Independent Assessment Confirms Nuclear is the Best Option for Ontario

Nuclear power remains the best option to meet Ontario’s future electricity needs.

That’s the conclusion of Ontario’s Financial Accountability Officer (FAO) following an exhaustive assessment of the province’s plan to refurbish 10 nuclear reactors at the Bruce and Darlington Nuclear Generating Stations, and extend the life of six reactors at the Pickering Nuclear Generating Station.

The FAO’s report found that refurbishing Ontario’s nuclear stations is the preferred generation option from both economic and environmental perspectives. The report estimates the average cost of nuclear at $80.70 per megawatt-hour (MWh) through to 2064. That’s lower than Ontario’s current average overall cost of electricity of $115/MWh. It is also priced lower than electricity sourced from wind, solar, gas or bio-energy.

“This is great news for Ontario, particularly the 25,000 Ontarians who work in the nuclear power industry and many thousands more who will contribute to the refurbishments,” said Dale Clark, Cameco’s vice-president, fuel services. “The Nuclear Refurbishment Plan will deliver clean, reliable, low-cost electricity for the foreseeable future while strengthening our industry and contributing to strong economic growth across the province.”

Cameco provides uranium, conversion and fuel manufacturing services to support Ontario’s nuclear power program which supplies 60 per cent of Ontario’s electricity while avoiding approximately 45 million tonnes of CO₂ emissions each year.

Cameco’s operations provide direct, high-quality jobs for more than 700 people in Port Hope, Cobourg and Blind River and extensive opportunities for suppliers and other stakeholders.

Profile

Cameco is one of the world’s largest uranium producers, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

Media inquiries:
Gord Struthers
(306) 956-6593