The Ontario government says $200 million in efficiencies found during the refurbishment of the Bruce power station, the world’s second largest nuclear facility, will be passed back to ratepayers.

Privately owned Bruce is spending $13 billion to overhaul six of the eight reactors at the massive Lake Huron plant.

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Bruce Power to invest $13 billion to refurbish nuclear station on Lake Huron

Under the company’s 2015 refurbishment agreement with the Independent Electricity System Operator, some of the savings achieved during the renovation will be passed back to consumers.

“Nuclear power continues to be a great investment for the people of Ontario, providing a clean, reliable and low-cost source of electricity,” Energy Minister Greg Rickford said Friday at Bruce.

“I’m pleased that consumers across the province will benefit from cost savings realized through operational efficiencies at Bruce Power,” said Rickford.

The minister noted the deal, inked by the previous government, has been a good one, generating savings for ratepayers of $150 million over the past three years.

Rickford said an additional $200 million will be saved over the next three years, which translates into about $5 million a month for consumers.

Mike Rencheck, Bruce Power’s president and CEO, said the company is “a low-cost generator providing 30 per cent of Ontario’s electricity at 30 per cent less than the average cost to generate residential power.”

Under the 2015 accord, the company assume all the financial risk from any cost overruns in the 15-year refurbishment.

The oldest of the Candu reactors at the facility were built in the 1970s.

While no public money is going into the Bruce refurbishment, the company earns a premium for the power it sells to the system and must share any savings with hydro ratepayers.

Bruce is expected to be in operation until the 2060s.

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When the previous Liberal government approved the agreement more than three years ago, the then opposition Progressive Conservatives, who were swept into power last June, also endorsed it.

Only Japan’s Kashiwazaki-Kariwa nuclear power plant, which has not been operational since a 2011 earthquake, is capable of generating more electricity than Bruce. The Japanese station is expected to resume operations later this year.