Cameco and Bruce Power Celebrate Extension of Long Term Arrangements for Nuclear Fuel

Pete Fisher
2 years ago
• Categories: Editor Choice, Local

 

Made-in-Canada partnership signals industry stability and energy security, essential to helping Ontario and Canada achieve net-zero goals
Cameco and Bruce Power celebrated on Tuesday, April 4, 2023 the extension of their long-term exclusive nuclear fuel supply arrangements for an additional 10 years through to 2040. This inter-provincial collaboration secures decades of Canadian-made nuclear energy that is essential to building a path to net-zero, while creating good jobs and benefitting ratepayers.

The new deal extends the exclusive fuel supply arrangements between Cameco and Bruce Power that were announced in 2017 and include provisions for Cameco to supply 100 per cent of Bruce Power’s uranium, conversion services and fuel fabrication requirements. The extension represents an estimated $2.8 billion in additional business between the companies from 2031 to
2040. The extension is consistent with Cameco’s balanced and disciplined contracting, which allows the company to align its production decisions with its contract portfolio and customer
needs. The volumes under these new arrangements were included in the long-term contracting volumes disclosed by Cameco in February 2022.

The companies are industry leaders in Ontario, Saskatchewan and Canada, directly employing 8,400 workers and creating billions of dollars of investment in the Canadian economy. As proud
Canadian companies, Cameco and Bruce Power are committed to ensuring the security and reliability of affordable, carbon-free nuclear energy needed to power Ontario homes, hospitals
and businesses.

“These arrangements signify a long-term commitment to fueling a clean-air Ontario along with the stability of hundreds of high-value jobs in Saskatchewan and Ontario,” said Tim Gitzel, president and CEO of Cameco. “It’s always a good day when we celebrate a made-in-Canada success story. As we witness increasing global geopolitical uncertainty and the subsequent
instability in the global energy market, this extension shows the importance of securing Canada’s energy needs through Canadian partnerships.”

“Ontario’s nuclear industry continues to be a world leader in the fight against climate change, while supporting tens of thousands of jobs and injecting billions of dollars into the Canadian
economy,” said Mike Rencheck, president and CEO of Bruce Power. “Cameco is an important partner and these arrangements signal long-term stability from Canadian-made energy, enabling us to continue to supply carbon-free electricity to one in three homes, businesses and hospitals in Ontario and medical isotopes used in cancer treatments around the world.”

“Nuclear power has long been providing safe, affordable and reliable electricity to families and businesses across our province for the past fifty years,” said Ontario Premier Doug Ford. “The
continued partnership between Cameco and Bruce Power will help meet our province’s increasing demand for cost-competitive and clean power as we compete to attract more game changing investments in our economy from companies like Stellantis and Volkswagen.”

“The nuclear industry is built on collaboration, capability and innovation,” said Scott Moe, Premier of Saskatchewan. “Cameco and Bruce Power exemplify the importance and value of our domestic expertise and the strong partnerships that already exist. A future fueled by cleaner energy sources such as nuclear not only contributes to achieving net-zero, but also generates
the potential for substantial economic opportunities in Saskatchewan and other provinces.”

“At the heart of Ontario’s energy system is nuclear power and the thousands of highly skilled people who work across our world-class nuclear sector to keep the lights on,” said Todd Smith,
Ontario Minister of Energy. “I’m pleased to see Bruce Power and Cameco, who have been working together for decades, advance this critical agreement to secure the future affordability
and reliability of the energy we need to advance Ontario’s clean future.”

“Ontario’s nuclear industry plays a vital role in helping decarbonize our power grids in Ontario and Canada,” said David Piccini, Minister of the Environment, Conservation and Parks for
Ontario and MPP for Northumberland-Peterborough South. “Our government commends the partnership between Cameco and Bruce Power that will help us create good paying jobs and
continue to keep Ontario’s electricity clean and affordable.”