Ontario Power Generation - Nuclear Waste Fund

It is structured as a segregated liability fund under the federal Nuclear Fuel Waste Act, not a stand-alone corporate entity. Ontario Power Generation holds it on its balance sheet but ring-fences the assets for the specific purpose of used-fuel management and station decommissioning. The Ontario Financing Authority manages the portfolio under a joint governance agreement with OPG.

The fund is strictly segregated from OPG's power-generation revenues and operational budget. Nuclear Waste Act rules require OPG to deposit funds annually into separate Used Fuel and Decommissioning accounts. These cannot be accessed for generation operations or other corporate purposes, creating a legal firewall designed to ensure the eventual decommissioning work is fully funded.

The Ontario Financing Authority — the Province of Ontario's central borrowing and investment agency — manages the portfolio alongside Ontario Power Generation. The OFA brings sovereign-grade treasury and fixed-income execution, while OPG's nuclear team provides the technical liability forecasts that drive asset-liability matching.

The mandate is conservative and liability-driven, concentrated in Canadian federal and provincial government bonds, high-grade infrastructure debt, and global real estate. The goal is capital preservation and liability matching over timelines that stretch well beyond 50 years, corresponding to the projected operational lives of the generating stations and the required post-closure monitoring period for a deep-geologic repository.

No. Ontario Power Generation reports the segregated liabilities in its annual financial statements, but does not publish a standalone AUM figure for the waste funds. External estimates would need to be inferred from OPG's regulatory filings with the Canadian Nuclear Safety Commission.