The Darlington Nuclear Generating Station, located on the shore of Lake Ontario between Courtice and Bowmanville, is a four unit Candu generating system, that currently contributes 3,512 Megawatts of power output to the electricity grid, which translates to about 20 per cent of Ontario's electricity. This is enough output to support approximately 2 million people.
The plant was originally planned to be decommissioned around 2020. With the refurbishment, the life of the plant will be extended by 30 years, which will also preserve about 3,000 operational jobs at the plant.
An announcement today by OPG indicates that the Ontario government has approved the rebuild of the first of four reactors starting this fall. The total cost is projected to be $12.8 billion, and is expected to be completed in 2026.
How will it affect the Clarington Real Estate Market?
With up to 11,800 jobs created at the peak of the multi-year project, and an average of 8,800 construction jobs per year (according to OPG president and CEO Jeff Lyash), the demand for housing in the area will be markedly higher. There will also be spinoff economic benefits, estimated at $14.9 billion, which will create additional jobs and small business demand, further fuelling the demand for local real estate.
With an already strong local market, this project will undoubtedly help make the Courtice, Bowmanville and Newcastle and surrounding real estate markets a very hot area for the forseeable future.