AtkinsRéalis Secures $1.7 Billion Nuclear Refurbishment Contract for Pickering Unit 5
Event summary
- AtkinsRéalis and Aecon Group Inc. signed a $1.7 billion contract with Ontario Power Generation (OPG) for the refurbishment of Unit 5 at the Pickering Nuclear Generating Station.
- The three-year contract covers engineering, design, and project management to extend Unit 5's operational life until the 2060s.
- AtkinsRéalis' share of the contract will be added to its Nuclear backlog in Q3 2026.
- The project is part of a broader refurbishment initiative for Units 6, 7, and 8, pending regulatory approval.
- The CANDU supply chain, which is 85% Canadian, supports over 250 companies and 90,000 jobs.
The big picture
This contract is a significant win for AtkinsRéalis, reinforcing its position as a key player in nuclear refurbishment. The project aligns with Ontario's strategy to maintain and increase affordable, low-carbon baseload power amid rising electricity demand. The broader context includes ongoing and planned nuclear projects across Ontario, highlighting the province's commitment to nuclear energy as a cornerstone of its energy mix.
What we're watching
- Regulatory Approval
- The pace at which regulatory approvals are granted for Units 6, 7, and 8 will determine the timeline and scale of future contracts.
- Execution Risk
- AtkinsRéalis' ability to deliver the project on time and within budget will be critical for maintaining its reputation and securing future nuclear contracts.
- Market Dynamics
- How Ontario's increasing electricity demand will influence the demand for nuclear refurbishment and new nuclear projects.