Bruce Power Delayed Until Ownership Settled

The Canadian Nuclear Safety Commission issued a strongly worded statement voicing "grave concern" about the failure of Bruce Power to resolve its ownership difficulties.

Bruce Power chief executive Duncan Hawthorne said the commission said that until ownership issues are settled, Bruce Power will not be allowed to refuel two reactors that it had hoped to start up in mid-2003. Hawthorne added that any delay in refueling will delay the restart.

Bruce Power's majority owner, British Energy, has been asked by the British government to sell its 82 per cent stake in the nuclear power generator by mid February. Bruce Power has said a deal could be reached as soon as Christmas.

Cameco Corp., the world's biggest uranium producer, has a 15 percent stake in Bruce and is likely to increase its stake.