Brian Zinchuk is editor and owner of Pipeline Online
Cameco uranium fuel bundle. Cameco
Port Hope, ON – On April 4 Cameco and Bruce Power announced the extension of their long-term exclusive nuclear fuel supply arrangements for an additional 10 years through to 2040. This inter-provincial 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, Cameco said in a release.
Cameco had recently announced it would also be supplying all of Ukraine’s uranium fuel needs.
The new Canadian deal extends the exclusive fuel supply arrangements between Cameco and Bruce Power that were announced in 2017 and include provisions for Cameco to supply 100 per cent of Bruce Power’s uranium, conversion services and fuel fabrication requirements. The extension represents an estimated $2.8 billion in additional business between the companies from 2031 to 2040. The extension is consistent with Cameco’s balanced and disciplined contracting, which allows the company to align its production decisions with its contract portfolio and customer needs. The volumes under these new arrangements were included in the long-term contracting volumes disclosed by Cameco in February 2022.
The release said, “The companies are industry leaders in Ontario, Saskatchewan and Canada, directly employing 8,400 workers and creating billions of dollars of investment in the Canadian economy. As proud Canadian companies, Cameco and Bruce Power are committed to ensuring the security and reliability of affordable, carbon-free nuclear energy needed to power Ontario homes, hospitals and businesses.”
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“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,” 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.”
“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.”
“Nuclear power has long been providing safe, affordable and reliable electricity to families and businesses across our province for the past fifty years,” said Ontario Premier Doug 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.”
“The nuclear industry is built on collaboration, capability and innovation,” said Scott Moe, Premier of Saskatchewan. “Cameco and Bruce Power exemplify the importance and value of our domestic expertise and the strong partnerships that already exist. A future fueled 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.”
“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 Todd Smith, Ontario Minister of Energy. “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.”
“Ontario’s nuclear industry plays a vital role in helping decarbonize our power grids in Ontario and Canada,” said David Piccini, Minister of the Environment, Conservation and Parks for Ontario and MPP for Northumberland-Peterborough South. “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.”
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