March 16, 2012 – TransCanada Corp. announced Bruce Power has received authorization from the Canadian Nuclear Safety Commission to power up the Unit 2 reactor, effectively ending the construction and commissioning phases of the project.

“This positive development represents the final major step necessary toward bringing the reactor into service,” said Russ Girling, TransCanada’s president and CEO. “When we committed to additional investments in Bruce A, we said the re-start project was an attractive, long-term growth opportunity for TransCanada. With this milestone being reached, we move further toward realizing the sustainable earnings we expect Bruce Power to generate.”

Bruce Power will now complete final safety checks for the Unit 2 reactor as preparations begin to synchronize the unit to Ontario’s electricity grid. The company anticipates the unit will start commercial operations in the second quarter of this year. Refurbishment of the Unit 1 reactor at Bruce Power is progressing; and it is expected to begin operations in the third quarter of 2012.

TransCanada’s share of the net capital cost of the refurbishment is expected to be $2.4 billion. Once the work is complete, Bruce Power will be the world’s largest nuclear facility, says TransCanada, generating more than 6200 MW—or about 25% of Ontario’s power.

The company currently owns and operates the 683-MW Halton Hills Generating Station and has a 50% interest in the 550-MW Portlands Energy Centre (PEC), and recently announced a $470-million agreement to purchase nine Ontario solar power generation projects.

Bruce Power consists of two generating stations (Bruce A & B) with each station housing four nuclear reactors. Six of those reactors are currently operational, producing more than 4700 MW of power. TransCanada owns 49% of Bruce A and 32% of Bruce B.