Canada’s Cameco and Bruce Power have extended their long-term exclusive nuclear fuel supply arrangements for an additional 10 years until 2040. The original deal was announced in 2017. The arrangements include provisions for Cameco, one of the largest global providers of the uranium fuel, to supply 100% of Bruce Power’s uranium, conversion services and fuel fabrication requirements. The extension represents additional business between the companies estimated at CAD2.8bn ($2bn) from 2031 to 2040. The volumes under these new arrangements were included in the long-term contracting volumes disclosed by Cameco in February 2022.

“These arrangements signify a long-term commitment to fuelling a clean-air Ontario along with the stability of hundreds of high-value jobs in Saskatchewan and Ontario,” said Cameco CEO Tim Gitzel “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.”

Bruce Power President & CEO Mike Rencheck said 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 and medical isotopes used in cancer treatments around the world”.

Scott Moe, Premier of Saskatchewan said the nuclear industry is built on collaboration, capability and innovation. “Cameco and Bruce Power exemplify the importance and value of our domestic expertise and the strong partnerships that already exist. A future fuelled by cleaner energy sources such as nuclear not only contributes to achieving net-zero, but also generates the potential for substantial economic opportunities in Saskatchewan and other provinces.”

“At the heart of Ontario’s energy system is nuclear power and the thousands of highly skilled people who work across our world-class nuclear sector to keep the lights on,” said Todd Smith, Ontario Minister of Energy. “I’m pleased to see Bruce Power and Cameco, who have been working together for decades, advance this critical agreement to secure the future affordability and reliability of the energy we need to advance Ontario’s clean future.”

“Ontario’s nuclear industry plays a vital role in helping decarbonize our power grids in Ontario and Canada,” said David Piccini, Minister of the Environment, Conservation and Parks for Ontario and MPP for Northumberland-Peterborough South. “Our government commends the partnership between Cameco and Bruce Power that will help us create good paying jobs and continue to keep Ontario’s electricity clean and affordable.”

Image: (L-R) Mike Rencheck, President & CEO, Bruce Power; Tim Gitzel, President & CEO, Cameco; and David Piccini, Minister of Environment, Conservation & Parks