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IESO Verifies Bruce Power Cost Estimate

November 22, 2018

The IESO has verified Bruce Power’s final cost estimate of the first of six nuclear units to undergo refurbishment, confirming the price of power will be lower than initially estimated.

Since the refurbishment agreement’s execution in December 2015, the price of electricity sold to the IESO has been less than what was projected, saving about $150 million for Ontario consumers. Looking ahead, the price of power is forecasted to be $75.50/MWh, about $3/MWh less than the initial estimate. 

The final fixed cost of the refurbishment is $2.185 billion dollars, and an additional $554 million is being invested in one-time costs such as facilities, tooling and other infrastructure that will support the refurbishment of all six nuclear units. Moving forward, Bruce Power takes on all of the risk of executing the refurbishment on time and on budget. Any cost savings will be shared equally between Bruce power and the IESO.

The first unit’s refurbishment will commence in January, 2020 and is estimated to be complete in 46 months. All six nuclear units undergoing refurbishment are expected to be complete by 2033.

The Bruce Power generating station runs 24/7 and supplies over 30 per cent of Ontario’s energy needs, providing reliable and low-cost electricity for Ontario consumers.

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