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Ontario Inks CAD 3 Billion Contracts as Pickering Nuclear Refurbishment Begins

Ontario Inks $3B+ in Nuclear Refurbishment Contracts to Secure 2,200 MW of Clean Power and Supercharge Canada's Closed-Loop Uranium Supply Chain

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Ontario Inks CAD 3 Billion Contracts as Pickering Nuclear Refurbishment Begins

Ontario is cutting a CAD 3 billion (USD 2.1 billion) check to keep one of North America's hardest-working energy workhorses online for another four decades.

As site construction officially kicked off on September 21, 2026, the Province of Ontario announced major contract wins for Ontario Power Generation’s (OPG) Pickering B station. Units 5 through 8 are slated to power down by the end of September, paving the way for full execution phase work to commence in January 2027 upon final regulatory clearance. Once complete, the revamped plant will inject up to 2,200 megawatts of clean, reliable electricity back into the provincial grid.

The heavy lifting of reactor core surgery falls under a CAD 1.7 billion execution phase contract for Retube, Feeder and Boiler Replacement. That massive undertaking went to an equal 50:50 joint venture between Aecon Group Inc. (TSX: ARE) and Candu Energy, a subsidiary of AtkinsRéalis (TSX: ATRL). Their crews will tackle the precise replacement of 1,520 fuel channels, 48 boilers, and surrounding feeder pipes, starting with Unit 5 to extend its operational lifespan clear into the 2060s before rolling those proven execution strategies into Units 6, 7, and 8.

Powering the mechanical side of the equation is a CAD 1.3 billion Turbine Generator Replacement contract snagged by a consortium led by Aecon Group Inc. (TSX: ARE) alongside Siemens Energy Canada, part of Siemens Energy AG (ETR: ENR). This phase calls for delivering 14 brand-new steam turbine rotors, overhauling four massive generators, complete with full stator rewinds, and installing upgraded control, monitoring, and auxiliary hardware. Construction crews will also build a 1.5-kilometer deep-water intake structure to ensure cooling water continues to flow smoothly.

Economic spin-offs from the project extend far beyond electricity generation. Stephen Lecce, Ontario’s Minister of Energy and Mines, noted that more than 90 percent of total project spending will remain right inside the province, reinforcing a made-in-Ontario nuclear supply chain. The overall refurbishment is estimated to deliver a CAD 41.6 billion boost to Canada's GDP, safeguarding 4,500 existing jobs while supporting the creation of roughly 30,500 new ones. Corporate leaders Jean-Louis Servranckx of Aecon Group Inc. (TSX: ARE) and Ian Edwards of AtkinsRéalis (TSX: ATRL) pointed to past successes at the nearby Darlington facility, stressing that proven CANDU life-extension track records will keep execution on time and on budget. OPG President and CEO Nicolle Butcher underscored that Pickering has historically delivered up to 14 percent of Ontario’s electricity, making its preservation vital for future generations.

What makes this multi-billion dollar investment an even bigger vote of confidence for Canadian energy sovereignty is how seamlessly it ties into the domestic supply chain. Unlike standard light-water reactors that rely on complex international enriched fuel arrangements, Canada’s heavy-water CANDU design runs on natural, unenriched uranium. That raw resource travels straight from the ultra-high-grade deposits of Saskatchewan’s Athabasca Basin, mined by industry heavyweights like Cameco Corporation (TSX: CCO | NYSE: CCJ), into Ontario refining, chemical conversion, and fuel fabrication facilities before entering Pickering’s reactors. This self-contained domestic loop shields Ontario from foreign geopolitical chokepoints while simultaneously securing the long-term production of Cobalt-60, a vital medical isotope produced in CANDU reactors that powers global cancer therapies and medical equipment sterilization.

Source

  • Official project update and contract announcement by Ontario Power Generation and the Province of Ontario (September 23, 2026).

Disclaimer

Neither the author of this article nor JuniorStocks holds equity, stock options, or any other financial positions in Aecon Group Inc. (TSX: ARE), AtkinsRéalis (TSX: ATRL), Siemens Energy AG (ETR: ENR), Cameco Corporation (TSX: CCO), or any other companies mentioned in this publication. This content is published by JuniorStocks.com strictly for informational purposes, was prepared independently without company compensation, and utilized AI assistance for text editing, formatting, and generating accompanying media. While Canada’s nuclear refurbishment pipeline and domestic uranium supply chain represent a critical frontier in clean energy, this article does not constitute investment or financial advice. Investors are strongly advised to conduct their own thorough, independent due diligence and consult with a qualified financial professional before making any investment decisions.

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