Bettering Bruce Knowledge at Stampede

Research evidence excerpt

Bettering Bruce Knowledge at Stampede

tressed that the MCRs are BruceBruce 2035C equityFCFcapex(gross) 4,000(909)

now past the halfway point, so execution risk has been markedly reduced for future refurbishments FCF post Bruce C capex 3,091

TRP stake 48.3%

given repeatable processes, automation, robotics, and highly trained workforce. Distributions to TRP (avg) 1,493 .

Source: Jefferies, Company presentation

Unique Commercial Structure: Mgmt also honed in on Bruce's unique commercial framework. The

asset is contracted with IESO out to 2064 receiving a fixed price on available generation. TRP is

protected from inflation, compensated for deemed generation during curtailments, and earnings are

insulated from merchant prices and from typical decommissioning + nuclear waste management

liabilities. TRP reiterated how Bruce is an asset capable of generating consistent returns on capital

for decades, with FCF growth and opportunities to outperform through higher availability from more

efficient execution.

Disciplined Bruce C Plan: TRP expressed growing confidence in sanctioning Bruce C (up to 4.8

GW of new capacity at the existing site). The expansion project has already secured C$375mn of

government funding, has strong local buy-in, and is advancing through impact assessment and

technology screenings. FID is targeted near the end of the decade, with construction expected from

2034-45. Importantly, mgmt stressed that FID will not be made until there is a fully-complete design,

an acceptable risk-sharing framework and competitive returns on and of capital are secured. A

rate-regulated agreement could also have the benefit of capex being recovered during construction

(though not necessarily a "must have"). Sizewell C in the UK was mentioned as an example of a