What is the cost?
The value of the design/build contract for the Niagara Tunnel Project is about $1 billion. The total project is expected to cost about $1.6 billion.
In addition to the design/build contract, this estimate includes:
• Cost of remedial work at the retired Ontario Power and Toronto Power generating stations at Niagara Falls as part of their reversion to the Niagara Parks Commission and agreement on the long term disposition of water rights for use in the new tunnel;
• Cost of satisfying the conditions of the project's Environmental Assessment approval;
• Cost of retaining an external consultant with international tunnelling experience as Owner's Representative to review and monitor the design and construction activities on OPG's behalf;
• Cost of a comprehensive insurance program;
• Interest cost during construction, and;
• Contingency to cover unforeseen circumstances.