May 15, 2015 - 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, according to the Independent Electricity System Operator (IESO).
By Renée Francoeur
Stream 3 of the IEI Program is currently underway. This means the 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.
In return for building new or expanding existing production facilities, IEI participants receive a reduction in the associated costs of electricity until the end of 2024.
KGHM International Ltd. applied to Stream 3 of the program for its new Victoria Mine, an underground copper and nickel mine located in Whitefish, just outside of Sudbury.
“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”, said Derek White, president and CEO of KGHM. “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.’”
To date, the IESO has awarded 22 contracts to industrial companies across the province through the program, including 15 contracts in Stream 3.