TransCanada said the retrofit of two mothballed reactors at one of Bruce Power’s nuclear power plants in Ontario Canada is C$2 billion (US$1.995 billion) over the original estimate.
The company said that refurbishing the two nuclear power units at the Bruce A plant has cost C$3.8 billion to date. The final cost is expected to be C$4.8 billion (US$4.788 billion). The project originally was estimated in 2005 to cost C$2.75 billion (US$2.743 billion).
The Ontario Power Authority said an agreement signed in 2009 makes TransCanada and its partners solely responsible for any costs in excess of C$3.4 billion (US$3.392 billion). Overruns up to $3.4 billion in total costs had been shared.
The plant was mothballed in 1997 and the original target for the restart was the end of 2009. That was changed to 2011, with commercial operations expected in 2012.
TransCanada said its share of the total project cost is expected to be C$2.4 billion (US$2.394 billion). It owns Bruce Power in partnership with the OMERS pension fund and an employee group with a small minority stake. Bruce Power has a long-term lease of the nuclear facility.
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