Cameco supports Ontario’s long-term energy plan
October 26, 2017
Cameco Corporation (TSX: CCO; NYSE: CCJ) is pleased with today’s release of the Government of Ontario’s Long-Term Energy Plan.
This updated plan affirms nuclear energy will play a role in the province’s clean, reliable electricity future. Ontario’s commitment to the refurbishment of existing nuclear assets at Bruce Power and Darlington Nuclear Generation Station will ensure that families and businesses in the province will benefit from a source of clean energy for decades to come. This undertaking, which represents Canada’s largest infrastructure project, is being supported by Cameco and its Ontario-based workforce.
What this LTEP makes clear is that the Government of Ontario understands the need for a strong presence of nuclear to drive not only economics and innovation in the province, but also that safety and sustainability are the foundations of a clean-air future.
“Cameco provides significant uranium, conversion and fuel manufacturing services to support Ontario’s nuclear power program,” said Dale Clark, vice-president responsible for Cameco’s fuel services division. “In addition to supporting a safe, clean, and reliable energy supply mix, these activities provide direct, high-quality jobs for more than 700 people at our operations in Port Hope, Cobourg and Blind River and extensive opportunities for suppliers and other stakeholders.”
- Nuclear generating stations at Bruce, Darlington and Pickering supply 60 per cent of Ontario’s electricity.
- In 2016, the cost of nuclear power averaged less than 7 cents/kWh, approximately 30 per cent less than the average residential price for electricity.
- By helping to avoid approximately 45 million tonnes of CO2 emitted each year, Ontario’s nuclear fleet is a significant contributor to the province meeting its climate change goals.
- The nuclear industry in Ontario contributes over $5 billion annually to Canada’s economy and supports approximately 50,000 Ontario jobs.
- Ontario’s nuclear facilities and their domestic supply chain create jobs and economic growth in communities across the province.
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. We also explore for uranium in the Americas, Australia and Asia. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.