Nuclear, Reactors

Bruce Power Nuclear Units Undergoing Operating Life Extension

TransCanada Corp. said Bruce Power entered into an agreement with the Ontario Independent Electricity System Operator (IESO) to extend the operating life of several nuclear reactors to 2064.
The new multi-year agreement is an extension and material amendment to an earlier agreement that led to the refurbishment of units 1 and 2 at the Bruce Power nuclear plant. The deal will provide Ontario with 6,300-MW of energy. The amended agreement will take effect January 1, 2016 and will allow Bruce Power to immediately invest in life extension activities for units 3 through 8 to support the refurbishment. TransCanada is expected to invest C$2.5 billion ($1.9 billion) in 2014 dollars in the asset management program. An additional C$4 billion ($3 billion) for major component replacement work in units 3 through 8 is expected from 2020 to 2033.
TransCanada also exercised its option to acquire an additional interest in Bruce Power for C$236 million ($176.8 million) from the Ontario Municipal Employees Retirement System (OMERS). TransCanada and OMERS will each hold a 48.5 percent stake in Bruce Power, and the remainder will be held by the Power Workers’ Union, the Society of Energy Professionals and a Bruce Power Employee Trust.
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