The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada

The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada Photo © Georgia Power Company. All rights reserved.

Notice to Reader This report has been prepared by PricewaterhouseCoopers LLP (PwC) for the use of Westinghouse and its owners, Canadian-based companies – Brookfield and Cameco, with the desire to bring state of the art nuclear technology to Canada. This report provides an assessment of the economic and broader benefits of Westinghouse’s potential investments in Canada ® in association with the deployment of AP1000 technology. The analysis and observations presented in this document are based on information provided by Westinghouse, as well as primary and secondary research conducted by PwC. 1 All dollar values are in 2023 Canadian dollars, unless otherwise specified. Limitations on use of this report are found in Appendix A. ® TM TM AP1000 , AP300 Small Modular Reactor (SMR) and eVinci are trademarks of Westinghouse Electric Company LLC, its affiliates and/or its subsidiaries in the United States of America and may be registered in other countries throughout the world. All rights reserved. Unauthorized use is strictly prohibited. Other names may be trademarks of their respective owners. Several images used in the report have been provided by Westinghouse Electric Company LLC and its partners. These are used with permission from Westinghouse Electric Company LLC. 1 Exchange rate used was Bank of Canada’s average annual USD/CAD rate for January-December 2023, equaling to 1.3497. PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 2

Contents Page 1 Results of Assessment 4 2 Introduction and Background 10 3 Economic Footprint of Westinghouse Activity 14 4 Broader Impacts of Westinghouse Activity 18 Appendices A Limitations 28 B Input-output methodology 29 PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 3

1 Results of Assessment

This study assesses the economic footprint and broader impacts of Westinghouse’s AP1000 Project in Canada Background Scope of analysis In order to meet its net-zero requirements, Canada would benefit from Core areas assessed by PwC augmenting its electricity grid by developing additional carbon-free The jobs, GDP, labour income, and tax revenue energy sources, helping Canada to meet its demand growth and associated with Westinghouse's AP1000 Project sustainability goals. In that context, Westinghouse is seeking to install arising from: Economic four AP1000 pressurized water reactor units (PWR) in Ontario (“the footprint • Capital expenditures AP1000 Project”). • Ongoing operations • One AP1000 unit can power over 750,000 homes annually, and a four unit facility can power at least three million homes. Broader impacts of developing Westinghouse's • The AP1000 Project would contribute to the economic footprint of AP1000 Project, focusing on its impact on skills, Canada’s nuclear sector through capital investments and the training and development, support for local industry ongoing operation of a new nuclear power project. Broader clusters, contribution to Canada's climate change • It will also help to support the strong nuclear industry supply chain impacts efforts, and its adherence to high safety standards in across Canada and set the stage to support future investments in power plant operations. Westinghouse’s advanced technologies such as the AP300 Small Modular Reactor and eVinci microreactor. • The AP1000 Project, being a carbon-free source of energy, aligns with Canada's 2030 emission reduction plan. Sources: Westinghouse, Environment and Climate Change Canada PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 5

The Westinghouse AP1000 Project could support $28.7 billion in GDP and over 125,000 person-years of employment across Canada during the installation of approximately 4,800 MW of added nuclear capacity Total economic footprint of AP1000 Project manufacturing, engineering and installation in Canada, cumulative impact 2025-2040 (undiscounted) GDP Impact ($M) Jobs (FTE), Labour Income ($M) Tax Revenue ($M) person-years Westinghouse’s AP1000 Project is estimated to support an economic footprint of $28.7 billion over the 16 year manufacturing, engineering $28,710 126,560 $15,690 $7,100 and installation phase. The 126,560 person-years of employment over this period, Employment GDP ($M) Labour Income ($M) Tax Revenue ($M) on average equates to an annual workforce of 7,910 Full $2,960 Time Equivalent (FTE) roles. $6,160 30,550 $2,300 51,300 $14,430 $3,180 $7,420 $5,320 $8,120 44,720 $1,630 Economic Footprint Legend Direct Impact Indirect Impact Induced Impact Source: PwC analysis Figures may not sum due to rounding 6 PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada

Ongoing operations are estimated to provide almost $8.1 billion in GDP per annum and 12,000 FTE jobs in Canada Total economic footprint of the AP1000 Project operations in Canada (average annual impact, undiscounted) On an annual average basis, GDP Impact ($M) Jobs (FTE) Labour Income ($M) Tax Revenue ($M) operating the AP1000 Project is estimated to contribute almost $8.1 billion to GDP in Canada and approximately 12,000 jobs. During a minimum operating period of 60 years of the $8,090 11,870 $1,720 $2,010 AP1000 Project, the cumulative undiscounted economic footprint is estimated to be Employment GDP (US$M) $485.3 billion in GDP, 712k Labour Income ($M) Tax Revenue ($M) person-years of employment, $103.3 billion in labour income $650 1,600 $240 $310 $290 2,720 and $120.6 billion in total taxes in Canada, when taking into $1,890 $410 account direct, indirect, and induced effects. Extended $1,360 $5,560 operation would increase these 7,550 $1,130 impacts. Economic Footprint Legend Direct Impact Indirect Impact Induced Impact Source: PwC analysis Figures may not sum due to rounding 7 PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada

The use of the Canadian supply chain to procure inputs for future AP1000 developments globally could support a further $880 million of GDP impact in Canada for each unit installed Spending on Canadian suppliers to build AP1000 units Potential economic footprint of future AP1000 Project globally developments globally on the Canadian economy $880 million total GDP • Investing in the AP1000 Project in Ontario will build up the Canadian supply chain for this reactor technology. This will bring future value to Canada as the supply chain will be called upon to support AP1000 developments around the 3,900 person-years of employment world. • Currently, there are five operating AP1000 reactors, ten under procurement, construction and commissioning and many more are likely to be developed around the world in the $480 million total labour income future. • Using the Canadian supply chain to support installations around the world will open up further economic opportunity for Canada. We estimate that each unit installed globally can provide $880 million in Canadian GDP due to the use of this $220 million total taxes supply chain. Source: PwC analysis 8 PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada

Broader benefits of Westinghouse’s AP1000 Project include skill and cluster development, as well as climate, safety and community engagement Climate, safety and community Skills development Nuclear cluster development engagement • Westinghouse’s skills development activity • Canada’s extensive nuclear cluster and • Westinghouse is committed to safety with half supports efficient and safe operations and supply chain would be strengthened by new of the world’s nuclear power stations already provides opportunities for employees in investment in the AP1000 Project. safely using its technology. Canada. • Canada's nuclear industry already has a • Westinghouse has committed to net-zero GHG • The AP1000 Project will provide cutting-edge significant footprint in the economy, supporting emissions by 2050 and has reduced its Scope nuclear skills with significant investment 76,000 jobs annually. 1 emissions by 20% and Scope 2 emissions by planned to enable training of a Canadian 31% from its baseline year of 2019. • Westinghouse is an important part of this workforce. cluster, with Westinghouse Canada • The planned AP1000 Project in Canada would • Westinghouse is building partnerships with headquartered in Peterborough, Ontario and provide carbon-free energy to power over three local educational institutions such as over 250 employees in Canada. million homes. awards to Fleming College and supporting • The AP1000 Project would further bolster this • The AP1000 Project can cut 28 million metric female STEM students at Ontario Tech. cluster with Westinghouse planning to make tonnes of CO emissions relative to using fossil 2 • High-skilled roles created with plans to aid in local procurement a key component of its fuels, equivalent to removing six million cars the training of over 1,600 local employees to investment plans, with the majority of total from the road. work at the AP1000 Project once operational. capital expenditure expected to be spent in • Westinghouse is a proud member of the Many of the roles created will be highly skilled, Canada. Canadian Council for Aboriginal Business’ including engineers, chemists and nuclear Progressive Aboriginal Relations (PAR) technicians. program. 9 PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada

2 Introduction and Background

This report assesses the potential economic and broader impacts of Westinghouse’s AP1000 Project in Canada Background Impacts assessed by PwC Westinghouse is seeking to manufacture and install four AP1000 PWR units in Canada and have commissioned Core areas assessed by PwC PricewaterhouseCoopers LLP (PwC) to perform an economic footprint analysis and broader impact assessment. The jobs, GDP, labour income, Westinghouse is one of the world’s leading nuclear energy companies, for example: and tax revenue associated with • Westinghouse has a longstanding legacy, having constructed the first ever commercial PWR in Westinghouse's AP1000 Project Economic Shippingport, Pennsylvania, in 1957. arising from: footprint • Capital expenditures • The AP1000 is the only Generation III+ reactor technology designed, built, and successfully deployed. Currently, five units are in commercial operation and an additional ten units are in procurement, • Ongoing operations construction and commissioning. • Westinghouse technology helps power 430 nuclear reactors globally, around 50% of operating nuclear Broader impacts of developing plants are based on Westinghouse technology. Westinghouse's AP1000 Project, • Westinghouse employs over 9,500 people across 21 countries, with 6,800 employees located in the focusing on its impact on: Americas region. • Skills training and development • Westinghouse’s current Canadian operations are headquartered in Peterborough, Ontario, employing • Support for local industry Broader more than 250 experts. The recent acquisition of Westinghouse by Brookfield Renewable Partners and clusters impacts Cameco has ensured that the company continues to be 100% Canadian-owned. • Contribution to Canada's climate change efforts • Westinghouse has been expanding its engineering base of operations in Canada in support of new nuclear projects (AP1000, AP300 and eVinci), including the opening in 2024 of a new engineering hub in • Adherence to high safety Kitchener, Ontario. Canada is now the 3rd largest engineering center for the Westinghouse AP1000 standards in power plant reactor with expectations of employing 200-400 engineers at this hub to support domestic and operations international units. Source: Westinghouse PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 11

The AP1000 is Westinghouse’s innovative Pressurized Water Reactor model Based on nearly 70 years of research and development, the AP1000 reactor builds and improves upon previously established technology used in Westinghouse-designed plants since the 1950s.The AP1000 technology offers three distinct advantages when compared to previous generations of nuclear reactors: 1 Economic competitiveness • The AP1000 reactor operates a global fleet and has achieved Nth-of-a-kind status. • The technology has a strong licensing pedigree in the U.S., U.K., Europe, and China. • The technology’s primary goal is simplification, with fewer components and reduced building volume required, thereby saving capital and operational costs. • Its modular design accelerates construction and reduces risks by enabling more factory-based work, which offers superior quality and cost control, with lower labour in on-site construction and development. 2 Enhanced Safety • The AP1000 employs passive safety systems, which can operate even in the absence of operator actions or external power. • The reactor is designed to exceed the U.S. Nuclear Regulatory Commission's safety and risk criteria by a significant margin. • Simplified safety systems reduce surveillance needs and reduce the likelihood of forced shutdowns. 3 More efficient Operations and Maintenance • Superior operating performance – availability and capacity factors are in excess of 92%. • Dramatically reduced start-up test programs from ten months to five months or less. • Industry performance records set for first cycle refuelling outages (28 days) second cycle (19 days). *Safety grade. Compared with previous generation of nuclear power plants producing the same energy output • Plants used for both baseload and load-follow modes with ramp rates of one MW/second. • Lower operating and maintenance requirements lead to smaller maintenance staff needs, saving costs. Compared to generating electricity from the combustion of fossil fuels, a single AP1000 reactor unit is capable of reducing CO emissions by seven 2 million metric tons annually. The four unit AP1000 Project would result in a reduction of 28 million metric tons of CO emissions, comparable to the 2 environmental impact of removing seven million passenger vehicles from the road. Source: Westinghouse PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 12

Our approach to assessing the impact of Westinghouse’s AP1000 Project involved a five step process Conducted background research on the nuclear power landscape in Ontario, Understanding and assessment of Canada. the current situation in Canada Collected quantitative and qualitative data on expenditures related to the proposed Collecting data from investment and broader impacts of the AP1000 Project. Westinghouse Collecting data from Collected industry benchmarks and other relevant secondary data. secondary sources Used PwC’s Input-output model to estimate the impact of spending associated with 1 the AP1000 Project on jobs, GDP, labour income, and tax revenue. Economic footprint analysis Assessed and contextualized the broader impacts of Westinghouse’s AP1000 Assessment of broader Project in Canada. economic impacts 1 The model employs the Supply Use Tables from Statistics Canada for its calculations. PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 13

3 Economic Footprint of Westinghouse Activity

Our approach assesses the direct, indirect and induced economic footprint of manufacturing, engineering and installation and ongoing operations of the proposed AP1000 Project The economic footprint of Westinghouse’s AP1000 Project is assessed in two stages: 1. Manufacturing, engineering and installation 2. Ongoing AP1000 Project operations Over 1,600 direct jobs sustained over the period Expected to provide tens of billions of dollars of investment in Canada Carbon-free energy provided for over three million homes 1 2 Manufacturing, engineering and installation period expected to span 16 years Operational lifespan of the plant: minimum of 60 years The planned spending on the AP1000 Project would generate economic impact through the following channels: • Direct impacts result from companies’ spending on suppliers and employees. • Indirect impacts arise from the activities of the firms providing inputs to a company’s suppliers (in other words, the suppliers of its suppliers). • Induced impacts are the result of consumer spending by employees of the businesses stimulated by direct and indirect expenditures. • The total economic impact is equal to the sum of the direct, indirect, and induced economic impacts. These calculations were developed through PwC’s economic modelling. These values represent gross calculations of the economic footprint of the AP1000 Project. PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 15

The Westinghouse AP1000 Project could create a GDP impact of over $28.7 billion in Canada through manufacturing, engineering and installation US$32.64 Cumulative economic footprint of manufacturing, engineering and installation phase in Canada, 2025-2040, undiscounted, $ millions billion in total spending The table presents cumulative Direct Indirect Induced Total economic footprint calculations over the 16 year manufacturing, GDP $14,430 $8,120 $6,160 $28,710 engineering and installation period. Employment (FTE), person-years 51,300 44,720 30,550 126,560 Cumulatively, we estimate that the AP1000 Project would contribute Labour income $7,420 $5,320 $2,960 $15,690 $28.7 billion to GDP, 126.6k person-years of employment, $15.7 Federal taxes $3,480 billion in labour income and $7.1 Provincial taxes $2,780 billion in total taxes in Canada, when taking into account direct, Municipal taxes $850 indirect, and induced effects. Annually, on average, this equates Total taxes $3,180 $1,630 $2,300 $7,100 to $1,790 million in GDP, 7,910 jobs, $980 million in labour income and $440 million in total taxes over the 16 year manufacturing and installation period. Source: PwC analysis Due to rounding, total impact value may not equal the sum of direct, indirect and induced footprints PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 16

… and an $8.1 billion annual GDP impact in Canada once operational US$32.64 Average annual economic footprint of AP1000 Project operations in Canada, undiscounted, $ millions billion in total spending The table depicts the average Direct Indirect Induced Total annual impact of the AP1000 Project during its operational GDP $5,560 $1,890 $650 $8,090 phase. Employment (FTE) 1,600 7,550 2,720 11,870 Annually, on average, the economic footprint is estimated to Labour income $290 $1,130 $310 $1,720 be $8.1 billion in GDP, 11,900 jobs, $1.7 billion in labour income and Federal taxes $890 $2.0 billion in total taxes in Provincial taxes $720 Canada, when taking into account direct, indirect, and induced Municipal taxes $400 effects. Cumulatively, during 60 years of Total taxes $1,360 $410 $240 $2,010 ongoing operations, the economic footprint is estimated to be $490 billion in GDP, 710k person-years of employment, $100 billion in labour income and $120 billion in total taxes in Canada. Source: PwC analysis Due to rounding, total impact value may not equal the sum of direct, indirect and induced footprints PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 17

4 Broader Impacts of Westinghouse Activity

Westinghouse’s AP1000 Project will have broader impacts in Ontario and across Canada The impacts of the AP1000 technology deployment go beyond the economic footprint presented earlier in this report. The following slides highlight how deployment of this program could contribute to a broader range of impacts including: 1. Skill development: the nuclear industry and its supply chain create high-skilled, well-paid jobs in Canada. A critical part of Westinghouse’s planned investment is in enabling Canadian training and human capital to make sure Canada has skilled employees who can safely and efficiently operate the reactor. 2. Nuclear cluster development: there is already an extensive pan-Canadian nuclear supply chain including uranium mining and refining in the Prairies, manufacturing of specialised equipment, research, power generation and waste management across a number of provinces. As the first grid-scale nuclear build in Canada for 40 years, the Westinghouse AP1000 Project would boost Canada’s nuclear cluster and allow Canadian suppliers to benefit from the large number of AP1000 units that are expected to be deployed around the world. 3. Climate, safety and community engagement: nuclear investments can make a major contribution to the communities where they are located and to Canada’s net-zero commitments by providing additional capacity of carbon-free electricity. Westinghouse also brings a strong track record of safety and adheres to high technical and regulatory standards. Sources: Westinghouse and Nuclear Innovation Institute PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 19

Westinghouse’s skills development activity supports efficient and safe operations and provides opportunities for Canadians Cutting-edge nuclear training • Westinghouse relies on a specialized and highly trained workforce for safe operations A core part of the strategy when and continued innovation. developing the AP1000 Project is • Significant investment in workforce training is planned for the AP1000 Project. investing in local human capital to ensure the plant has the skilled Partnerships with educational institutions personnel needed to operate it. • Westinghouse supports initiatives aimed at assisting post-secondary students in their As shown in the preceding analysis, desired career paths. the AP1000 Project in Ontario is expected to create 1,600 direct jobs • This includes providing awards to first-year students in Welding and Fabrication at Skill development to operate the plants. Fleming College and supporting female STEM students at Ontario Tech, among other initiatives initiatives. As the diagram shows, associated with Technical training Westinghouse plans to take a AP1000 Project proactive stance in helping to • Westinghouse supports the owner in the training of their staff to be able to properly develop the local workforce needed operate and maintain the plant across all levels of the organization, resulting in upskilled talent, enhanced development capabilities, and improved safety. to operate the plant through training support and partnerships • Around 1,600 local employees will be trained to work at the AP1000 Project once with local higher education facilities. operational. Leadership training • Westinghouse offers leadership training that includes a self-assessment tool, team-building exercises, skill enhancement for managers, and coaching for personal and team development. • All employees must complete required Nuclear Safety Culture training, with additional training modules for leaders. Source: Westinghouse PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 20

Canada has an extensive nuclear cluster and supply chain • Canada’s nuclear cluster already extends beyond the ELLESMERE ISLAND operation of reactors. As shown on the map, Canada has an extensive uranium industry. It is the second-largest Uranium Mining & Milling Uranium Processing – Refining, Conversion, and Fuel uranium producer in the world (as of 2019), with 13% of Fabrication the world’s uranium mined and milled in northern Nuclear Power Generation and Nuclear Science & Technology Waste Management & Long-term Management Saskatchewan. As well as supplying domestic reactors, Shut down or Decommissioned Sites this industry is a major export success, with 75% of Inactive or Decommissioned Uranium Mines and Tailing Sites Canada's uranium exported, with the US being the largest VICTORIA ISLAND customer. Iqaluit • Canada also possesses research excellence. For 75 Port Radium YUKON NUNAVUT years, Canadian Nuclear Laboratories (CNL) has been at Rayrock Whitehorse NORTHWEST TERRITORY the forefront of innovation in nuclear medicine, Yellowknife radiopharmaceuticals, and low dose radiation research. NEWFOUNDLAND Beaverlodge CNL’s largest facility is at Chalk River Laboratories, on Gunnar, Lorado AND LABRADOR LABRADOR St. John's McClean Lake the border of Ontario and Quebec, and it has Cluff Lake Rabbit Lake NEWFOUNDLAND Cigar Lake McArthur River* approximately 50 other sites across Canada. Key Lake Mine is in care and maintenance (standby) BRITISH ALBERTA MANITOBA COLUMBIA • The current cluster is estimated to support 76,000 jobs PRINCE QUÉBEC Edmonton SASKATCHEWAN EDWARD ISLAND across Canada. University of ONTARIO Saskatchewan Fredericton General Fusion NOVA Québec • Nuclear energy significantly benefits local communities. Saskatchewan Regina SCOTIA Gentiilly-1 & 2 Research Council NEW Halifax Victoria TRIUMF For instance, in the tri-county region encompassing Winnipeg BRUNSWICK Point Lepreau Rophton NPD Whiteshell OTTAWA Laboratories Elliot Lake Area Bruce, Grey, and Huron counties, the number of suppliers Chalk River Laboratories Lake Agnew Lake Deloro Ontario serving the nuclear energy sector rose from 13 in 2016 to Toronto Port Hope, Port Granby Western Waste Darington Management Facility 60 in 2022, spreading across 15 communities within the Pickering Dougles Point region. Sources: Westinghouse, NRCan, World Nuclear Association, Canadian Nuclear Association, MZConsulting Inc PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 21

The AP1000 Project could open up new opportunities for Canadian suppliers Westinghouse plans to make local procurement a key component of its Illustration of nuclear value chain investment strategy, with the majority of total capital spending on the Plant AP1000 Project expected to be spent in Canada. Raw materials Nuclear plant Nuclear decommissioning Nuclear research and component design and operations and waste Key local suppliers will likely operate in: inputs supply management • Construction, engineering and management companies. Uranium mining, refining, Plant development, manufacturing Engineering services and Chalk River Nuclear laboratories Electricity generation conversion and enrichment and construction construction • Component manufacturing including large structural fabrications, nuclear steam supply system (NSSS) equipment, mechanical modules, Component manufacturing (e.g. reactor core, fuel assemblies, Engineering, procurement and Laboratories and hospitals Services Radioactive waste management cranes, pumps, valves and electrical equipment. control rods, coolant channels, other services turbines, transformers The manufacturing and installation of the AP1000 Project in Ontario will • Westinghouse already has a significant footprint in Canada, and its staff here would build a strong network of Canadian suppliers for this technology, opening play a major role in deploying the AP1000 Project. a range of new opportunities for Canada, for example: • Westinghouse Canada is an incorporated Canadian company headquartered in ● Using Canadian suppliers to support AP1000installations around the Peterborough, Ontario. world. • Westinghouse has offices across Ontario (Peterborough, Toronto, Stratford, Port Elgin, ● Deploying other advanced reactors such as the AP300 SMR and the Deep River, and Ottawa). eVinci microreactor. The AP300 SMR in particular, has many identical • There are over 250 nuclear employees in Canada supporting existing operations and components to the AP1000 technology and shares much of its supply developing new nuclear reactor technology. chain. • Westinghouse has been expanding its engineering basis of operations in Canada in support of new plant projects (AP1000 reactors, AP300 SMR and eVinci microreactor), AP1000 technology would support Ontario’s position as a world leader in including the opening in 2024 of a new engineering hub in Kitchener, Ontario. Canada medical isotope research and production. is now the third largest engineering centre for the Westinghouse AP1000 technology, and they expect to employ 200-400 engineers at this hub to support domestic and international units. Sources: Westinghouse, NRCan and World Nuclear Association PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 22

The use of the Canadian supply chain to procure inputs for AP1000 developments globally could support an $880 million GDP impact in Canada for each AP1000 unit built around the world US$32.64 Cumulative economic footprint in Canada of global AP1000 developments, undiscounted, $ million billion in total spending An AP1000 Project in Ontario will leverage Direct Indirect Induced Total and grow the existing supply chain and develop new suppliers. GDP $440 $250 $190 $880 Westinghouse has another ten AP1000 Employment (FTE), person-years 1,570 1,370 940 3,900 units under procurement, construction and commissioning, and many more are likely Labour income $230 $160 $90 $480 to be commissioned in the future around the world. Total taxes $100 $50 $70 $220 We have estimated that, through the use of these Canadian suppliers, each unit developed globally in the future could lead to $880 million of GDP impacts in Canada. Source: PwC analysis Due to rounding, total impact value may not equal the sum of direct, indirect and induced footprints. PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 23

Westinghouse’s technology is safely deployed in half of the world’s nuclear power stations • Westinghouse brings extensive experience to delivering nuclear energy safely. It is a leading global supplier and pioneer of the commercial nuclear power industry, and as such is the original equipment manufacturer or service provider for approximately half of the world’s nuclear plants. • In terms of safety and security, Westinghouse voluntarily implements industry best practices and standards established by the Institute for Nuclear Power Operations (INPO) and the World Association of Nuclear Operators (WANO). • Westinghouse's global site activities are licensed and supervised by nuclear safety regulators, ensuring adherence to strict regulations, advanced training, and comprehensive programs. • Westinghouse already holds full Canadian QA certifications: CSA N285, N299 and ISO 9001. Source: Westinghouse PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 24

Nuclear energy can help to meet net-zero targets • Nuclear energy is likely to play an important role in the global road to net-zero. For example, the International Energy Agency estimates that nuclear power capacity will need to double between 2020 and 2050 to achieve global net-zero GHG emissions by 2050. • Nuclear electricity in Canada displaces about 50 million tonnes of GHG emissions annually, equivalent to removing 10.7 million passenger vehicles off the road. • Electricity from exported Canadian uranium helps to offset more than 300 million tonnes of GHG emissions worldwide. • In 2022, Westinghouse committed to achieving net-zero GHG emissions by 2050, in alignment with the Paris Agreement. • Westinghouse is committed to enhancing its environmental stewardship through a multifaceted approach. This includes the implementation of comprehensive energy reduction strategies, the improvement of waste management practices, the advancement of water conservation policies, and the establishment of measures to protect ecosystems. • Westinghouse has reduced its Scope 1 emissions by 20% and Scope 2 emissions by 31% from its baseline year of 2019. Sanmen Site, China Photo © Sanmen Nuclear Power Company Ltd. All rights reserved. Sources: Westinghouse, International Energy Agency, World Nuclear Association PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 25

Westinghouse recognizes the rights of Indigenous Peoples to maintain and develop their cultures, spiritual identities and societies while enjoying sustainable economic prosperity Progressive Aboriginal Westinghouse respectfully acknowledges that its offices are located on land within the traditional and treaty territory of many Relations Program Indigenous communities. Westinghouse Canada is on a As part of its commitment, Westinghouse recognizes that Indigenous people play a significant role along the nuclear value chain, with the uranium mining industry being the largest private employer of Indigenous people in Saskatchewan. journey of reconciliation and is a committed member of the Westinghouse’s reconciliation journey is supported by its Indigenous Relations Committee, Indigenous Relations policy, and Canadian Council for Diversity, Equity and Inclusion initiatives. Aboriginal Business’ (CCAB) Westinghouse’s Indigenous Relations initiatives: Progressive Aboriginal Relations (PAR) program. ● Focusing on recruitment diversity with annual workplace composition objectives. ● Organizing quarterly internal cultural awareness activities, training, guest speakers, and initiatives to promote knowledge The PAR program promotes building across the company. four drivers for company-led ● Building relationships with Indigenous communities locally in Ontario and in key business growth geographies, including Indigenous reconciliation and Saskatchewan and Nunavut. advancement including ● Surveying the Canadian supply chain for Indigenous business partnerships with nuclear and non-nuclear vendors. Leadership Actions, ● Supporting local Indigenous initiatives through sponsorship and employee in-kind engagement. Employment, Business Development and Community Relations. Sources: Westinghouse and Natural Resources Canada PwC | The Economic Impact of a Westinghouse AP1000 Reactor Project in Canada 26

Appendices 27

Appendix A: Limitations Receipt of new data or facts: PwC reserves the right at its discretion to withdraw or revise this report should we receive additional data or be made aware of facts existing at the date of the report that were not known to us when we prepared this report. The findings are as of February 2024 and PwC is under no obligation to advise any person of any change or matter brought to its attention after such a date that would affect the findings. Reliance on data from Westinghouse Electric Company: PwC’s analysis relies on information provided by Westinghouse Electric Company such as that relating to the construction and operation of the AP1000 Project. PwC has not audited or otherwise verified the information supplied to us. Input-output analysis: Input-output analysis (a model used to estimate GDP and employment impact) does not address whether the inputs have been used in the most productive manner or whether the use of these inputs in this industry promotes economic growth by more than their use in another industry or economic activity. Nor does input-output analysis evaluate whether these inputs might be employed elsewhere in the economy if they were not employed in this industry at the time of the analysis. Input-output analysis estimates the direct, indirect and induced economic impacts that can reasonably be expected to affect the economy based on historical relationships within the economy. Use limitations: This report has been prepared solely for the use and benefit of, and pursuant to a client relationship exclusively with Westinghouse Electric Company. We understand that Westinghouse Electric Company may share this report with third parties. Westinghouse Electric Company can release this report to third parties only in its entirety and any commentary or interpretation in relation to this report that Westinghouse Electric Company intends to release to the public either requires PwC’s written consent or has to be clearly identified as Westinghouse Electric Company’s own interpretation of the report or Westinghouse Electric Company is required to provide a link to the full report. PwC accepts no duty of care, obligation or liability, if any, suffered by Westinghouse Electric Company or any third party as a result of an interpretation made by Westinghouse Electric Company of this report. Further, no other person or entity shall place any reliance upon the accuracy or completeness of the statements made herein. In no event shall PwC have any liability for damages, costs or losses suffered by reason of any reliance upon the contents of this report by any person other than Westinghouse Electric Company. This report and related analysis must be considered as a whole: Selecting only portions of the analysis or the factors considered by us, without considering all factors and analysis together, could create a misleading view of the findings. The preparation of this analysis is a complex process and is not necessarily susceptible to partial analysis or summary description. Any attempt to do so could lead to undue emphasis on any particular factor or analysis. We note that significant deviations from the above listed major assumptions may result in a significant change to this analysis. 28

Appendix B: Input-output methodology Input-output modelling: overview The fundamental philosophy behind economic impact analysis is that spending on goods and services has attendant impacts throughout the economy. For instance, construction expenditures will generate demand for the inputs to this process (such as tools and labour) that in turn generates additional demand that extends beyond the initial spending. This analysis permits the estimation of this cascading effect by using an input-output model of the Canadian economy. Inputs used for the economic footprint assessment are provided by the Westinghouse Electric Company’s estimates of capital expenditures, operating expenditures and revenues associated with the manufacturing, engineering and installation and operations of the AP1000 Project in Ontario. The input-output model used for the purpose of this report estimates the relationship between economic activity for a given good or service and the resulting impacts throughout the economy (including demand for other goods and services and tax revenues). For the purpose of this report, economic impacts were estimated for the following measures of economic activity: • GDP – the value added to the economy, or the output valued at basic prices less intermediate consumption valued at purchasers’ prices. • Employment – the number of FTE jobs created or supported. • Labour income – the amount earned by the employment expected to be generated. • Government revenue – the amount of revenue collected by the provincial, local and federal government. It includes personal and corporate income taxes collected on a provincial and territorial level, as well as other direct and indirect taxes. The economic footprint was estimated at the direct, indirect and induced levels: • Direct impacts are those that result directly from the company’s expenditures on labour and capital as well as gross operating profits. • Indirect impacts arise from the activities of the firms providing inputs to the company’s suppliers (in other words, the suppliers of its suppliers). • Induced impacts are the result of consumer spending by employees of the businesses stimulated by direct and indirect expenditures. 29

pwc.com/ca © 2024 PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. PwC refers to the Canadian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This publication has been prepared for general informational purposes and does not constitute professional advice on facts and circumstances specific to any person or entity. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. The information contained in this publication was not intended or written to be used, and cannot be used, for purposes of avoiding penalties or sanctions imposed by any government or other regulatory body. PricewaterhouseCoopers LLP, its members, employees, and agents shall not be responsible for any loss sustained by any person or entity that relies on the information contained in this publication.