Nuclear fuel supply arrangements extended through to 2040; partnership key to helping achieve net-zero goals, say officials
Cameco and Bruce Power have extended their “long-term exclusive nuclear fuel supply arrangements” for another decade, it was announced during a recent gathering at Cameco Fuel Manufacturing in Port Hope.
Several dignitaries and elected officials were in attendance for the announcement, where it was detailed the additional 10-year extension represents “an estimated $2.8 billion in additional business between the companies from 2031 to 2040.” Officials also said this interprovincial 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.”
“These arrangements signify a long-term commitment to fuelling 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.”
According to Cameco, the new deal extends the exclusive fuel supply arrangements between Cameco and Bruce Power that were announced in 2017 and includes provisions for Cameco to “supply 100 per cent” of Bruce Power’s uranium, conversion services and fuel fabrication requirements. Officials added the volumes under these new arrangements were included in the long-term contracting volumes disclosed by Cameco in February 2022.
“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.”
In a recent release, it states the Canadian companies directly employ about 8,400 workers — and that they continue to be committed to ensuring “the security and reliability of affordable, carbon-free nuclear energy needed to power Ontario homes, hospitals and businesses.”
Other officials in attendance for the announcement included Port Hope Mayor Olena Hankivsky, Deputy Mayor Todd Attridge and councillors Les Andrews and Chris Collins. While sharing news of the extension and their visit at Port Hope’s April meeting, Hankivsky called this an “important announcement” and “very much a good new story for our community.”
Local MPP David Piccini, who’s also Ontario’s minister of environment, conservation and parks, also recently applauded the Cameco-Bruce Power partnership, which he said will help create good-paying jobs and help to continue to keep “Ontario’s electricity clean and affordable.”
“Ontario’s nuclear industry plays a vital role in helping decarbonize our power grids in Ontario and Canada,” he noted.
Bay of Quinte MPP Todd Smith, who also serves as Ontario’s minister of energy, shared a similar sentiment, in a recent news release.
“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 Smith, adding he was pleased to see these companies — which 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.”
In the release, Premier Doug Ford also said this partnership will help the province meet its increasing demand for cost-competitive and clean power as it competes to attract more game-changing investments in the economy from companies like Stellantis and Volkswagen.
Source: The Peterborough Examiner
