Bruce Power Recognizes Importance of Nuclear Power in 2024 Federal Budget for Achieving Clean Energy Future

Finance Minister Chrystia Freeland delivered the highly anticipated 2024 Federal Budget on April 16, and one industry that is particularly pleased with the measures outlined is the nuclear power sector. Bruce Power, a leading nuclear energy company, is applauding the budget for recognizing the crucial role that nuclear power will play in achieving a clean energy future for Canada.

The budget, titled “Fairness for Every Generation,” aligns with Bruce Power’s own initiatives to advance nuclear power in Ontario as part of the “Powering Ontario’s Growth” agenda. One key aspect of the budget that has caught the industry’s attention is the implementation of Investment Tax Credits (ITCs) for the life extension and optimization of existing nuclear units. These measures are aimed at addressing inflationary pressures in Canada, particularly in light of the Inflation Reduction Act introduced in the United States.

Bruce Power has already secured an agreement with the Independent Electricity System Operator (IESO) to ensure that the benefits of these ITCs will flow to Ontario ratepayers. Additionally, the budget includes commitments to support the Canadian Nuclear Safety Commission (CNSC) and enhance the Impact Assessment (IA) process for existing nuclear sites, with a focus on transparency, Indigenous engagement, and public input.

Furthermore, Bruce Power has been advocating for a robust Indigenous Loan Guarantee Program across Canada’s energy sector to create economic opportunities for Indigenous communities. This program, along with other initiatives such as advancing medical isotopes with the Saugeen Ojibway Nation (SON), highlights the company’s commitment to fostering partnerships and driving innovation in the energy sector.

Overall, Bruce Power is eager to collaborate with the Government of Canada to implement these important measures outlined in the 2024 Budget. As the company continues to play a key role in Canada and Ontario’s energy future, the support and recognition from the federal government are crucial steps towards achieving a sustainable and clean energy landscape for generations to come.