The Globe and Mail reports in its Thursday, Oct. 15, edition that Ontario Power Generation has reached a settlement with ratepayer and industry groups concerning its proposed rates for the next five years, setting the stage for rising electricity bills in the province.
The Globe's Matthew McClearn writes that an agreement would see the province's Crown utility earn significantly more for power generated by its nuclear plants between 2027 and 2031, although less than what OPG sought in its initial application filed in December.
The typical Ontarian's monthly power bill, currently around $142, would increase by a total of nearly $13 during the five-year period as a result of the settlement. OPG had originally sought a total increase of $17.
These higher rates reflect a series of large capital projects under way at OPG's nuclear plants. Its application revealed that the newly refurbished Darlington nuclear station requires extensive additional maintenance in the next few years, expected to cost nearly $3-billion.
OPG is also building a small modular reactor at the same station that's expected to enter service in 2030 -- the first of four units with a combined price tag estimated at $20.9-billion.
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