CAMECO Reports Increased Earnings From Bruce Power

Cameco Corporation has announced its earnings from its share of the Bruce Power Limited Partnership were $49 million for the first quarter of 2003. Cameco reported that its share of Bruce Power rose from 15 per cent to 31.6 per cent on February 13, 2003.

Cameco attributed the strong result from Bruce Power to the fact that all four Bruce B nuclear reactors operated at 100 per cent capacity factor for the three winter months, the best performance in the plant's history. Also important was that the spot price of electricity was higher in Ontario due to severe winter weather. Average selling price for Bruce Power electricity during the first quarter of 2003 was $57/MWh from a mix of contract and spot sales.

Two Bruce A units will return to service by the end of May and June, respectively. As a result of additional efforts to return these units to service, direct project costs are now expected to increase from the previous estimate of $400 million to a range of $525-550 million.

Cameco Corporation