Ontario looks at $36 billion in industrial project work
ONTARIO - In Ontario, there are 415 industrial projects totaling more than $36 billion that have either already begun construction in 2008 or are scheduled to begin construction.
The majority of the work planned is in the Power Industry, which makes up 72% of the spending with $26 billion planned, mainly for new nuclear power units and windfarms.
Bruce Power LP and Ontario Power Generation are both planning billion-dollar nuclear unit additions in Ontario. Canadian Hydro Developers Incorporated began site preparation activities for a 198-megawatt windfarm project on Wolfe Island. This is just one of a large number of windfarm projects scheduled for the province.
The second busiest industry in Ontario is the Metals & Minerals Industry with 72 projects totaling $3.5 billion. Xstrata Canada Incorporated began a $121 million project to extend the life of its Kidd Creek copper-zinc mine.
After the Metals & Minerals Industry is the Industrial Manufacturing Industry with 60 projects totaling $3 billion. Earlier this summer, Chrysler Canada Incorporated began retooling its 3 million-square-foot automobile assembly plant in Brampton.
The $1.4 billion project is scheduled to be completed next fall.
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Peterborough Distribution sold to Hydro One for $105 million.
PETERBOROUGH - The City of Peterborough said Wednesday it has agreed to sell Peterborough Distribution Inc. to Hydro One for $105 million.
The deal requires the approval of the Ontario Energy Board.
According to the city, the deal includes a one per cent distribution rate reduction and a five-year freeze in distribution rates for customers, plus:
- A second five-year period with distribution rate increases limited to inflation and an earnings sharing mechanism to offset rates in year 11 and onward
- Protections for PDI employees with employees receiving employment offers to move to Hydro One
- A sale price of $105 million
- An agreement to develop a regional…
