Mr. Jean-Louis Servranckx reports

AECON JOINT VENTURE AWARDED STEAM GENERATOR REPLACEMENT CONTRACT FOR THREE UNITS AT BRUCE NUCLEAR GENERATING STATION IN ONTARIO

The Steam Generator Replacement Team, a 50/50 joint venture between Aecon Group Inc. and SGT (a partnership between Framatome and United Engineers & Constructors), has been awarded a $700-million contract by Bruce Power to replace steam generators at units 5, 7 and 8 of the Bruce nuclear generating station in Tiverton, Ont. Aecon's share of the contract will be added to its construction segment backlog in the third quarter of 2024.

SGRT's scope of work as part of the Bruce major component replacement project includes engineering and planning activities, the removal of existing steam generators, the installation of new steam generators, construction management and procurement of materials, and construction activities. Planning for Unit 5 has commenced, with the execution phase beginning in 2027 and completion of all three units anticipated by 2033.

"Building on the successful work by SGRT on previous units, this contract award demonstrates Bruce Power's confidence in SGRT to successfully execute the remaining steam generator replacements safely, on time and with excellent quality," said Jean-Louis Servranckx, president and chief executive officer, Aecon. "Aecon is proud of its key role as construction partner on the Bruce MCR project, which is helping advance the energy transition, while creating jobs, generating economic development opportunities and further expanding Ontario's strong nuclear supply chain. We look forward to working with our valued client and partners to help ensure the supply of clean, reliable and affordable electricity to meet Ontario's growing energy demands."

SGRT has completed steam generator replacement work on Unit 6, with units 3 and 4 in progress. The award of three additional units secures the rest of Bruce Power's steam generator replacement contracts. Aecon is also currently executing fuel channel and feeder replacement work on all six of Bruce Power's units as part of the Shoreline Power Group joint venture.

The Bruce MCR project will extend the life of the site to 2064.

About Aecon Group Inc.

Aecon is a North American construction and infrastructure development company with global experience. Aecon delivers integrated solutions to private and public-sector clients through its construction segment in the civil, urban transportation, nuclear, utility and industrial sectors, and provides project development, financing, investment, management, and operations and maintenance services through its concessions segment.

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