Cameco and Bruce Power have extended a long-term exclusive nuclear fuel supply arrangements for an additional 10 years through to 2040.
Bruce Power welcomed the inter-provincial collaboration to secure decades of Canadian-made nuclear energy. The new deal extends the exclusive fuel supply arrangements between Cameco and Bruce Power that were announced in 2017. It also calls 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 two companies employ about 8,400 workers.
“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.”
The CEO of Cameco also praised the deal, saying it will help Ontario lower its greenhouse gas emissions.
“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.”
Premier Doug Ford commented on the partnership, saying it will help Ontario meet its increasing demand for clean and cost-competitive power.
