New contracts offered under the Industrial Electricity Incentive (IEI) Program will help companies across Ontario reduce electricity costs, increase competitiveness and better manage their electricity use.
KGHM International Ltd. (KGHM) in Sudbury hosted the Independent Electricity System Operator (IESO), Minister of Energy Bob Chiarelli and Sudbury MPP Glenn Thibeault to showcase the new Victoria Mine under development and the industrial expansion that the IEI Program is helping to support.
"The IEI Program supports a dynamic and innovative business climate in which companies can thrive, grow and create jobs while assisting in the management of Ontario's strong electricity supply," said Bob Chiarelli, Minister of Energy.
In return for building new or expanding existing production facilities, IEI Stream 3 participants will receive a reduction in the associated costs of electricity until the end of 2024. KGHM applied to Stream 3 of the IEI Program for the electricity that will be used by its new Victoria Mine, an underground copper and nickel mine located in Whitefish, just outside of Sudbury.
"The IESO`s Industrial Electricity Incentive Program offers a great opportunity for more industries across Ontario to better manage their electricity demand and reduce their electricity costs. The IESO is pleased to see eligible companies take advantage of this program and invest in Ontario," said Bruce Campbell, President and Chief Executive Officer, IESO.
Derek White, President and CEO of KGHM International, commented, "The Industrial Electricity Incentive Program is a very important part of KGHM's decision to invest in developing our Victoria Mine by providing greater cost certainty to the project economics. At the same time our participation in IEI will contribute to the efficiency and stability of Ontario's electricity system, making it a true 'win-win.' It's good news for the Sudbury community, for Ontario and for KGHM, and KGHM looks forward to advancing this exciting project."
"The Victoria Mine project is an exciting opportunity for the City of Sudbury. I'm pleased that the Independent Electricity System Operator was able to reach an agreement with KGHM International to ensure great jobs will be created in our community," said Glenn Thibeault, Sudbury MPP.
Stream 3 of the IEI Program now includes additional energy-intensive sectors, such as greenhouses, nursery and floriculture production, refrigerated warehousing and data processing. Mining, quarrying, oil and gas extraction and manufacturing companies continue to be eligible under the program.
To date, the IESO has awarded 22 contracts to industrial companies across the province through the program, including 15 contracts in Stream 3.
More information on the IEI program is available here.
For more information
Independent Electricity System Operator
Independent Electricity System Operator
1600 - 120 Adelaide Street West
Toronto, ON M5H 1T1
Main Phone: 416-967-7474
Toll Free: 1-800-797-9604
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