Aecon Secures $1.75 Billion Share of Pickering Nuclear Refurbishment Contracts

Highlights

• Ontario Power Generation (OPG) has awarded contracts with an aggregate value of $3 billion for the Pickering Nuclear Generating Station Refurbishment Project.
• Aecon's share is $1.75 billion, which will be added to its Construction segment backlog in the third quarter of 2026.
• Aecon's 50/50 joint venture with AtkinsRéalis holds a $1.7 billion contract for the Unit 5 Retube, Feeder and Boiler Replacement (RFBR) work.
• A consortium of Aecon and Siemens Energy, in which Aecon holds the majority interest, holds a $1.3 billion Turbine Generator Replacement (TGR) contract.
• Project execution is expected to begin in January 2027, pending regulatory approval.

Large-scale nuclear refurbishment work is moving into its execution phase in Ontario, with the award of contracts worth $3 billion for the Pickering Nuclear Generating Station. Ontario Power Generation, the project owner, has placed the work with two Aecon-led teams. The awards build on early work contracts that have already been completed ahead of the main project.

Unit 5 Retube, Feeder and Boiler Replacement

Aecon and AtkinsRéalis, partners in a long-standing 50/50 joint venture, have been awarded a $1.7 billion contract for the Unit 5 RFBR project. It is the first RFBR unit within the broader Pickering refurbishment. Similar work is anticipated on Units 6, 7 and 8 in later phases, subject to regulatory approval.

The scope covers replacement of steam generators, fuel channels and feeders. These are the major components that determine how long the generating station can continue to operate.

Turbine Generator Replacement Scope

The $1.3 billion TGR contract has been awarded to a consortium of Aecon and Siemens Energy. Aecon holds the majority interest and will provide construction services and material procurement. The scope includes:

• Installation of 14 new steam turbine rotors
• Overhaul of four generators, including stator rewinds
• Delivery of new auxiliary systems
• A new control and monitoring system

Both the RFBR and TGR teams are nearing completion of collaborative development work. Additional prerequisite work was expected to start in September, and prerequisite work ahead of the main project has already begun.

Workforce and Delivery Capacity

Aecon expects the refurbishment to draw on hundreds of its skilled nuclear and union workers, along with Canadian supply chain and fabrication networks. The company also has a role in the Darlington Refurbishment, the Bruce Power Major Component Replacement program and the Darlington New Nuclear Project, which involves a small modular reactor. Aecon says lessons from the Darlington Refurbishment will be applied at Pickering.

Why It Matters to Ontario Contractors and Suppliers

The Pickering awards define the work packages and delivery structures for one of Ontario's major nuclear programs. For specialty contractors, fabricators and suppliers, the phased RFBR approach and the TGR scope point to the types of work that will be needed as the program moves toward its planned January 2027 start. The timeline depends on regulatory approval, and work on Units 6, 7 and 8 has yet to be authorized.

Source: Aecon