AECL Nuclear Refurbishment Losses Quantified

The attached news report is the first time I have seen the losses being sustained by the federal government on Candu nuclear refurbishments quantified. Bruce Power, NB Power and Korea Electric power are receiving refurbishment services from AECL at far below cost. The news report indicates:

“The Crown corporation lost $413 million on refurbishment projects in 2008-2009 despite a government infusion of $100 million. AECL expects to need another $225 million in government funding for its 2010-20ll budget, the documents state.”

These numbers appear to be consistent with AECL’s 2009/2010 Annual Report, which reported that federal funding to cover contract losses at Lepreau, Bruce, Wolsong were $346M in F’2010 and $100M in F’2009 with a $599M contingency declared.

Congratulations to Tamsin McMahon at the Telegraph Journal for digging this up.