# Ontario Power Generation - Nuclear Waste Fund

Ontario Power Generation - Nuclear Waste Fund is a Corporate Investor based in Toronto, Canada.

## Overview

- **Organization type:** Corporate Investor
- **Headquarters:** Toronto, Canada
- **Region:** North America
- **Address:** Toronto, ON, Canada
- **Founded:** 1999
- **Assets under management:** Undisclosed
- **Website:** opg.com
- **LinkedIn:** https://ca.linkedin.com/company/ontario-power-generation

## Regulatory record

- **Reports private funds:** No

## About

Ontario Power Generation - Nuclear Waste Fund is a corporate investor based in Toronto, Canada. It manages approximately $16.4 billion in assets, primarily focused on North America.

## Sectors

- Nuclear
- Infrastructure
- Real Estate

## People

- Steve Gregoris — Chief Nuclear Officer

## Questions

### What is the legal structure of the 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.

### How does the fund differ from Ontario Power Generation's operating assets?

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.

### Who manages the invested assets?

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.

### What asset classes does the fund invest in?

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.

## Related profiles

- [Ontario Municipal Employees Retirement System](https://altss.com/profile/ontario-municipal-employees-retirement-system-omers)
- [Ontario Power Generation Pension Plan (OPG)](https://altss.com/profile/ontario-power-generation-pension-plan-opg)

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Last updated: 2026-06-03T20:00:00.000Z

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