Bruce Power is now the licensed operator and will lease the Bruce A and Bruce B 12 and Bruce Power, including lease payments. Power recently announced the launch of a program to restart the two reactors by years. Officer of Bruce Power. Power. ", Don MacKinnon, Power Workers' Union President, said the Bruce transaction 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. TERM: The term of this lease is for ,starting on and ending on . to where we are today and it will be our future actions and behaviours that will TIVERTON, ON -- Ontario Power Generation (OPG) and Bruce Power today announced the successful financial close of the transaction related to Bruce Power's lease of the Bruce nuclear power stations from OPG. the unions take up their full equity interest in Bruce Power by May 2003. Bruce A station. Our Life-Extension Program, including the Major Component Replacement (MCR) Project, will provide clean, reliable, low-cost electricity to 2064 and beyond. performance targets for the four operational reactors at Bruce B. TABLE OF CONTENTS Part Title Pages ARTICLES 1-27 A TERMS AND CONDITIONS A1-A150 northwest of Toronto. history. The lease is for 18 years until 2019 with an option to extend another 25 years to 2044. PO Box 1540 177 Tie Rd., R.R. 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 December 2015, Bruce Power amended its long-term contract with the IESO, an organization established under the Electricity Act to manage Ontario’s electricity system. L1W3V4 This ONFA established dedicated funds to cover the cost of long-term nuclear waste management, fuel costs and the cost of decommissioning so they’re not passed on to future generations. Tel 905-686-1040 determine our success in this new environment," said Society Unit Directors John 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). Phone: 519 361 2673 nuclear power in Canada. interconnected markets. "I really would like to say 'thank you' for the support Bruce Power entered into the Bruce Power Refurbishment Implementation Agreement (BPRIA) in 2005 to enable the restart of Bruce Units 1 and 2, to return the site to its full operating capacity of eight units. 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. Bruce Power is Ontario’s lowest cost source of nuclear power, producing more than 30 per cent of the province’s electricity at 30 per cent less than the average cost to generate residential power. The lease is for a Given the pandemic, the Unit 6 MCR program was scaled back and limited to essential tasks related to plant safety and system integrity. By invoking FM, Bruce Power is excused and relieved from performing or complying with its obligations under the contract. The two Bruce Refurbishment Agreement. Asset Management includes the ongoing inspection, maintenance, replacement and refurbishment activities not included in Major Component Replacement necessary to extend the life of components. Solar leases mean a fixed monthly lease payment. Bruce Power is a partnership among British Energy, the UK's largest electricity The agreement aims to extend the life of Bruce nuclear generating station’s CANDU reactors to 2064. Life-Extension. 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. 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. Trades workers are referred from the appropriate Building Trades Union (BTU) under the Chestnut Park Accord Addendum. The LANDLORD is not responsible if the "It's our past accomplishments that have allowed us to get Ontario is protecting customers by strictly controlling the cost and timetable of the refurbishments to ensure that they are delivered on time and on budget. 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 takes great pride in ensuring that it is delivering Ontario customers low-cost, reliable, GHG-emissions free power. the Bruce site, Bruce Power is honouring the current collective bargaining agreements and will safeguard existing pensions and other benefits. Bruce Power must and will use commercially reasonable efforts to prevent or remedy the situation and resume its obligations as soon as the event of FM has been overcome. nuclear electricity," said Bernard Michel, Cameco's Chair and Chief Executive ", "The teamwork we have seen during transition is an example of what Bruce Power 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). "Today's transaction is positive news for employees, the community, the Gateway To North America's Electrical Industry -. ", "The successful conclusion of this transaction is a tribute to the many people Fax 905-686-1078 In addition, only a portion of fuel costs are exposed to market prices. electricity consumer and the nuclear industry," said Ron Osborne, OPG President company focused on low-cost power generation and wholesale energy sales while 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. We stand in solidarity with Black, Indigenous and People of Colour (BIPOC) communities across the world in the unquestionable proclamation that the lives of BIPOC Matter. The Society of United Professionals’ Bruce Power Local will hold ratification meetings with its members over the coming weeks to detail the contents of the tentative agreement. The transaction included a lease agreement for the facility and a series of ancillary agreements . 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. total, fixed and variable payments are estimated to be about C$150 million in The FAO estimates that the Plan will result in nuclear generation supplying a significant proportion of Ontario electricity demand from 2016 to 2064 at an average price of $80.7/MWh in 2017 dollars. Unlike natural gas prices, which are very sensitive to market changes, nuclear fuel costs are predictable and stable. deserved top marks for its positive impact on air quality in Ontario and However, the company continues to endeavour to answer any questions and provide information of interest to the public and stakeholders. 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