Canadian companies Cameco and Bruce Power are extending their long-term nuclear fuel supply deal for an additional 10 years through to 2040.
At Cameco’s nuclear fuel facility in Port Hope, Ont., on Tuesday morning, officials from both companies announced an extension of their inter-provincial deal which was first reached in 2017. The arrangement will see Cameco continue to supply 100 per cent of Bruce Power’s uranium, conversion service and fuel fabrication requirements.
The companies say the extension will represent an estimated $2.8 billion in additional business between the companies from 2031 to 2040. Combined, the companies directly employ 8,400 people including 14o in Port Hope. Cameco’s head office is in Saskatoon, Sask.
“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,” stated Tim Gitzel, Cameco’s president and CEO.
“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.”
Electric company Bruce Power, formed in Bruce County, Ont., in 20021, produces about 30 per cent of Ontario’s electricity. President and CEO Mike Rencheck says Cameco is an “important partner” in long-term energy production.
“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 Rencheck. “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 statements, Ontario Premier Doug Ford and Saskatchewan Premier Scott Moe said the continued partnership between the companies will help meet the increasing demand for clean power.
“Nuclear power has long been providing safe, affordable and reliable electricity to families and businesses across our province for the past 50 years,” stated 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.”
Scott Moe echoed Ford’s sentiment: “The nuclear industry is built on collaboration, capability and innovation. Cameco and Bruce Power exemplify the importance and value of our domestic expertise and the strong partnerships that already exist. A future fuelled 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.”
Also in attendance on Tuesday were Ontario Energy Minister Todd Smith and Environment, Conservation and Parks Minister David Piccini and MPP for Northumberland-Peterborough South.
“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. “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.”
Piccini said Ontario’s nuclear industry plays a “vital role” in helping decarbonize power grids across Canada.
“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,” he said.
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