Vale said in a press release that it “applauds” the province's new initiative to give large industrial users of electricity a break on their rates.

According to media reports, the move extends time-of-use pricing now in effect for homeowners — allowing them to use electricity cheaper at off-peak times — to major electricity users such as Vale and Xstrata.

The province has denied initial reports that said consumer electricity rates could jump $48 a year because of the initiative.

“We recognize that industry and government need to work together to achieve electricity conservation targets,” John Pollesel, Vale’s vice-president, production services (Canada/UK) and general manager, Ontario operations, in a press release.

"This is an important step that will provide businesses with a powerful incentive to manage electricity use more responsibly, particularly on the most critical days of the year.”

Vale said in the press release the plan has a significant environmental benefit, as reducing electricity consumption during peak periods in the summer will help improve air quality across the province.

“We believe this plan to shift electricity use away from peak periods strikes the right balance of being good for both business and the environment,” Pollesel said.

“This initiative will help ensure a reliable, affordable electricity supply, providing businesses such as our own with the confidence to create jobs and increase investment in the province.”