Cameco has announced that they have extended their long-term arrangements for nuclear fuel with Bruce Power into 2040. The new deal will extend the exclusive fuel supply arrangements between Cameco and Bruce Power that were originally announced in 2017. The arrangements include provisions for Cameco to supply 100 percent of Bruce Power’s uranium, conversion services, and fuel fabrication requirements.
“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. 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,” said Tim Gitzel, president and CEO of Cameco.
The new extension represents an estimated $2.8 billion in additional business between the companies from 2031 to 2040.
Mike Rencheck, president and CEO of Bruce Power, said that the nuclear industry is essential in the fight against climate change. “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. 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, as well as medical isotopes used in cancer treatments around the world,” explained Rencheck.
The two companies are industry leaders in Ontario and Saskatchewan and employ around 8,400 workers across Canada.