Pickering 2024 will support Ontario's economy and reduce energy costs: CANCEA Analysis
Economic data suggests benefits to continued operations of Pickering Nuclear Station until 2024
TORONTO, April 3, 2018 /CNW/ - Today the Ontario Chamber of Commerce (OCC) in partnership with the Canadian Centre for Economic Analysis (CANCEA) released a report Pickering Continued Operations: An Impact Analysis on Ontario's Economy that supports the continued operations of the Pickering Generating Nuclear Station until 2024. CANCEA's findings indicate continued operations at Pickering Station until 2024 would be a benefit to Ontario's economy, its local communities and the stability of its energy system.
Ontario Power Generation (OPG) sponsored the report's independent economic analysis regarding the Pickering Station's impact on the greater Ontario economy. The Pickering Station currently makes up 14 per cent of Ontario's electricity supply and directly employs over 4,000 Ontarians.
"Nuclear power is the backbone of Ontario's electricity system, providing reliable electricity to 1.5 million homes a day," said Rocco Rossi, President and CEO, Ontario Chamber of Commerce. "Based on the results of this study, a Canadian Nuclear Safety Commission (CNSC) license for continued operation to 2024 would bring significant benefits to Ontario's economy, energy system and local communities."
To date, Pickering Station has been positively assessed twice over and has been recognized for safety and performance by the World Association of Nuclear Operators (WANO). In 2016, the Canadian Nuclear Safety Commission (CNSC) issued Pickering Station the highest possible rating, "Fully Satisfactory" on its Regulatory Oversight Report.
Paul Smetanin, President and CEO of CANCEA added that "Our economic analysis demonstrates that the Pickering Station is a key contributor to the Ontario economy through job retainment and creation from associated economic activity while also systemically ensuring the reasonableness of electricity costs, which can impact housing affordability in the region."
CANCEA's analysis points to three major benefits to continued operations until 2024:
- $1.54 billion to Ontario's GDP per year;
- 7,590 full-time equivalent jobs per year;
- $290 million in government taxation revenues ($155 million to federal and $135 million to provincial).
Minister of Energy, the Honorable Glenn Thibeault, provided comment on the OCC and CANCEA analysis:
"The OCC and the CANCEA have confirmed the overwhelming benefits to Ontarians from the continued operation of Ontario Power Generation's Pickering Nuclear Generating Station. Operating the Pickering station to 2024 would ensure that Ontario families and businesses have an affordable and reliable source of emissions-free power during the Darlington and initial Bruce refurbishments, generate billions of dollars in economic activity and support thousands of jobs per year. This is part of our government's plan to support care and opportunity, while producing affordable, reliable and clean energy for the people of Ontario."
To read the full report, click here
The Ontario Chamber of Commerce is Ontario's business advocate.
SOURCE Ontario Chamber of Commerce
MEDIA CONTACT: Jessica Georgakopoulos, Ontario Chamber of Commerce, [email protected], 647-243-3556
Share this article