The Board hosted Bruce Power's Annual Report launch; CEOs Gherson and Rencheck optimistic on nuclear future across the province
Our "Powering the Future: Investing in a Clean Energy Economy" event kicked off with a potent declaration from our President & CEO, Giles Gherson who reflected on the transformative year for Ontario's energy sector: "Indeed, this year has truly seen the resurgence of a sleeping giant, our nuclear industry." Gherson's observation set the stage for a day of pivotal discussions, emphasizing that our gathering was not merely an examination of power generation but an expansive dialogue on the role of nuclear technology in sculpting a sustainable, prosperous future for Ontario and beyond.
During his fireside chat with CIBC’s Hon. Lisa Raitt, Mike Rencheck, President & CEO of Bruce Power amplified this message by calling for a renaissance in our approach to nuclear energy, stating, "It’s time to come out of the shadows about nuclear energy. This energy source is our future, casting a luminous path forward, dispelling doubts and illuminating its immense potential to power our world. It's not just about meeting demands; it's about exceeding expectations, powering innovation, and driving forward with a clean, unwavering light."
Together, Gherson and Rencheck underscored a pivotal theme: nuclear energy is rightly reclaiming its essential role in Ontario’s energy supply mix and signaling a new era where nuclear energy not only addresses today's challenges, but also propels the province toward an economically vibrant and environmentally sustainable tomorrow.
Recent discussions about nuclear energy in Canada have undergone a profound transformation, shifting from a phase of cautious skepticism to one of strong affirmation of its crucial role in propelling us toward a more sustainable future. This change is mirrored in the latest polling data, revealing that social acceptance of nuclear energy has grown to 60 per cent, a significant increase from 49 per cent just two years prior.
Ontario's Energy Minister, Todd Smith, crystallized this sentiment during his address, declaring, "Nuclear is the future." He elaborated saying, "We are initiating the groundwork to explore future generation options, including reliable, affordable, and clean nuclear energy that will illuminate our province's path into the future."
The unveiling of Bruce Power's 2023 Annual Report put a spotlight on Ontario's march towards a sustainable and economically vibrant future. The report highlight’s Bruce Power's life-extension projects, vital for sustaining the reliability and longevity of Ontario's nuclear fleet. Yet, the vision extends beyond maintaining the status quo. As Gherson noted, projections indicate a need to more than double our current energy capacity and triple peak winter demand within the next 25 years. Bruce Power's initiatives are essential in driving Ontario towards a 2050 vision of a clean, high-capacity grid.
The event went beyond discussions of power generation by diving into the vast benefits of nuclear technology and its impact on medical science. In particular, we learned about Bruce Power's venture into the production of medical isotopes. Cobalt-60 isotopes have been pivotal in sterilizing billions of medical devices, including syringes, surgical masks, gloves, and gowns. Meanwhile, Lutetium-177 isotopes are enhancing cancer treatment options providing targeted oncology therapies. We’ll be exploring more about the power of medical isotopes at our upcoming Life Sciences breakfast - purchase your tickets today!
Our thanks to our many partners who made today possible, including our Presenting Partner Bruce Power. And to thank RBC Capital Markets and Kinectrics, our event’s Supporting Partners.
