment to Canada's largest public-private partnership as a key source of Ontario's electricity supply.
"Bruce Power is proud The Society of Energy Professionals has stepped up to increase its share in Bruce Power as we work together to turn the policy in Ontario's Long-Term Energy Plan into action," said Duncan Hawthorne, Bruce Power President and CEO. "The Society has been a partner in Bruce Power since Day 1, and this is another example of how the innovative Bruce Power public-private partnership is positioning itself to provide 30 per cent of Ontario's electricity for generations, through a united front."
In January, Borealis Infrastructure, on behalf of Ontario Municipal Employees Retirement System (OMERS), announced it was acquiring Cameco's 31.6 per cent interest in Bruce B. This provided The Society with an opportunity to acquire additional ownership as well, which it exercised. Bruce Power is the world's largest operating nuclear facility, with eight units that provide nearly a third of Ontario's power and half of its nuclear annually.
"This additional investment by our union partners is a testament to the strength of the partnership we have built on the Bruce Power site. We have always enjoyed a strong relationship with The Society, which represents 1,200 of our employees, and look forward to many more successes with the union and its employees in the coming decades," Hawthorne added.
About Bruce Power
Bruce Power operates the world's largest operating nuclear generating facility and is the source of roughly 30 per cent of Ontario's electricity. The company's site in Tiverton, ON, 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 Borealis Infrastructure Management (a division of the Ontario Municipal Employees Retirement System), TransCanada, the Power Workers' Union and The Society of Energy Professionals. A majority of Bruce Power's employees are also owners in the business.