Society of Energy Professionals increase ownership in Bruce Power

TORONTO, March 19, 2014 /CNW/ - The Society of Energy Professionals is pleased to announce that it has acquired additional ownership in Bruce Power, increasing its share in Bruce B by .55%.

"The Society, as one of the founding members of the Bruce Power partnership, takes a great deal of pride in what we have collectively accomplished since 2001," said Scott Travers, President of The Society of Energy Professionals.

"Last year, Bruce Power provided 30% of Ontario's electricity, and they did it for 30% below the average cost of electricity. Society members work hard to provide Ontarians with safe, reliable and cost-effective power, at the same time as we minimize our electricity system's CO₂ footprint," said Travers. "By increasing our partnership stake in Bruce Power, The Society and our members have increased our commitment to–and confidence in–Bruce Power's ability to fulfill its mandate under Ontario's Long-term Energy Plan,"

In January, OMERS announced it was increasing its share in Bruce Power after acquiring Cameco's interest in Bruce B. As a partner, the Society has exercised a similar opportunity to acquire additional ownership.

Nuclear power is the backbone of Ontario's electricity system and provides price stability, affordable electricity, and clean power.

Bruce Power is an innovative partnership that consists of ownership from The Society of Energy Professionals, the Power Workers' Union, individual employees, Ontario Municipal Employees Retirement System, and TransCanada. The physical assets are owned by the province while the Bruce Power partnership is responsible for day to day operations, funding of all infrastructure investment requirements, and safe operation of the facilities. The price of power is controlled under contract by the Ontario Power Authority and the safety is federally regulated through the Canadian Nuclear Safety Commission (CNSC).

The Society of Energy Professionals represents 8,300 knowledge workers and supervisors employed by 13 employers that are responsible for the generation, transmission and regulation of energy in Ontario in both the broader public and private sectors.

SOURCE: The Society of Energy Professionals

Scott Travers, President, The Society of Energy Professionals, [phone]; Adam Chaleff-Freudenthaler, Communications Officer, The Society of Energy Professionals, [phone], [email protected]