Economic Benefits
Economic Benefits
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Waterpower provides significant returns to the taxpayers of Ontario. Waterpower generators pay royalties in the form of a Gross Revenue Charge (GRC) to the Crown for the use of the resource. In addition, taxes are paid to the municipality in which waterpower facilities are located. Over a period of 40 years, waterpower returns to the taxpayer approximately $5 million per MW of generation and that money helps pay for education, health care and social services.
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Development and construction of waterpower plants also have significant local and regional economic impact. As much as possible, Xeneca strives to procure goods and services locally. With the cost to construct a waterpower facility at approximately $4 - $5 million per megawatt, about half that spending would occur within the community or region where the facility is built.
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All of the initial engineering, surveying, field studies, consulting, etc. is procured from sources within Ontario and much of the equipment – turbines, generators, control systems etc. – are purchased in this province.
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Although modern waterpower facilities are now largely automated, some permanent jobs are created to undertake regular maintenance and upkeep.
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From the perspective of electricity consumers, waterpower’s advantage is that it is nearly immune to erratic fluctuations of other energy sources. There is no reliance on commodities such as oil, coal, and uranium to operate and generate power. And, unlike wind and solar which cannot operate continuously, waterpower facilities are built where adequate water flow continues year round.
