- TC Energy (TSX:TRP) is announcing that its 48.4 per cent owned Bruce Power partnership has refurbished and restarted a nuclear reactor as part of Ontario’s largest clean-energy initiative on budget and ahead of schedule
- Nuclear reactor Unit 6 was returned to service exactly 39 years after first becoming operational
- The unit will reduce emissions from the Ontario electricity grid by 2.6 million tonnes of carbon dioxide equivalent (tCO₂e) every year
- TC Energy stock (TSX:TRP) is down by 19.83 per cent over the past year
TC Energy (TSX:TRP) is announcing its 48.4-per-cent-owned Bruce Power partnership has refurbished and restarted a nuclear reactor as part of Ontario’s largest clean-energy initiative on budget and ahead of schedule.
Nuclear reactor Unit 6 returned to commercial operations on Sept. 14, exactly 39 years after entering service to provide emission-free baseload nuclear power. Its major component replacement program, as part of Bruce Power’s Life Extension Program, began in January 2020 and surpassed expectations despite numerous challenges during the COVID-19 pandemic.
When compared with carbon-emitting energy sources, Unit 6 will reduce emissions from the Ontario electricity grid by 2.6 million tonnes of carbon dioxide equivalent (tCO₂e) every year, and by more than 90.5 million tCO₂e over its lifetime. The unit will also produce medical isotopes to fight cancer.
The Life Extension Program will continue with Units 3-8 over the next decade at a time of immense growth in nuclear energy demand.
Bruce Power is an electricity company based in Bruce County, Ontario. It supplies clean nuclear power to 30 per cent of the province under a contract than runs through 2064. Additional Bruce Power shareholders include OMERS, the Power Workers’ Union and The Society of United Professionals.
“We are proud that this work was completed safely, on budget and ahead of schedule. It demonstrates our shared commitment to project execution,” François Poirier, TC Energy’s president and CEO, said in a statement. “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.”
“This is the first unit to undergo major component replacement (MCR) as part of Bruce Power’s Life Extension Program launched in 2016,” Mike Rencheck, Bruce Power’s president and CEO, said in a statement. “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.”
TC Energy is a diversified energy company with 93,300 kilometres of natural gas pipeline, more than 653 billion cubic feet of storage in Canada, the U.S. and Mexico, and a 4,900 km oil and liquids pipeline network between Alberta and U.S. markets in Illinois, Oklahoma, Texas and the Gulf Coast. The company also invests in power generation facilities and decarbonization initiatives.
TC Energy stock (TSX:TRP) last traded at $50.65 per share. The stock is down by 19.83 per cent over the past year.
Join the discussion: Find out what everybody’s saying about this Canadian energy stock on the TC Energy Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.