TORONTO--(BUSINESS WIRE)--The Ontario government is introducing the Industrial Electricity Incentive program to create new jobs in the industrial sector. The program would allow new and expanding industrial companies to benefit from the province's strong energy supply.
By January 2013, eligible companies could qualify for a reduced electricity rate if they create new jobs and bring new investment to Ontario. The program would encourage existing, large industrial companies to make significant expansions to their operations and create jobs. It would also help attract new companies to locate in the province.
New businesses entering the province will be able to get contracts of up to 20 years for power at $55 a megawatt hour, or 5.5 cents a kilowatt hour. That price, which includes transmission and delivery costs, would normally be about $75 a megawatt hour or 7.5 cents a kilowatt hour.
While Ontario's economy continues to improve despite global economic uncertainty, electricity demands remain below pre-recession levels. The Industrial Electricity Incentive program would allow industrial companies to access electricity that would otherwise be exported to neighbouring jurisdictions. The program would not affect electricity rates for consumers.
Helping industrial companies grow and compete in the global marketplace is part of the Ontario government's plan to attract new investment, strengthen the economy and support jobs.
QUOTES
"This program will help create new jobs for Ontarians through incentives that attract significant new industrial investments and encourage existing companies to expand their operations. This is not only great news for Ontario's industrial sector but will strengthen local economies across the province."
– Chris Bentley
Minister of Energy
"Our government's focus is on creating jobs and economic growth - and that's exactly what this program does. We've worked closely with our industrial partners to ensure they have the tools to compete globally for business and this is another step in the right direction."
– Brad Duguid
Minister of Economic Development and Innovation
QUICK FACTS
- Since 2003 Ontario has added more than 9,000 MW of new and refurbished clean energy online - enough to power both Ottawa and Toronto for a year.
- The Industrial Conservation Initiative is available to over 200 of Ontario's largest energy consumers and provides a strong incentive for industrial companies to shift their electricity consumption to off-peak hours to save on costs.
- The Northern Industrial Electricity Rate Program provides electricity price rebates of two cents per kilowatt-hour to qualifying large industrial facilities that commit to an electricity efficiency and sustainability plan. On average this would reduce.
LEARN MORE
- Read Ontario's Long-Term Energy Plan
- Learn more about renewable energy in Ontario
- Industrial Electricity Incentive Program