[LINK] "Bruce Power to invest $13B in nuclear station creating 23,000 jobs"

[rfmcdonald]

The Toronto Star's Robert Benzie reports on the good news for Ontario.

Privately owned Bruce Power will invest $13 billion to refurbish the world’s largest nuclear station on Lake Huron.

In a first for Ontario, the company will as‎sume all financial risk of cost overruns from the overhaul of six of Bruce’s eight reactors that is to begin in 2020.

But that’s four years later than the refurbishment that had been expected to begin in 2016. ‎ The delay is because the company has determined there is additional life in the reactors, the oldest of which were built in the 1970’s.

“The agreement makes 23,000 jobs possible and supports an estimated $6.3 billion in annual, local economic development,” Energy Minister Bob Chiarelli said Thursday.

“These actions will save the electricity system $1.7 billion and provide important relief for electricity consumers,” said Chiarelli.

No public money‎ will go into the Bruce refurbishment, but the company will earn a premium for the power it sells to the system.