Ontario Power Generation (OPG) has renewed the operating licence of its Pickering nuclear generating station, located on the north shore of Lake Ontario in Pickering.

The renewal, granted by the Canadian Nuclear Safety Commission (CNSC), extends the licence for another ten years.

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Beginning from 1 September this year, the license will be valid until 31 August 2028. However, the station will operate only until 2024, after which the remaining four years will be used for safe storage activities such as removal of fuel and water.

“CNSC’s decision will save Ontario’s electricity customers up to C$600m ($460m) and preserve 7,500 jobs across Ontario.”

Pickering nuclear generating station is said to be one of the oldest nuclear power stations, which fulfils about 15% of Ontario’s power needs.

OPG president and CEO Jeff Lyash said: “OPG is very pleased with the CNSC’s decision that will save Ontario’s electricity customers up to C$600m ($460m) and preserve 7,500 jobs across Ontario.

“Today’s decision reflects our continued investment in Pickering to improve its already strong performance, and the dedication of our staff to nuclear safety and ensuring safe and reliable operations to 2024.”

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OPG applied for the licence renewal in August last year, and the extension was granted after CNSC held a public hearing in Pickering, Ontario.

The continuation of Pickering Nuclear will ensure a reliable and efficient supply of low cost, baseload electricity and will also help in avoiding carbon emissions in the region until 2024.

Additionally, the Pickering Nuclear Generating Station operations will contribute C$12.3bn ($9.4bn) to Ontario’s gross domestic product (GDP).