Bruce Power Recognizes Role of Nuclear in 2024 Federal Budget for 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 budget’s focus is the nuclear power sector. Bruce Power, a leading nuclear power 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 efforts to advance nuclear power in Ontario as part of the “Powering Ontario’s Growth” agenda. One key aspect of the budget that Bruce Power is pleased with is the implementation of Investment Tax Credits (ITCs) for the life extension and optimization of existing nuclear units. These measures will help address inflationary pressures in Canada and align with similar initiatives in the United States.
Bruce Power has already reached 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 process for existing nuclear sites, emphasizing transparency, Indigenous engagement, and public input.
Furthermore, Bruce Power has long advocated for a robust Indigenous Loan Guarantee Program in Canada’s energy sector to create economic opportunities for Indigenous communities. The company sees this program, along with other initiatives related to partnerships with Indigenous communities, as crucial for the future of the energy sector.
Overall, Bruce Power is enthusiastic about the opportunities presented in the 2024 Budget and is committed to playing a key role in Canada and Ontario’s energy future. The company looks forward to collaborating with the Government of Canada to implement these important measures and continue advancing nuclear power as a sustainable energy source.