• Renewable Power
  • Nuclear Power
  • Thermal Power
Power Gen Advancement
  • Home
  • News

    bp to invest up to £18 billion in UK energy system by 2030

    Giant offshore wind energy projects to be built in Irelands seas

    Kier to deliver onshore converter station for offshore wind project in the north east

    Statkraft seeks planning nod for 49.9-MW Scottish wind farm

    VSB Group Expands in France with Acquisition of 143.5 MW Wind Power Portfolio

    Norway to invest in renewable projects in developing countries

    Italian Solar Farms, Matrix in Strategic Partnership with Energia Aljaval

    China installed 48.2 GW of new solar capacity in 2020

    Solek Group signs deal to build solar power plants in Chile

    Trina Solar betting on largest wafer size and third cut cells for 500W-plus modules

    TotalEnergies to Acquire SunPowers Commercial & Industrial Solar Business

    Vattenfall Wind

    UK Government grants consent for Vattenfall’s Norfolk Vanguard Offshore Wind Farm

    New DNV GL class rules for floating offshore wind energy expands industry horizon

    Norway to launch 1.5 gigawatt offshore wind tender

    Atlas and Hitachi to develop energy storage systems for renewable projects

    Velto Renewables supports the 360 MW offshore wind farm London Array

  • Market Moves
    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

    Ferroglobe Hydro power

    Ferroglobe completes sale of Spanish hydro facilities to TPG Sixth Street Partners

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Summit Energy Services Announces Merger with Schneider Energy Consulting

    SeaMade secures €250m European loan for Belgian offshore wind farms

    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

  • Press Statements
    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

    EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.

    I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

    EGAT deploys Siemens software solutions for the worlds largest Hydro-Floating Solar Hybrid Project

    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    Abengoa completes construction of three solar fields at the world’s largest concentrated solar power complex in Dubai

    GE's digital power transformers selected for multiple projects across the globe

    GE’s digital power transformers selected for multiple projects across the globe

  • White Papers
  • Projects
  • Events & Conferences
  • Contact Us
No Result
View All Result
  • Home
  • News

    bp to invest up to £18 billion in UK energy system by 2030

    Giant offshore wind energy projects to be built in Irelands seas

    Kier to deliver onshore converter station for offshore wind project in the north east

    Statkraft seeks planning nod for 49.9-MW Scottish wind farm

    VSB Group Expands in France with Acquisition of 143.5 MW Wind Power Portfolio

    Norway to invest in renewable projects in developing countries

    Italian Solar Farms, Matrix in Strategic Partnership with Energia Aljaval

    China installed 48.2 GW of new solar capacity in 2020

    Solek Group signs deal to build solar power plants in Chile

    Trina Solar betting on largest wafer size and third cut cells for 500W-plus modules

    TotalEnergies to Acquire SunPowers Commercial & Industrial Solar Business

    Vattenfall Wind

    UK Government grants consent for Vattenfall’s Norfolk Vanguard Offshore Wind Farm

    New DNV GL class rules for floating offshore wind energy expands industry horizon

    Norway to launch 1.5 gigawatt offshore wind tender

    Atlas and Hitachi to develop energy storage systems for renewable projects

    Velto Renewables supports the 360 MW offshore wind farm London Array

  • Market Moves
    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

    Ferroglobe Hydro power

    Ferroglobe completes sale of Spanish hydro facilities to TPG Sixth Street Partners

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Intersolar, EES and Power2drive NA Acquired by Diversified Communications

    Summit Energy Services Announces Merger with Schneider Energy Consulting

    SeaMade secures €250m European loan for Belgian offshore wind farms

    SeaMade secures €250m European loan for Belgian offshore wind farms

    Xcel Energy agrees to buy Mankato Energy Center for $650m

    UK renewable energy overtakes fossil fuels, despite Brexit fears

  • Press Statements
    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

    EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.

    I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

    WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available

    WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

    RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation

    RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

    EGAT deploys Siemens software solutions for the worlds largest Hydro-Floating Solar Hybrid Project

    EGAT deploys Siemens software solutions for the world’s largest Hydro-Floating Solar Hybrid Project

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    Abengoa completes construction of three solar fields at the world’s largest concentrated solar power complex in Dubai

    GE's digital power transformers selected for multiple projects across the globe

    GE’s digital power transformers selected for multiple projects across the globe

  • White Papers
  • Projects
  • Events & Conferences
  • Contact Us
No Result
View All Result
Power Gen Advancement
No Result
View All Result
Home Nuclear Power

Unit 6 to provide low-cost electricity, jobs and medical isotopes for decades

in Nuclear Power, Press Statements
Unit 6 to provide low-cost electricity, jobs and medical isotopes for decades

Bruce Power’s Unit 6 Major Component Replacement (MCR) Project will proceed in January 2020, after the Independent Electricity System Operator (IESO) verified the company’s final cost estimate for the project.

“Ontario’s families and businesses are counting on Bruce Power to provide low-cost, clean, reliable nuclear power, good jobs and life-saving medical isotopes for decades,” said Mike Rencheck, Bruce Power’s President and CEO. “We will continue to perform at a high level, creating and sustaining 22,000 jobs across the province annually, and injecting $4 billion into Ontario’s economy each year. We are proud to provide 30 per cent of the province’s electricity at 30 per cent less than the average cost to generate residential power.”

The Unit 6’s MCR will capitalize on Bruce Power’s successful track record of delivering its overall Life-Extension Program, which remains on time and on budget.

“Nuclear power is the backbone of Ontario’s electricity system,” said the Hon. Greg Rickford, Minister of Energy, Mines, Northern Development and Indigenous Affairs. “The Life-Extension Program at Bruce Power will ensure that Ontario families and businesses have an affordable and reliable source of emissions-free electricity, while simultaneously supporting tens of thousands of jobs across the province for decades to come.”

The Unit 6 MCR is expected to create an additional 2,000 jobs on average across the province, over the next four to five years. All of the investment for the project will be met by Bruce Power, and the company will take on the risk of executing the project on time and on budget.

Hon. Lisa Thompson, Minister of Education and Huron/Bruce MPP, welcomed the news and the impact it will have for the community and the province.

“Bruce Power is the perfect example of Ontario being ‘Open for Business,’” Minister Thompson said. “In addition to creating jobs, they are critical suppliers of low-cost electricity and medical isotopes throughout Ontario. The Unit 6 MCR will also be an economic driver in communities across Huron-Bruce, and position the region for sustainable prosperity for years to come.”

Hon. Bill Walker, the Minister of Minister of Government and Consumer Services and MPP for Bruce-Grey-Owen Sound, said this is more positive news for the region.

“Bruce Power is driving Ontario’s economy forward, generating low-cost power, supplying isotopes around the world, and creating jobs through private sector investment in infrastructure,” said Minister Walker. “This announcement is good news for rural southwestern Ontario, which is emerging as a global centre of nuclear innovation, manufacturing, and services.”

Rocco Rossi, President and CEO of the Ontario Chamber of Commerce, also touted the benefits of the project and the impact it will have on the province.

“The Ontario Chamber of Commerce is a big supporter of the work at Bruce Power, as it provides low-cost electricity for consumers and also is a source of jobs, private sector investment and life-saving medical isotopes,” Rossi said.

Bruce Power’s multi-year investment project and operation represents Canada’s largest infrastructure project, and is also the country’s largest Public-Private Partnership, as the company invests private dollars into public assets, while optimizing the benefits from its site for the province.

“Bruce Power is viewed internationally as a ‘Made in Ontario’ success story that has enabled private sector investment in key infrastructure, which has helped deliver low-cost electricity, the phase out of coal in Ontario, job security for thousands of people, efficiencies in operations, and security of a global supply of isotopes,” said Mark Romoff, President and CEO of the Canadian Council for Public-Private Partnerships.

The news is positive for electricity consumers and for medical patients as well, as it secures a long-term supply of Cobalt-60, said Kevin Brooks, President, Nordion.

“Nordion and Bruce Power have been partners in safeguarding global health for many years through the production of Cobalt-60,” Brooks said. “The confirmation of the Unit 6 MCR demonstrates Bruce Power’s ongoing contribution to the safe, reliable supply of this important isotope, and is great news for our industry. The successful completion of Unit 6 Project will secure a critical supply of Cobalt-60 for decades to come.”

Key facts about the Unit 6 Major Component Replacement Project
A 2017 report from Ontario’s Financial Accountability Office on the life extension of the province’s nuclear fleet reinforces the role low-cost Bruce Power nuclear will continue to play in the supply mix over the long-term. The report states, “There is currently no portfolio of alternative low emissions generation which could replace nuclear generation at a comparable cost.” Furthermore, the report is clear ratepayers are protected. “As Bruce Power is a private sector entity, any transfer of risk to Bruce Power reduces the exposure of ratepayers,” the report states.

  • Unit 6 provides more than 820 megawatts (MW) of electricity, which is enough to power all of northern Ontario.
  • Bruce Power has added over 100 MW of additional capacity since 2016 with the implementation of its Life-Extension Program.
  • The cost estimate for the Unit 6 MCR was within the framework established in Bruce Power’s contract with the IESO. The IESO has a verification and ongoing due diligence role on a permanent basis, and prior to each MCR.
  • Bruce Power’s overall Life-Extension Program started in January 2016 and remains on time and on budget.
  • The Unit 6 MCR will commence in January 2020, and will be a 46-month project.
  • The total cost of the Unit 6 MCR is $2.185 billion. An additional $554 million is being invested in one-time costs for tooling to be used on all units and site infrastructure, in support of the project. These are all funds being invested by the private sector.
  • Following the completion of the MCR Project, Unit 6 will operate for an additional 30 to 35 years, generating low-cost, stable electricity, while also being a global source of Cobalt-60, used for sterilization of medical instruments and to treat cancer.
  • Bruce Power’s price of power will continue to be inclusive of the investment program, and is among the lowest-cost output in the Ontario electricity market – we provide 30 per cent of Ontario’s electricity at 30 per cent less than the average cost to generate residential power. The price of power is forecasted to be $75 per Megawatt-hour (MWh), $3 MWh or four per cent less than was estimated. This is significantly lower than the average cost to generate residential power, which in 2018 is estimated at $126 MWh.
  • The price of electricity Bruce Power sold to the IESO over the last three years has been less than what was projected, saving about $150 million for Ontario consumers. The company is also committed to driving further efficiencies in the execution of the MCR Projects. Savings will be shared equally between Bruce Power and the IESO, providing another opportunity to reduce electricity prices and contribute to reducing the cost and duration of future MCRs as contemplated in the agreement.

About Bruce Power
Formed in 2001, Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable, low-cost nuclear power to families and businesses across the province. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Learn more at www.brucepower.com

Previous Post

GE Renewable Energy strengthens offshore wind partnership with ORE Catapult

Next Post

CGN nuclear reactor design enters phase 3 assessment in UK

Related Posts

Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage
Press Statements

Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

February 19, 2022
Protermosolar adds value to the Spanish concentrated solar power industry in China
Press Statements

SPI Energy Develops Utility Scale Solar Project in Maryland

February 19, 2022
Lightsource BP pioneers UK's first night-time solar service
Press Statements

Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

February 19, 2022
EDP signs a Build & Transfer Agreement for a 200 MWac solar project in the U.S.
Press Statements

I&M is Powering the Next Tomorrow with Plans to Add More than 2,000 MW of Solar

February 19, 2022
WindEurope Annual Event 2022 in Bilbao - Registrations Open, Conference Programme Available
Press Statements

WindEurope Annual Event 2022 in Bilbao – Registrations Open, Conference Programme Available

February 14, 2022
RWE chooses Chantiers de l'Atlantique as key supplier for its F.E.W Baltic II wind farm - design, construction and installation of the electrical offshore substation
Press Statements

RWE chooses Chantiers de l’Atlantique as key supplier for its F.E.W Baltic II wind farm – design, construction and installation of the electrical offshore substation

February 14, 2022
Next Post

CGN nuclear reactor design enters phase 3 assessment in UK

LatestNews

News

bp to invest up to £18 billion in UK energy system by 2030

May 14, 2022
Giant offshore wind energy projects to be built in Irelands seas
News

Kier to deliver onshore converter station for offshore wind project in the north east

February 19, 2022
Statkraft seeks planning nod for 49.9-MW Scottish wind farm
News

VSB Group Expands in France with Acquisition of 143.5 MW Wind Power Portfolio

February 19, 2022
Norway to invest in renewable projects in developing countries
News

Italian Solar Farms, Matrix in Strategic Partnership with Energia Aljaval

February 19, 2022
China installed 48.2 GW of new solar capacity in 2020
News

Solek Group signs deal to build solar power plants in Chile

February 19, 2022
Trina Solar betting on largest wafer size and third cut cells for 500W-plus modules
News

TotalEnergies to Acquire SunPowers Commercial & Industrial Solar Business

February 19, 2022
Power Gen Advancement

About Us

Power Generation Advancement is a leading information centric website providing latest up to date information and happenings within the industry. The website is sub divided into 3 sectors updating the latest news and developments about Power Generation industry through Renewable Energy, Nuclear Energy, Thermal Energy sources. Power Generation Advancement runs with an objective to provide a one stop knowledge driven content to our reader and subscribers in various forms like news, projects, upcoming events.

Resources

  • Advertise with us
  • Our Services
  • Contact Us
  • Download Mediapack
  • Newsletter Archive

System

  • Search
  • Sitemap
  • RSS Feed

© 2017 Copyright © Valuemediaservices 2017 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Market Moves
  • Press Statements
  • White Papers
  • Projects
  • Events & Conferences
  • Contact Us

© 2017 Copyright © Valuemediaservices 2017 All rights reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In