TC Energy Corporation (TSX, TRP) (TC Energy or the Company) is pleased to announce the successful commercial operation of Unit 6 – marking a major milestone in Bruce Power’s Major Component Replacement (MCR) program. This week, the nuclear power unit fully returned to service, surpassing a significant milestone in Ontario’s largest clean-energy initiative and one of Canada’s largest infrastructure projects.
This achievement sees the return of emission-less, baseload power to Ontario’s electricity grid and represents significant progress in delivering against the facility’s Life Extension Program. It also aligns with key strategic priorities for TC Energy – safe project execution and maximizing the value of our assets.
“We are proud that this work was completed safely, on budget and ahead of schedule. It demonstrates our shared commitment to project execution,” said François Poirier, TC Energy’s President and Chief Executive Officer. “Thank you to Bruce Power employees and the people supporting the Life-Extension Program. This vital asset is back online generating reliable, safe, low-cost and carbon-free electricity for Ontarians.”
Bruce Power revenues are contracted with the Ontario IESO through 2064 with strong returns on investments. These characteristics ensure that TC Energy's continuing investment in Bruce Power is well aligned with our preferences for high quality assets with top-tier counterparties and long-term contracts.
“This is the first unit to undergo Major Component Replacement as part of Bruce Power’s Life Extension Program launched in 2016,” said Mike Rencheck, Bruce Power’s President and CEO. “This is one of Canada’s largest infrastructure projects and it is made possible through private-sector investors. We are proud of our people and our partners who come to work every day and safely ensure the success of our MCR program.”
Unit 6 is the first unit to undergo Major Component Replacement as part of Bruce Power’s Life Extension Program which will see Units 3-8 refurbished over the next decade at a time during which the Independent Electricity System Operator (IESO) expects the need for clean energy to soar. The successful completion of Unit 6 MCR significantly reduces the execution risk around the remaining program.
- Nuclear power will play a growing and important role in meeting the world's energy demand in the future.
- TC Energy has a 48.4 per cent ownership stake in Bruce Power, along with OMERS, the Power Workers’ Union and The Society of United Professionals.
- This unit will produce cancer-fighting medical isotopes.
- The Unit 6 MCR began in January 2020 and was completed ahead of schedule and on budget despite the challenges of the COVID-19 pandemic.
- Bruce Power’s Life-Extension Program will see Units 3-8 refurbished over the next decade to power Ontario extending the units’ operation period to 2064 and beyond.
- Bruce Power supplies clean electricity to 30 per cent of Ontario.