Ranking for 2017: 1
Industry Sector: Energy
Specific Sector: Nuclear
Range: $5 billion +
Project Value: $13,000,000,000
Government Funds Involved:
Funding Source: Private
Location: Tiverton, Ontario
Estimated End Date of Substantial Completion: 2030
In December of 2015, Bruce Power announced its plan to refurbish six of its eight nuclear reactors at its plant near Kincardine, Ont. The project, originally scheduled to commence in 2016, was postponed until 2020 based on the usable life of the reactors. Unit 6 will be the first of the reactors to be refurbished.
The 15-year refurbishment project will include work on six of the plant’s eight CANDU reactors. The eight reactors produce 6,300 MW of power annually, approximately 30 per cent of Ontario’s current energy usage.
The Bruce Power refurbishment project will make up to 23,000 jobs possible and generate about $6.3 billion in annual economic benefits in communities throughout the province.
The new agreement between the Ontario government and Bruce Power has achieved $1.7 billion in savings for electricity customers when compared to the forecast in the 2013 Long-Term Energy Plan (2013 LTEP). This means a reduction in forecast household electricity bills by about $66 each year over the next decade according to the Ontario government.
Bruce Power would invest approximately $13 billion of its own funds and agrees to take full risk of cost overruns on refurbishments of the six nuclear units.