Aecon Wins C$3 Billion in Pickering Nuclear Refurbishment Work

Aecon Group and its partners won contracts worth C$3 billion for Ontario Power Generation’s Pickering nuclear refurbishment, equivalent to about US$2.1 billion. Aecon said its C$1.75 billion share will enter its construction backlog in the third quarter of 2026.

The awards comprise a C$1.7 billion contract for work on Unit 5 and a C$1.3 billion turbine-generator contract. Aecon is working with AtkinsRéalis on the first contract and Siemens Energy on the second.

The Unit 5 work includes replacing steam generators, fuel channels and feeder pipes. Similar reactor work on Units 6, 7 and 8 is expected in later phases, subject to regulatory approval.

The turbine contract covers 14 new steam turbine rotors, overhauls of four generators, new auxiliary systems and updated controls. Aecon holds a majority interest in the consortium and will handle construction and materials procurement.

Execution is expected to begin in January 2027, pending regulatory approval, Aecon said. The contracts follow earlier planning and preparation work, and the latest awards do not cover all future work on the four-unit refurbishment.

For Aecon, the backlog addition gives investors a measure of its contracted work, but it is not the same as revenue recognized immediately. The company’s share of the total is also smaller than the combined C$3 billion value awarded to the teams.

Ontario says the refurbishment is expected to add C$41.6 billion to Canada’s GDP, including the plant’s continued operation. The project targets Pickering’s four “B” units, which are expected to provide more than 2,000 megawatts of electricity after refurbishment.