Bruce Power to invest $13 billion to refurbish nuclear station

• 8 years ago (2015-12-07)
• David Flin

North America 998 Nuclear 640

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Privately owned Bruce Power has announced that it will invest $13 billion to refurbish the 8-unit 6300 MW Bruce nuclear power station in Ontario, Canada. The company will assume all the financial risk from any cost overruns in the overhaul of six of Bruce’s eight reactors on Lake Huron that is to begin in 2020.

Refurbishment had been scheduled to start in 2016. However, the company has determined that additional life remains in the reactors.

Bob Chiarelli, Energy Minister for Ontario province, said: “These actions will save the electricity system $1.7 billion, and provide important relief for electricity consumers. All of the risk of operations and their impact will be on Bruce Power. We pay for the power we receive and not anything else.” He said that no public money will go into the Bruce refurbishment, but the company will earn a premium for the power that it sells to the system.

Duncan Hawthorne, President and CEO of Bruce Power, said: “We are 100 per cent accountable for over-budget or late – there is no ambiguity. If it costs us more - $7 billion or $70 billion – Bruce Power will bear the cost of that.”

This refurbishment is scheduled to enable Bruce, which accounts for 30 per cent of Ontario’s power generation, to continue operation until the 2060s.