Financial Guarantees for Decommissioning of Canadian NPPs
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1 Canadian Nuclear Safety Commission Commission canadienne de sûreté nucléaire Financial Guarantees for Decommissioning of Canadian NPPs International Conference on Financing Decommissioning Stockholm, Sweden September 2016 e-docs # Milena Kostova, Ph.D. Senior Project Officer Waste and Decommissioning Division nuclearsafety.gc.ca
2 Outline About the (CNSC) CNSC Requirements for Financial Guarantees (FG) Canadian Nuclear Power Plants (NPPs) Funding Mechanisms for FGs for Decommissioning of NPPs Funding Long-Term Management of Used Fuel Cost Estimate Structure Risk Mitigation Conclusions 2
3 Canada s independent nuclear regulator CNSC regulates all nuclear-related facilities and activities Reports to parliament through minister of natural resources Composed of CNSC staff and a Commission Tribunal Independent quasi-judicial administrative tribunal Commission hearings are public and webcast Transparent, science-based decision-making 3
4 From cradle to grave 1. Site Preparation 5. Release from Licensing 4. Decommissioning Each stage requires a licence and an EA, when applicable 2. Site Construction 3. Site Operation Financial Guarantees for decommissioning are required for steps 1 to 4 4
5 CNSC Requirements for Financial Guarantees (FGs) FGs are required as part of licence application FGs are approved by the Commission FGs included as a condition on the licence FGs should be in place through the entire life-cycle of the facility FGs and associated PDPs are required to be updated and reviewed at least every five years or when requested by the Commission CNSC sets the FGs requirement for the review period Annual reporting on status of FG CNSC can access the FGs upon demand 5
6 Canada s Nuclear Power Reactors Total of 22 reactor units All NPPs are CANDU 19 reactor units were operational in 2015 Gentilly-2, Pickering Unit 2 and Unit 3 in safe storage Bruce A & B Point Lepreau Gentilly-2 Pickering A &B Darlington Total FGs available at YE 2015 = $19.7 B CAD 6
7 Funding Mechanisms Example OPG s Financial Guarantee Agreement b/w OPG and Province of Ontario Nuclear Funds 90 % Provincial Guarantee 10% Rate of return 3.25% + Ontario CPI ONFA Segregated Funds Decommissioning Segregated Fund Decommissioning and L & ILW Management Used Fuel Segregated Fund NFWA Trust Fund Management of Used Nuclear Fuel 100% of cost for decommissioning available at all times 7
8 Funding Long-Term Management of Used Fuel NFWA Trust Fund balance at YE 2015 $3.7 B CAD NFWA/NWMO Adaptive Phased Management (APM) for used fuel NFWA Segregated Trust Fund to fund APM Joint venture of all nuclear utilities Federal Government developed and approved the funding formula in 2009 Annual contributions based on percentage of generated fuel bundles - OPG 90.3%, NB Power 4.2%, HQ 3.9%, and AECL 1.2% End of operation of existing NPPs 5.2 million used fuel bundles APM cost $8.2 B PV. 0.1 cent per KWh to fund the APM 8
9 Cost Estimate Structure Example OPG Total Funds at YE 2015 = 17 B CAD Decommissioning Fund $8B Gross Value Physical Decommissioning Nuclear Generation Stations L&ILW Management Interim Storage L&ILW Used Fuel Fund $9B Gross Value Used Fuel Management Interim Dry Storage Waste Management Facilities Long-term DGR In-service 2025 Long-term APM In-service
10 OPG s Financial Guarantee Projections Year CNSC Financial Guarantee Requirement $ M OPG Contribution to ONFA/NFWA $ M ONFA/NFWA Trust Value* $ M Provincial Guarantee Requirement $ M , ,686 1, , ,439 1, , ,018 1, , ,563 1, , ,050 1,263 * includes fund growth assumptions Review Period 10
11 Risk Mitigation CNSC oversees the status of FGs The Province hires its own expert consultants and oversees the investment strategies NWMO hires expert consultants to review cost estimates for long-term used fuel management OPG uses third party expertise with experience in both cost estimate for decommissioning and direct involvement in decommissioning projects FGs funding is separate from other assets and can ONLY be used for approved decommissioning activities 11
12 Conclusions In Canada, financial resources for decommissioning are guaranteed: Strong regulatory framework Diversification of the funding sources Multiple levels of independent control Periodic updates to keep the financial guarantee valid and current CNSC can access the funds upon demand 12
13 Canadian Nuclear Safety Commission Commission canadienne de sûreté nucléaire nuclearsafety.gc.ca facebook.com/canadiannuclearsafetycommission youtube.ca/cnscccsn CNSC Copyright 2015
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