Ontario Government Budget 2024 Highlights Renewed Commitment to Nuclear and Clean Energy 

Ontario’s provincial budget released this week shows government commitment to nuclear energy, clean energy storage, hydrogen innovation, critical minerals, and zero-emission vehicle (ZEV) manufacturing. 

For nuclear specifically, the budget reinforces ongoing initiatives and emphasizes private-sector investments. Ontario’s nuclear advantage is emphasized, with support for the refurbishment of Pickering Nuclear Generating Station in addition to ongoing refurbishment, operations and new builds at Darlington and Bruce. 

Other measures include: increased funding for the Northern Energy Access Program (NEAP) by an additional $86 million, cancellation of the cap-and-trade carbon tax to “ease the financial burden on small businesses”, extension of the gasoline and diesel tax reduction until December 31, 2024, and increase in the income eligibility threshold for the Ontario Electricity Support Program (OESP) by up to 35%.

The government has also allocated $1 billion to all-season roads, broadband connectivity, and community support in the Ring of Fire region, strengthening the critical minerals sector.

Ontario has signaled a commitment to exploring innovative solutions for decarbonizing the energy sector, with funding allocated to 15 new hydrogen integration projects. Finally, the government has pledged to review support for the consolidation of interested municipal electricity utilities (MEUs) to ensure a robust and efficient energy system.