November 10, 2011
Bruce Nuclear $2 billion over budget – and laughing all the way to the bank
The Bruce A nuclear re-start project is now more than $2 billion over budget. Originally forecast to cost $2.75 billion, the project is now projected to cost at least $4.8 billion.
But thanks to the sweetheart deal that Bruce Power negotiated with the Government of Ontario, the project will still be very profitable for Bruce Power. According to TransCanada Corp, which owns 50% of Bruce Power, the project’s after-tax return on capital will be a very lucrative 9% despite its $2 billion cost overrun! In fact, TransCanada forecasts that the Bruce A project could be as much as 29% more profitable than its Keystone Pipeline project. That’s some gravy train.
Please email Ontario’s new Energy Minister Chris Bentley and tell him that it’s time to put consumers first by ending sweetheart deals with the nuclear industry. Ask Minister Bentley to pursue safer and lower cost options to keep our lights on, including increased energy efficiency, combined heat and power, and water power imports from Quebec.
Minister Bentley needs to hear from us before new nuclear projects are signed. Thanks for helping shape Ontario’s energy future.
P.S. If you’re in Toronto on Nov. 15th, join us for an Evening with Robert Bateman, one of Canada’s great conservationists, environmentalists, and of course, wildlife painters.