Tiverton, Ontario, April 07, 2025 (GLOBE NEWSWIRE) — The Independent Electricity System Operator (IESO) has verified Bruce Power met the terms and conditions of the company’s Basis of Estimate to proceed with its Unit 5 Major Component Replacement (MCR) Project, scheduled to begin in 2026.
Leveraging the continuing success of its Life-Extension Program and MCR Projects, Bruce Power and its partners have built on their experience and innovation with the safe and on-plan completion of the Unit 6 MCR and ongoing MCR work in Units 3 and 4. The privately funded projects generate $10 billion in annual economic activity, bolstering local and provincial economies while strengthening Canada’s energy independence.
“Our government is squarely focused on delivering affordable power while building, buying, and securing more energy that is built by and for Canadians,” said Stephen Lecce, Minister of Energy and Mines. “As we stare down President Trump’s tariff threat, I am proud that well over 90 per cent of all materials purchased are stamped with ‘Made in Canada,’ creating over 20,000 jobs for Ontario’s skilled workforce. That is why renewing Bruce Power’s Unit 5 MCR alongside nearly all of our nuclear fleets will enable us to secure more clean, reliable, and affordable electricity we need to power our homes and businesses for generations to come.”
The Unit 5 MCR outage will be Bruce Power’s fourth as it renews Units 3-8 over the next eight years, returning the units to service to provide clean and affordable electricity to the people of Ontario for decades to come, as well as a stable supply of cancer-fighting medical isotopes to patients around the world.
“Ontario has become a world leader in nuclear power plant refurbishment and, along with our partners and skilled tradespeople, we continue to prove that these complex major projects can be delivered with the highest standards of safety and quality, on time and on budget,” said Eric Chassard, Bruce Power President and Chief Executive Officer. “Through continued excellence and innovation, we’re helping to drive the economy and produce cancer-fighting medical isotopes. Our nuclear industry is truly a made-in-Ontario and Canadian success story.”
“With demand for electricity forecasted to rise over the next 25 years, ongoing refurbishments of Bruce Power’s nuclear units not only support the long-term reliability, affordability and sustainability of Ontario’s electricity system, they also contribute significantly to the economic and social well-being of communities across the province,” said Lesley Gallinger, CEO and President of the IESO.
In 2023, Bruce Power and the IESO executed an amendment to the Amended and Restated Bruce Power Refurbishment Implementation Agreement (ARBPRIA) to incorporate the introduction of Investment Tax Credits (ITC) announced by the Government of Canada. Through this amendment, clean electricity ITCs applicable to Bruce Power’s investment program inclusive MCR and Asset Management will fully benefit Ontario ratepayers and reduce electricity system costs. Specifically, these ITCs will be deducted directly from investment costs subject to power price adjustments under the IESO agreement with Bruce Power.
Bruce Power’s Life-Extension Program is Canada’s largest private sector clean energy infrastructure project, with about 90 per cent of purchasing in Canada, supporting hundreds of businesses throughout the province. The Life-Extension Program creates significant, long-term employment for Ontario’s building and construction trades. It also secures a clean-energy future for Ontario while stimulating the economy by creating and sustaining 22,000 jobs across the province annually and generating billions in economic activity each year.
“I am pleased to see our government making wise, strategic investments that bolster Ontario’s economy, while keeping life affordable for families,” said Lisa Thompson, MPP for Huron-Bruce. “The refurbishment of Bruce Power’s reactors is a vital step in securing a reliable, sustainable energy future and solidifying Ontario’s position as a global leader in clean energy. This project will drive long-term prosperity and ensures that Ontario continues to lead in both innovation and opportunity.”
Bruce Power’s public-private partnership (P3) model encourages private sector innovation to keep costs down for ratepayers, including the first robotic tooling used on a reactor face anywhere in the world, which has helped to ensure skilled tradespeople can return the units to service safely, successfully and on schedule.
For more information on Bruce Power’s agreement with the Independent Electricity System Operator visit the IESO website, and learn more about electricity pricing on the Bruce Power website.
CONTACT: John Peevers Bruce Power 5193863799 john.peevers@brucepower.com
