Finance Minister Chrystia Freeland delivered the 2024 Federal Budget on April 16 and Bruce Power would like to recognize many important elements related to the role nuclear plays in achieving a clean energy future for Canada that the company and the industry have been advocating for.
The budget, entitled Fairness for Every Generation, recognizes the critical role nuclear power will play in achieving a Net Zero future and contains measures consistent with the work Bruce Power has underway to advance its role with the Ontario Government as part of its Powering Ontario’s Growth agenda.
These measures include the implementation of Investment Tax Credits (ITCs) in life extension and optimization of existing nuclear units that will address inflationary pressures in Canada broadly and from the introduction of the Inflation Reduction Act in the United States. As announced in January, Bruce Power has reached an agreement with the Independent Electricity System Operator (IESO) and the benefit of these ITCs will flow to Ontario ratepayers.
Additionally, commitments in the budget related to supporting Canada’s independent safety regulator, the Canadian Nuclear Safety Commission (CNSC), remain critical, along with commitments to enhance the Impact Assessment (IA) process for existing nuclear sites while ensuring transparency, Indigenous engagement, and public input.
More broadly, Bruce Power has been a longstanding advocate for a robust, flexible and efficient Indigenous Loan Guarantee Program across Canada’s energy sector to enable economic opportunities for Indigenous communities in the energy sector. This program, and utilizing other programs in this regard as Bruce Power and the Saugeen Ojibway Nation (SON) have advanced on medical isotopes, are important to set the course for a future of partnerships.
Bruce Power is committed to playing a key role in Canada and Ontario’s energy future and looks forward to working with the Government of Canada on the implementation of these important measurers in the 2024 Budget.
