- Candu Energy, an AtkinsRéalis Group (TSX:ATRL) company, in a joint venture with Aecon Group, has been awarded a significant contract by Ontario Power Generation to advance the early works for the Pickering Nuclear Generating Station Retube, Feeder, and Boiler Replacement (RFBR) project
- This contract encompasses professional engineering services, procurement, and execution planning for critical path activities related to Ontario’s life-extension of four of Pickering’s CANDU reactors, enabling their operation until the mid-2060s
- The mandates are valued at approximately $1.1 billion for the venture’s early works and around $1 billion for the definition phase. AtkinsRéalis’ share of the early works portion was added to its Nuclear backlog in the third quarter of 2024, with its share of the definition phase contract to be included in Q1 2025
- AtkinsRéalis Group stock (TSX:ATRL) opened trading at C$83.46
Candu Energy, an AtkinsRéalis Group (TSX:ATRL) company, in a joint venture with Aecon Group, has been awarded a significant contract by Ontario Power Generation to advance the early works for the Pickering Nuclear Generating Station Retube, Feeder, and Boiler Replacement (RFBR) project. This contract encompasses professional engineering services, procurement, and execution planning for critical path activities related to Ontario’s life-extension of four of Pickering’s CANDU reactors, enabling their operation until the mid-2060s.
Via a media release, the team explained that the mandates are valued at approximately $1.1 billion for the venture’s early works and around $1 billion for the definition phase. AtkinsRéalis’ share of the early works portion was added to its Nuclear backlog in the third quarter of 2024, with its share of the definition phase contract to be included in the first quarter of 2025.
Ontario’s Independent Electricity System Operator forecasts a 75 per cent increase in electricity demand by 2050. The life-extension of Pickering’s CANDU reactors, set for completion by the mid-2030s, will allow them to safely operate for an additional 30 years. This initiative is part of Ontario’s strategy to maintain and expand the supply of affordable, baseload clean power. It complements the life-extensions of 10 other CANDU reactors at the Bruce Power and Darlington sites, the construction of four small modular reactors at Darlington, the planned addition of new nuclear reactors totaling 4,800 MW at Bruce Power’s site, and the exploration of three Ontario Power Generation-owned sites in southern Ontario for new energy generation, including nuclear power.
The Pickering life-extension project, involving the replacement of critical reactor components, will sustain current jobs and create new employment opportunities for a highly skilled and well-paying workforce in engineering, skilled trades, and manufacturing. The CANDU supply chain, which is 85 per cent Canadian, supports 89,000 jobs.
Located 45 km east of Toronto, Pickering’s CANDU reactors have been safely and reliably operating for years, providing about 10 per cent of Ontario’s electricity with clean, stable baseload power that is not weather-dependent. The facility employs 4,500 people.
In addition to power generation, Pickering’s CANDU reactors produce cancer-fighting medical isotopes, supplying around 20 per cent of the global demand for Cobalt 60. The technology at Pickering benefits from the use of natural uranium as a fuel source, the ability to refuel during operation, online maintenance, and world-class “defence in depth” safety systems.
AtkinsRéalis provides sustainable engineering and nuclear energy solutions across the world, including consulting, advisory and environmental services, intelligent networks and cybersecurity, design, procurement, project and construction management, operations and maintenance, decommissioning and capital.
AtkinsRéalis Group stock (TSX:ATRL) opened trading at C$83.46.
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(Top photo via AtkinsRéalis Group Inc.)
