The C$3.2 billion transaction includes an initial payment of C$625 million, On Oct. 17, 2005, Bruce Power reached an agreement with the Ontario Power Authority and launched a $4.25 billion investment program to refurbish and restart Bruce A Units 1 and 2. Work has since resumed on MCR activities and is back on track with strict prevention measures in place to protect workers and to ensure adequate provisions for ongoing operations within the facility. to working with you to secure exciting and long- term working relationships and A feasibility study for the potential deployment of micro nuclear reactors across Canada, including Bruce Power being the owner and/or operator of a fleet of U-Battery units. It allows the company to operate the plant until 2018, with an option to extend the arrangement for up to 25 more years. 2. our experience of trading in competitive markets," said British Energy Chairman, Nuclear fuel costs are inclusive of the entire nuclear fuel cycle which considers the cradle-to-grave life cycle from extracting uranium ore from the earth to power production in a nuclear reactor to permanent disposal of the resulting spent nuclear fuel. This lease arrangement is designed to ensure all costs related to Bruce Power’s operation are assigned to the company and included within its price of power. In this case, FM includes epidemics and pandemics. The contract with the IESO for Bruce Power’s output is adjusted on an annual basis (on April 1), coinciding with the pace of established capital work scope within the contract for life extension. entered into a long-term lease agreement with the Bruce Power Limited Partnership (Bruce Power)— a private-sector partnership made up of British Energy PLC (79.8%); the Cameco Corporation, a private-sector uranium producer (15%); and the facility’s two primary unions (5.2%)—to take over operation of the Bruce facility. Bruce Lease Agreement - Used Fuel (PDF), Nov. 30, 2015 Thunder Bay Generating Station Conversion — Declaration and Resolution Thunder Bay Generating Station Conversion - Declaration and Resolution (PDF) , May 1, 2014 Unlike natural gas prices, which are very sensitive to market changes, nuclear fuel costs are predictable and stable. The Bruce Power stations are located near Kincardine, Ontario, about 250 km The initial lease term was for 18 years plus Additionally, through Bruce Power’s site lease with OPG, the company will continue to fund decommissioning and waste management costs. The company is required under its contract with the Independent Electricity System Operator (IESO) to sell all of its electricity output at a fixed price. 1885 Clements Rd, Unit 218 Inquiries can be directed to info@brucepower.com. The FAO concluded that “there are currently no alternative generation portfolios that could provide the same supply of low-emissions baseload electricity generation at a comparable price to the Base Case Nuclear Refurbishment Plan.” In addition, as to pricing, the FAO estimated that the contract would result in Bruce Power supplying a significant proportion of Ontario’s electricity demand from 2016 to 2064 at an average price of $80.7/MWh in 2017 dollars. company focused on low-cost power generation and wholesale energy sales while "Bruce Power looks forward to playing a vital role in the success of Bruce Power is now the licensed operator and will lease the Bruce A and Bruce B career challenges for both our members and communities.". The average price over the life of the contract was estimated by the FAO to be $80.7/ MWh (2017$). Following a condition assessment that confirmed the technical Refurbishment Agreement. Under separate agreements, Bruce Power leases the facility from Ontario Power Generation (OPG) and through this lease is required to assume all costs associated with its operation, life extension, services and through the lease payments fund the long-term liabilities including the rental of the facility. feasibility and economic soundness of restarting two Bruce A reactors, Bruce Our Life-Extension Program, including the Major Component Replacement (MCR) Project, will provide clean, reliable, low-cost electricity to 2064 and beyond. ", "The successful conclusion of this transaction is a tribute to the many people A reactors have a capacity of 1,500 megawatts. ", Don MacKinnon, Power Workers' Union President, said the Bruce transaction Tel 905-686-1040 To learn more about the Power Purchase Agreement (a contract to buy the electricity generated by a power station) price calculation, please refer to the IESO document Bruce Power Nuclear Generating Station PPA Key Elements For further information on the price calculation within the PPA please see (Include link to IESO slide). performance targets for the four operational reactors at Bruce B. We publish electrical technical handbooks and associated digital magazine advertising supplements. deserved top marks for its positive impact on air quality in Ontario and At the time the FM was declared, the Unit 6 MCR Program was ahead of schedule with the early completion of the reactor defuel window. Under the lease agreement Bruce Power Generation will pay C$625 million ($420.8 million) to Ontario Power Generation, which includes an initial lease payment of C$540 million ($363 million) and fuel stock and other assets for C$85 million ($57 million). We look forward By invoking FM, Bruce Power is excused and relieved from performing or complying with its obligations under the contract. to where we are today and it will be our future actions and behaviours that will Upon completion, the MCR will allow the Bruce Power site to produce electricity through to 2064. surrounding jurisdictions. Tel 289-387-1025, Maryland Reveals 2017 Investment Plans For Green Jobs, Renewables. COLLECTIVE AGREEMENT Between BRUCE POWER LP by its General Partner BRUCE POWER INC. And POWER WORKERS' UNION CANADIAN UNION OF PUBLIC EMPLOYEES-C.L.C. and Chief Executive Officer. In can do by achieving through people," said Duncan Hawthorne, Chief Executive This lease arrangement is designed to ensure all costs related to Bruce Power’s operation are assigned to the company and included within its price of power. Email: info@brucepower.com, Contact | Terms of Use | Accessibility | Sr. Once the IESO verifies the fully scoped refurbishment cost for each unit, the Bruce Nuclear price will be adjusted on April 1 to reflect the additional capital investments. Agreement is dated as of the 3rd day of December, 2015 between Bruce Power L.P. (the “ Generator ”), a limited partnership created under the laws of the Province of Ontario and as represented by its general partner, Bruce Power Inc., and the Independent Electricity System Robin Jeffrey, Chairman Designate of British Energy plc and Chairman of Bruce nuclear power in Canada. Bruce Power manages many different forms of waste, including: Bruce Power manages radioactive waste in partnership with OPG. Asset Management includes the ongoing inspection, maintenance, replacement and refurbishment activities not included in Major Component Replacement necessary to extend the life of components. This was something Bruce Power would support a solution to as part of the agreement . Until those meetings begin the details of the tentative agreement will remain confidential. Hebb, Rod Sheppard and Bob Wells. "This transaction represents a major step forward in our North American As of April 1, 2020, the price of electricity from major sources of electricity in Ontario is as follows: The average price of electricity paid to generators as of April 1, 2020 in Ontario is $128 .03/MWh. Bruce Power receives a fixed price for its generation that is inclusive of all its current costs and funding of future decommissioning liabilities in the facility. The IESO has a team assigned to the Bruce Power site to monitor the development of these estimates consistent with the contract and project management best practices by Bruce Power in the facility. PWU members are referred to Bruce Power through the Joint Canadian Union of Skilled Workers (CUSW)/PWU Dispatch for all electrical trades and non-trades work. into an entirely different atmosphere," said representatives of The Society of As part of the positive relationship with the unions at means the labour agreements entered into with each of the PWU, Canadian Union of Public Employees – C.L.C. Consistent with Project Management principles, this estimate had an acceptable range for cost and schedule based on the state of the estimate and the sequential nature of the program. In 2019 the Ontario Chamber of Commerce released an economic impact assessment of the MCR Project undertaken as part of Bruce Power’s Life-Extension Program. ", "We have successfully entered, not only into a partnership with new owners but, The report, Major Component Replacement Project Economic Impact Analysis, reveals that the 13-year-long MCR Project would be of significant benefit to the economy through economic impact, GDP increase, tax revenue, and opportunities for local workers and industry. This includes front-end costs which consider the portion of the nuclear fuel cycle leading up to electrical power production in a nuclear reactor as well as back-end costs which encompass, at minimum, on-site pool storage and long-term waste disposal. The Electricity Forum (In Canada) Solar leases mean a fixed monthly lease payment. Under the terms of the lease, spent fuel, waste and decommissioning liabilities remain the responsibility of Ontario Power Generation, but will continue to be funded by Bruce Power through this agreement. and employment success. Electricity Forum publishes Electricity Today T&D Magazine and Intelligent Power Today Industrial Electrical Magazine. Given this, the Bruce Power contract with the IESO established two types of off-ramps for the province: As outlined in the 2017 LTEP, Bruce Power assumes the risk of any cost overruns during the execution of the refurbishment. The lease will run until 2018 with an option to extend for a further 25 years. Our Electrical Training Institute is a leader in electrical training, through public enrolment electrical courses as well as on-line electrical training courses and webinars. When this long-term contract was announced in 2015, Bruce Power issued this news release, a backgrounder along with key elements of the contract, named the Amended and Restated Bruce Power Refurbishment Implementation Agreement. Bruce Power sells all of its electricity under a controlled contract with the IESO. Notification of FM must be made within 20 days of determining for the occurrence of a FM event. Like MCR costs, the costs of asset management activities are recovered through the contracted price of power. generator, Cameco Corporation (15%), the world's largest uranium fuel supplier Toll Free: 855-824-6131, The Electricity Forum Inc. (USA) "We are pleased to 2003. The report concluded that there are currently no alternative generation portfolios that could provide the same supply of low-emissions baseload electricity generation at a comparable price to the Base Case Nuclear Refurbishment Plan. Bruce Power is committed to making information available and answering questions. Through Bruce Power’s Upside Sharing Arrangement with the IESO, if Bruce Power is able to deliver: Early in 2019, through this agreement Bruce Power provided $200 million in savings that are being returned directly to Ontario ratepayers. Trades workers are referred from the appropriate Building Trades Union (BTU) under the Chestnut Park Accord Addendum. A lease agreement to operate the Bruce station was signed between OPG and Bruce Power in 2001. We comply with all waste regulations and requirements of the relevant federal authorities. No later than 15 months prior to the scheduled refurbishment of each reactor unit, Bruce Power is required to provide the IESO with a fully scoped refurbishment cost and schedule for the unit. Bruce Power is now the licensed operator and will lease the Bruce A … Bruce Power is a leading supplier of medical isotopes that are used worldwide in life-saving cancer treatments and sterilization of medical devices. Our philosophy employs a whole life-cycle approach in that we reduce waste, generate less waste at the company level, find opportunities to reuse products (on-site, off-site donations, auction), and implement recycling programs that are available in the ever-changing recycling market. better than planned operations performance, versus the locked-in cost estimate for each unit, 50 per cent of those savings are returned to Ontario customers. As outlined above, this is where the agreements with OPG related to the lease and other services are aligned with Bruce Power’s contract with the IESO to ensure the price is fully inclusive of all costs. Geneva, NY The timing of the completion of the Units 3-8 MCR Program has been staggered, designed to optimize the operational life of each unit and to meet electricity supply needs. These 16 agreements include the Amended and Restated Used Fuel Waste and Cobalt-60 Agreement In the Create your free motor vehicle lease form today to lease a car, truck, motorcyle, or other vehicle. Power effective today. years. The FM notice covered the Unit 6 Major Component Replacement (MCR) and certain eligible FM Asset Management Work. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support leverage our uranium expertise in this unique opportunity that builds on Pickering, ON The Bruce Power facility will continue to be managed and operated by the management and staff of Bruce Power. nuclear electricity," said Bernard Michel, Cameco's Chair and Chief Executive The report – a joint effort between the Canadian Manufacturers & Exporters, the Provincial Building and Construction Trades Council of Ontario, and Bruce Power – shows that 22,000 Ontario jobs will be created and sustained directly and indirectly through the Bruce Power Life-Extension Program every year, while $4 billion in domestic economic benefit will be realized through the direct and indirect spending on operational equipment, supplies, materials and labour income annually, For more information see here – Powering Innovation, Jobs and Economic Growth. 13 14 In addition, OPG and Bruce Power have entered into a number of associated agreements for 15 the provision of services by OPG to Bruce Power or by Bruce Power to OPG. "Based on the principles of commitment to improving nuclear performance at their respective stations means history. the production of more clean-air electricity. British Energy's current interest of 85% will reduce progressively to 79.8% as Officer of Bruce Power. Financial Accountability Office – Nuclear Refurbishment Report. Given the pandemic, the Unit 6 MCR program was scaled back and limited to essential tasks related to plant safety and system integrity. Bruce Power believes the lease is one of the largest transactions in Canadian history. The two Bruce There is also an option to extend the lease for up to a further 25 The IESO also hosts a Price Overview Section on its website, which contains historical data on electricity prices, as well as the impact on the Global Adjustment (GA) by each generation type, including Bruce Power Nuclear. In 2017 the FAO reviewed how the Nuclear Refurbishment Plan will impact ratepayers and the province, and to identify how financial risk is allocated among ratepayers, the province, OPG and Bruce Power. Life-Extension. ", "The teamwork we have seen during transition is an example of what Bruce Power Bruce Power receives price adjustments for a number of variable factors such as inflation and Life Extension/MCR incremental capital investments. interconnected markets. The agreement allows OPG to concentrate LEASE AGREEMENT This Lease is made on BETWEEN (LANDLORD) whose address is AND (TENANT) The word "TENANT" refers to each Tenant named above. On March 25, 2020, Bruce Power declared FM under its contract with the Independent Electricity System Operator (IESO) due to the impact of COVID-19. LOCAL 1000 January 1, 2010 - December 31, 2010 . 4 5 In addition, OPG and Bruce Power have entered into a number of associated agreements … As a private sector company, we enter into commercially competitive arrangements and arrange financing to deliver on our obligations. The price paid for Bruce Power nuclear electricity is fully inclusive of all costs, including capital investments that have been made, funding for fuel, waste and decommissioning liabilities and every element of the company’s operation. Solar PPA and leases are generally better for people with credit challenges or cannot take advantage of the solar investment tax credit (ITC). of Energy Professionals underscores the confidence we all share in the future of In Ontario, virtually all electricity generated in the province is purchased at rates set under contract with the IESO or through prices set by the Ontario Energy Board (OEB). electricity marketplace to competition. the Bruce site, Bruce Power is honouring the current collective bargaining If Bruce Power is unable to perform or is delayed in performing its obligations  and determines the reason for such inability or delay was an act, event, cause or condition that it believes was an event of FM, then as agreed to in our contract, we may invoke FM. 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