Bruce Power and the Ontario Power Authority (OPA) have reached an agreement to amend the Bruce Power Refurbishment Implementation Agreement (BPRIA) to ensure Ontario ratepayers will continue to be supplied with low-cost electricity from the Bruce B units to the end of the decade, prior to the full refurbishment of the units.

The amendment involves an extension of the floor price for the Bruce B units, which remains the lowest cost generator under contract by the OPA at 5.2 cents per kilowatt-hour. Bruce B provides 15 per cent of Ontario’s electricity demand on an annual basis.

Throughout 2013, Bruce Power will continue to invest in Bruce B with an estimated $250 million expected this year to continue to optimize the life of the units, ensuring both system reliability and price stability. Over the next five years, Bruce Power’s planned investment program in Bruce B will be approximately $1.1 billion. In addition to the base employment on the Bruce Power site, which is 4,000 people, this ongoing capital program will create approximately 500-600 temporary jobs annually in support of these investment activities.

This amendment does not change the price of the Bruce B floor nor does it impact the current arrangement in place for 3,000 megawatts of output from Bruce A. Bruce Power continues to assume all operational and investment risk related to the ongoing operation of Bruce B.

Bruce Power and the OPA will continue to work together to secure an important source of cost-effective and clean electricity for Ontario ratepayers through the long-term supply of 6,300 MW from the Bruce Power site.

Over the last 11 years, Bruce Power has invested $7 billion in the life extension and refurbishment of all eight units. This increased output from the Bruce Power site is a key component to keeping electricity costs low for our families and businesses and supporting the phase-out of coal by the end of 2013.

About Bruce Power

Bruce Power operates the world’s largest operating nuclear generating facility and is the source of roughly 25 per cent of Ontario’s electricity. The company’s site in Tiverton, Ontario is home to eight CANDU reactors, each one capable of generating enough low-cost, reliable, safe and clean electricity to meet the annual needs of a city the size of Hamilton. Formed in 2001, Bruce Power is an all-Canadian partnership among TransCanada, Cameco, Borealis Infrastructure Management (a division of the Ontario Municipal Employees Retirement System) as well as the Power Workers’ Union and Society of Energy Professionals. A majority of Bruce Power’s employees are also owners in the business.

For further information, please contact:

John Peevers – 519-361-6583 –  john.peevers@brucepower.com

24-hour Duty Media Officer – 519-361-6161