Mr. Ian Edwards reports

ATKINSREALIS JOINT VENTURE ENTERS INTO MULTI-BILLION DOLLAR CONTRACT FOR PICKERING CANDU NUCLEAR GENERATING STATION LIFE EXTENSION, AS NUCLEAR SUPER CYCLE CONTINUES

Candu Energy Inc., an Atkinsrealis company, in a joint venture with Aecon Group Inc., has been awarded a contract by Ontario Power Generation to progress the early works associated with the Pickering nuclear generating station retube, feeder and boiler replacement project. The contract covers professional engineering services, procurement and execution planning associated with critical path activities for Ontario's announced life extension of four of Pickering's Candu reactors to operate until the mid-2060s. The mandates are worth approximately $1.1-billion to the JV for early works and roughly $1-billion for the definition phase. Atkinsrealis's share of the early works portion of the contract was added to its nuclear backlog in the third quarter of 2024. Its share of the definition phase contract will be added to its nuclear backlog in the first quarter of 2025.

"Candu reactors are a low-cost, world-class technology with a proven track record in Canada and abroad of on-time and on-budget performance," commented Ian L. Edwards, president and chief executive officer, Atkinsrealis. "As the original equipment manufacturer of the only Canadian-owned and developed nuclear reactor technology, we are proud to undertake this work to ensure the Candu reactors at Pickering continue providing clean, reliable and affordable power to Ontario for decades to come. It's part of the 19 Candu reactor life extension projects needed in the next 10 years."

Candu technology at Pickering: providing clean, reliable, affordable power

Ontario's independent electricity system operator forecasts that electricity demand in the province will increase 75 per cent by 2050. A life extension of Pickering's Candu reactors, to be completed by the mid-2030s, will allow them to safely operate for another 30 years, and is part of Ontario's plan to maintain and increase the supply of affordable baseload clean power. This will take place against the backdrop of life extensions of 10 other Candu reactors at the Bruce Power and Darlington sites, the building of four small modular reactors at Darlington, the planned build of new nuclear reactors totalling 4,800 megawatts at Bruce Power's site, and exploration of three OPG-owned sites in Southern Ontario, which are zoned for power production, regarding their suitability for hosting new energy generation, including new nuclear power.

The Pickering life extension project, which involves replacing critical reactor components, will not only sustain current jobs but also create new employment opportunities for a highly skilled and well-paying engineering, skilled trades and manufacturing work force at the station and currently supporting Candu refurbishment projects elsewhere in Ontario. The Candu supply chain is 85 per cent Canadian, sustaining 89,000 jobs.

"Refurbishing Pickering secures decades more of the low-carbon reliable baseload electricity Ontario needs to meet forecasted soaring demand," said Nicolle Butcher, OPG president and chief executive officer. "Drawing on our shared experience on the on-time, on-budget Darlington refurbishment project, working with trusted partners like Atkinsrealis and Aecon sets the stage for similar project excellence as we refurbish units 5-8 at the Pickering nuclear generating station."

"Candu technology, as Canada's only domestically developed, large-scale nuclear technology, is a source of national pride," said Joe St. Julian, president, nuclear, Atkinsrealis. "We are honoured to continue to play a leading role in every Candu reactor life extension globally and to again work with our trusted JV partner in Ontario, Aecon. The Candu reactors at OPG -- an operating fleet of eight in total -- are indispensable to providing Ontario with energy security and reliable, clean power to millions of people. All while increasing reactor power output to help meet the challenges of increased demand from a rising population, as well as a growing industrial manufacturing base."

Pickering's Candu reactors that have been safely and reliably operating 45 kilometres east of Toronto have been maintained and upgraded over the years, and provide about 10 per cent of Ontario's electricity with clean, stable baseload power that is not weather-dependent. The facility employs 4,500 people.

The Candu reactors at the Pickering facility also produce cancer-fighting medical isotopes while concurrently producing power. They provide around 20 per cent of the global supply of the Cobalt 60 medical isotope. Like all Candu reactors, the technology operating at Pickering benefits from the use of natural uranium as a fuel source, the ability to refuel during operation, on-line maintenance and world-class defence in depth safety systems.

About Atkinsrealis Group Inc.

Created by the integration of long-standing organizations dating back to 1911, Atkinsrealis is a world-class engineering service and nuclear company dedicated to engineering a better future for the planet and its people. It creates sustainable solutions that connect people, data and technology to transform the world's infrastructure and energy systems. It deploys global capabilities locally to its clients and delivers unique end-to-end services across the whole life cycle of an asset, including consulting, advisory and environmental services, intelligent networks and cybersecurity, design and engineering, procurement, project and construction management, operations and maintenance, decommissioning, and capital. The breadth and depth of its capabilities are delivered to clients in strategic sectors such as engineering services, nuclear and capital.

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