TIVERTON, ONTARIO--(Marketwired - March 20, 2014) - The Power Workers' Union (PWU) announced today it is increasing its ownership share in Bruce Power, signaling a continued commitment to the site.
"The PWU has held an equity share in the ownership structure of Bruce Power since Day 1 and has worked collaboratively to build a strong public-private partnership that has returned the site to its full operating potential," said Duncan Hawthorne, Bruce Power President and CEO. "This additional investment is a strong signal of its continued support. Together, we can turn our policy role in Ontario's Long-Term Energy Plan into action by securing the next phase of private investment into these public assets."
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 PWU 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 its nuclear production annually.
"The PWU represents about 3,000 members on the Bruce Power site and together we provide about 30 per cent of Ontario's electricity needs, which in 2013, was 30 per cent below the average price of power in the province," 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.