Canada’s largest clean energy project powers forward
The Darlington Nuclear Generating Station is one of the top performing nuclear stations in the world. The power plant has been producing about 20 per cent of the province’s electricity since the early 1990s. Now, after decades of reliable power generation, this clean energy source is undergoing a mid-life refurbishment that will benefit Ontarians for another 30 years.
The Darlington Refurbishment project, which began in October 2016, is scheduled for completion in 2026. It is Canada’s largest clean energy project.
A Smart Investment
The continued operation of Darlington Nuclear to 2055 will take the equivalent of two million cars off Ontario’s roads per year by avoiding significant greenhouse gas emissions, according to an independent report prepared by Intrinsik Environmental Sciences. The study compares the environmental impact of running the station to 2055 against other energy supply options, such as natural gas fired generation.
In addition to playing a significant role in Ontario’s clean energy equation, the Darlington Refurbishment project will have a significant long-term financial impact. According to an independent report by the Conference Board of Canada, the project and subsequent 30 years of station operation will generate a total of $89.9 billion in economic benefits for Ontario, including the preservation of approximately 3,000 jobs, and an expected boost to personal income by an average of $1.6 billion per year.
In November 2017, the Financial Accountability Office (FAO) released a report, “An Assessment of the Financial Risks of the Nuclear Refurbishment Plan,” which concludes, “There are no alternative scenarios that are comparable to refurbished nuclear generation in terms of both cost and emissions.”
Refurbishment by the Numbers
Here’s an overview of the econominc and environmental benefits of the Darlington Refurbishment project:
- Investment will increase Ontario’s nominal GDP by a total of $14.9 billion, and a total of $89.9 billion when calculating in 30 more years of station operations.
- Due to the project’s low import content and heavy reliance on Ontario-based contractors, on average, for every $1 spent on the project, Ontario’s GDP will increase by $1.40.
- Along with the project and ongoing operation will create about 14,200 jobs per year from 2017 to 2055.
- The increase in economic activity and the resulting increase in labour income and corporate profits will boost federal, provincial, and municipal governments’ tax revenues by a total of $5.4 billion. The federal government will collect $13.8 billion in revenue, while the local municipalities in Ontario will collect $356 million.
- Since increased employment and GDP translate into increased income, the project is expected to boost personal income by a total of $61.4 billion between 2017 and 2055 and household income by $53.4 billion within the same time frame.
- Similarly, the project is expected to raise pre-tax corporate profits by $2.8 billion and the pre-tax income of unincorporated businesses by an additional $253 million. These figures increase to $7.0 billion in corporate profiles and $3.3 billion in business investment when calculating in 30 more years of station operations.
See this infographic for more information about Darlington Refurbishment’s impact.