TRP: Bruce Power: Splitting the atom

Research evidence excerpt

TRP: Bruce Power: Splitting the atom

refurbishment

developed a repeatable model, utilizing its skilled workforce and tooling across several successive Major

refurbishment model, Replacement Component (MCR) projects, reducing execution risk as institutional

utilizing its skilled knowledge at the company compounds. In addition, it noted that roughly 95% of its

workforce and tooling spend is in Canada, which we believe helps to develop local supply chains and insulate

across several successive it from potentially volatile macro conditions. Further, Bruce Power maintains a focus

MCR projects, reducing on its project execution and operational excellence through the implementation of

execution risk as AI, seen through: (1) robotics tooling, which has materially reduced installation time

institutional knowledge at on certain projects; (2) inspection workflows, which helped scale back engineering

the company compounds. requirements; and (3) drones used to assess concrete degradation, a labour-intensive

process that once demanded the construction of extensive scaffolding to inspect a

reactor’s structure.

o Social licence to operate: Bruce Power views its community engagement for its

operations as being favourable, with the company highlighting a high degree of local

and broader Ontario support that is above certain jurisdictions with nuclear energy

generation, such as the U.S. and France. In addition, the facility is a global leader in

the production of medical isotopes, which are used to fight against cancer and keep

hospitals clean and safe, combat disease, and sterilize food against pathogens.

• A unique commercial framework backed by long-dated earnings visibility, with utility-

like downside protection. Bruce Power operates under the Amended and Restated Bruce