Tembec Inc. commends the Government of Ontario in announcing this morning its ongoing commitment to the Northern Industrial Electricity Rate (“NIER”) Program.
The NIER Program assists Northern Ontario’s largest industrial electricity consumers to reduce energy costs, sustain jobs and maintain global competitiveness. Tembec has participated in the program since 2010, which has supported more than 1,000 direct jobs across Tembec’s operations in the communities of Kapuskasing, Cochrane, Hearst and Chapleau. The NIER program provides relief against fluctuations in the electricity market price, with the requirement to develop and implement an energy management plan to manage their energy usage and reduce costs.
A permanent NIER program will help Northern businesses better manage electricity costs. Ongoing provincial government support for the NIER program will provide the foundation for long-term economic sustainability of the forestry sector and other businesses in the region.
“The NIER program helps to support our newsprint mill, sawmills and forest resource management group,” quoted President and CEO James Lopez. “We are very pleased that Minister Michael Gravelle made this announcement this morning, and that he and the provincial government appreciate the public-private partnership necessary to enable business to prosper in the North.”
The NIER Program has also led to significant energy conservation savings. With the support of this program, Tembec’s Kapuskasing Newsprint operation has invested in a number of projects to improve its energy efficiency. The value of these investments has been approximately $10 million.
Tembec is a manufacturer of forest products – lumber, pulp, paper and specialty cellulose – and a global leader in sustainable forest management practices. Principal operations are in Canada and France. Tembec has approximately 3,400 employees and annual sales of approximately $1.6 billion. Tembec is listed on the Toronto Stock Exchange (TMB).