Pickering Shutdown Sparks Fears of Power Price Surge

The Pickering Nuclear Generating Station in Ontario is shutting down for refurbishment, raising concerns about higher power prices. The station's Unit 5 reactor has already been shut down, and all four operational units are scheduled to come offline by September 30.

Ontario Power Generation (OPG) will begin the $26.8-billion overhaul, which is expected to take until 2031-2034 for completion. During this time, natural gas-fired plants will be called upon to generate a larger portion of Ontario's power, potentially driving up wholesale prices.

Large industrial consumers are particularly concerned about the impact on their electricity bills. 'We're critically concerned that we're going to see unprecedented price spikes during that period,' said Brad Duguid, president of the Association of Major Power Consumers in Ontario (AMPCO). 'The average mortgage in Ontario was about $3,000 a month. Imagine if that increased by 165%.'

AMPCO has lobbied the provincial government to introduce a new program to lower electricity rates for large industrial consumers.