Bruce Power and the agency that regulates electrical generation in the province have changed their agreement.
Manager of Government Relations Ross Lamont says an amendment has been made to the previous agreement with the Ontario Power Authority.
He says it will ensure Bruce Power can continue to be a reliable source of 63 hundred megawatts of electricity for the province.
Under the changes, the OPA will be limited to absorbing no more than 3.4 million dollars of the costs to refurbish Bruce A units one and two.
Lamont says the currently lower than expected market prices for electricity weren’t expected and the changes to the agreement ensure the province has certainty about its electricity supply, and that Bruce Power has some certainty about the price it will get for what it produces.
He says it’s a guarantee of stability and predictability of revenue streams.
Lamont says it means that if Bruce Power continues to do a good job on refurbishing work and at producing electricity, the company will not be unfairly punished because of decreasing demand.
Lamont says this will not affect electricity customers.
He says there will be no short-term effects on household electricity bills.
Lamont adds it will though that the electricity produced at Bruce Power over the next 40 years will have a low cost-base.