Latest news with #OntariobySecuringAffordableEnergyforGenerationsAct
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Ford government to open public clean energy fund to support nuclear power
The Ford government introduced legislation Tuesday that would open Ontario's public clean energy fund to support nuclear power — a move critics say redirects resources away from faster, cheaper renewable options such as wind and solar. The Protect Ontario by Securing Affordable Energy for Generations Act proposes expanding eligibility for the Future Clean Electricity Fund (FCEF) to include nuclear generation and transmission infrastructure. The fund was originally created to support the development of new non-fossil fuel electricity projects in Ontario, using proceeds from the sale of clean energy credits. These credits are generated by wind, solar, hydro, bioenergy and nuclear facilities and sold to businesses seeking to meet corporate sustainability targets. Revenue from those sales flows into the FCEF to help fund future clean energy projects. Until now, the fund has focused on renewable energy. But under the new legislation, the government plans to expand its eligibility to include nuclear generation and transmission infrastructure — a shift the province says is necessary to meet soaring electricity demand. Ontario's Minister of Energy and Mines, Stephen Lecce, said the legislation aims to address rising demand and economic uncertainty by prioritizing local investment and job creation amid global competition and trade tensions with the US. 'As global competition intensifies, energy demand surges, and affordability becomes more important than ever, Ontario isn't standing still — we're stepping up,' Lecce said. The province expects electricity demand to rise 75 per cent by 2050. Critics argue the province is backing the wrong solution, pointing to nuclear projects as expensive and much slower to complete. 'The Ford government's nuclear plans do not make sense since they will raise our electricity rates and make our industries less competitive,' said Jack Gibbons, chair of the Ontario Clean Air Alliance. 'Unfortunately, the Ford government continues to prioritize fossil fuels and nuclear energy. Their decisions don't make sense for consumers, the climate or national security.' In recent months, the Ford government has announced billions in investment for new nuclear power generation and refurbishing existing plants. The province says these investments will create tens of thousands of jobs in the sector. Early this year, the government announced plans for a 21st-century nuclear megaproject at Port Hope, aiming to establish Ontario as North America's nuclear powerhouse. Described as one of the largest nuclear plants in the world, the project is expected to generate up to 10,000 megawatts of electricity — enough to power 10 million homes. However, the government has yet to disclose the total cost or timeline. But a new report released Wednesday by the Ontario Clean Air Alliance suggests wind and solar could meet the same energy needs much sooner and at a much lower cost — potentially saving Ontario up to $19 billion annually in electricity costs. The report also highlights Ontario's potential for offshore wind development in the Great Lakes and large-scale solar at the Port Hope site. It argues that renewables, paired with energy storage and stronger grid connections with provinces like Quebec, would offer cleaner, faster and cheaper solutions than building a massive nuclear plant that may not be ready until 2045. Gibbons warned that expanding nuclear power would deepen Ontario's reliance on US nuclear technology and enriched uranium fuel, exposing the province to geopolitical risks at a time when trade tensions with the US are escalating. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
National Observer
3 days ago
- Business
- National Observer
Ford government to open public clean energy fund to support nuclear power
The Ford government introduced legislation Tuesday that would open Ontario's public clean energy fund to support nuclear power — a move critics say redirects resources away from faster, cheaper renewable options such as wind and solar. The Protect Ontario by Securing Affordable Energy for Generations Act proposes expanding eligibility for the Future Clean Electricity Fund (FCEF) to include nuclear generation and transmission infrastructure. The fund was originally created to support the development of new non-fossil fuel electricity projects in Ontario, using proceeds from the sale of clean energy credits. These credits are generated by wind, solar, hydro, bioenergy and nuclear facilities and sold to businesses seeking to meet corporate sustainability targets. Revenue from those sales flows into the FCEF to help fund future clean energy projects. Until now, the fund has focused on renewable energy. But under the new legislation, the government plans to expand its eligibility to include nuclear generation and transmission infrastructure — a shift the province says is necessary to meet soaring electricity demand. Ontario's Minister of Energy and Mines, Stephen Lecce, said the legislation aims to address rising demand and economic uncertainty by prioritizing local investment and job creation amid global competition and trade tensions with the US. 'As global competition intensifies, energy demand surges, and affordability becomes more important than ever, Ontario isn't standing still — we're stepping up,' Lecce said. The province expects electricity demand to rise 75 per cent by 2050. Critics argue the province is backing the wrong solution, pointing to nuclear projects as expensive and much slower to complete. The Ford government introduced legislation Tuesday that would open Ontario's public clean energy fund to support nuclear power — a move critics say redirects resources away from faster, cheaper renewable options such as wind and solar. 'The Ford government's nuclear plans do not make sense since they will raise our electricity rates and make our industries less competitive,' said Jack Gibbons, chair of the Ontario Clean Air Alliance. 'Unfortunately, the Ford government continues to prioritize fossil fuels and nuclear energy. Their decisions don't make sense for consumers, the climate or national security.' In recent months, the Ford government has announced billions in investment for new nuclear power generation and refurbishing existing plants. The province says these investments will create tens of thousands of jobs in the sector. Early this year, the government announced plans for a 21st-century nuclear megaproject at Port Hope, aiming to establish Ontario as North America's nuclear powerhouse. Described as one of the largest nuclear plants in the world, the project is expected to generate up to 10,000 megawatts of electricity — enough to power 10 million homes. However, the government has yet to disclose the total cost or timeline. But a new report released Wednesday by the Ontario Clean Air Alliance suggests wind and solar could meet the same energy needs much sooner and at a much lower cost — potentially saving Ontario up to $19 billion annually in electricity costs. The report also highlights Ontario's potential for offshore wind development in the Great Lakes and large-scale solar at the Port Hope site. It argues that renewables, paired with energy storage and stronger grid connections with provinces like Quebec, would offer cleaner, faster and cheaper solutions than building a massive nuclear plant that may not be ready until 2045. Gibbons warned that expanding nuclear power would deepen Ontario's reliance on US nuclear technology and enriched uranium fuel, exposing the province to geopolitical risks at a time when trade tensions with the US are escalating.
