Atkinsrealis renews service agreement with Bruce Power

Executive Summary

• Atkinsrealis Group Inc. (via its subsidiary Candu Energy Inc.) has renewed a 10-year Master Service Agreement (MSA) with Bruce Power, extending the partnership until 2035.
• The agreement covers potential future scopes of work valued at up to $1 billion, subject to future contracting awards.
• The MSA replaces a previous agreement signed in 2015 and encompasses original equipment manufacturer services, innovation scopes, and support for the health and maintenance of the Bruce Power station.

Key Details

• Contract Duration: 10 years, running until 2035.
• Financial Value: Up to $1 billion in additional work, subject to future Bruce Power contracting awards.
• Parties Involved: Atkinsrealis Group Inc. (specifically Candu Energy Inc., an Atkinsrealis company) and Bruce Power.
• Scope of Work:
  • Covers Candu Energy's entire scope of capabilities for future work packages not covered by existing life extension contracts (Shoreline Power Group joint venture).
  • Includes original equipment manufacturer services and innovation scopes.
  • Specific services include reactor core engineering, tooling and robotics, parts supply, nuclear safety and licensing, project management and controls, outages, reactor programs, and life cycle management.
• Strategic Context:
  • Replaces the previous MSA signed in 2015, which was set to expire at the end of the current year.
  • Aims to streamline future contract negotiations for more efficient cost and schedule delivery.
  • Supports Ontario's energy security, clean power goals, and the operation of eight Candu reactors supplying 30% of Ontario's power.
• Historical Performance: Atkinsrealis supported Bruce Power's $13-billion life extension program over the past decade, ensuring six reactors run until 2064.
• Supply Chain Impact: Atkinsrealis has injected over $2.3 billion in purchase orders into the Candu supply chain across ~550 companies in the past 19 months, with 90% issued to Canadian suppliers.

Notable Quotes

• Ian L. Edwards, President and CEO, Atkinsrealis: "The renewal of this MSA is a testament to the strength of our relationship with Bruce Power and the confidence they place in our work as the steward of Candu technology... Our continued long-term support for their Candu-powered station is critical to Ontario's energy security and clean power goals."
• James Scongack, Chief Operating Officer and Executive Vice-President, Bruce Power: "This is a homegrown partnership that aligns closely with Bruce Power's Canadian at our core strategy that secures good jobs, strengthens the economy, and builds on Ontario's position as a world leader in the production of clean energy and cancer-fighting medical isotopes."
• Joe St. Julian, President, Nuclear, Atkinsrealis: "As OEM of Candu technology, our nuclear sector has a strong reactor support capability in addition to our new build and life extension offering... we are privileged to support Bruce Power and its investment in the country's only domestically designed and owned nuclear power technology."