Marginal note:Financial aspects

• 13. (1) The study must set out, with respect to each proposed approach, a formula to calculate the annual amount required to finance the management of nuclear fuel waste. The report must explain the assumptions behind each term of the formula. The formula must include the following terms:

  • (a) the estimated total cost of management of nuclear fuel waste, which must take into account natural or other events that have a reasonable probability of occurring;

  • (b) the estimated rate of return on the trust funds maintained under subsection 9(1);

  • (c) the life expectancy of the nuclear reactors of each nuclear energy corporation and of Atomic Energy of Canada Limited; and

  • (d) the estimated amounts to be received from owners of nuclear fuel waste, other than nuclear energy corporations and Atomic Energy of Canada Limited, in return for services of management of nuclear fuel waste.

• Marginal note:Respective percentages

  (2) The study must set out, with respect to each proposed approach, the respective percentage of the estimated total cost of management of nuclear fuel waste that is to be paid by each nuclear energy corporation and Atomic Energy of Canada Limited, and an explanation of how those respective percentages were determined.

• Marginal note:Financial guarantees

  (3) The study must set out the form and amount of any financial guarantees for the management of nuclear fuel waste that have been provided by the nuclear energy corporations and Atomic Energy of Canada Limited under the Nuclear Safety and Control Act.

Marginal note:Minister may consult public

• 14. (1) The Minister may engage in such consultations with the general public on the approaches set out in the study as the Minister considers necessary.

• Marginal note:Revision of study

  (2) If the Minister is of the opinion that the study fails in a significant way to meet the requirements of sections 12 and 13, the Minister shall direct the waste management organization to revise the relevant portions of it and submit the revised study to the Minister within the period that the Minister specifies.

Marginal note:Decision of Governor in Council

15. The Governor in Council, on the recommendation of the Minister, shall select one of the approaches for the management of nuclear fuel waste from among those set out in the study, and the decision of the Governor in Council shall be published in the Canada Gazette.

Marginal note:Obligation to submit annual reports

• 16. (1) The waste management organization shall, within three months after the end of each fiscal year of the organization, submit to the Minister a report of its activities for that fiscal year.

• Marginal note:Contents of annual report after section 15 decision

  (2) Each annual report after the date of the decision of the Governor in Council under section 15 must include

  • (a) the form and amount of any financial guarantees that have been provided during that fiscal year by the nuclear energy corporations and Atomic Energy of Canada Limited under the Nuclear Safety and Control Act and relate to implementing the approach that the Governor in Council selects under section 15 or approves under subsection 20(5);

  • (b) the updated estimated total cost of the management of nuclear fuel waste;

  • (c) the budget forecast for the next fiscal year;

  • (d) the proposed formula for the next fiscal year to calculate the amount required to finance the management of nuclear fuel waste and an explanation of the assumptions behind each term of the formula; and

  • (e) the amount of the deposit required to be paid during the next fiscal year by each of the nuclear energy corporations and Atomic Energy of Canada Limited, and the rationale by which those respective amounts were arrived at.

• Marginal note:Minister’s approval of formula and deposits

  (3) The formula referred to in paragraph (2)(d) and the amount of each deposit referred to in paragraph (2)(e) are subject to the approval of the Minister when proposed in

  • (a) the first annual report after the date of a decision of the Governor in Council under section 15 or subsection 20(5); and

  • (b) the first annual report after the issuance, under section 24 of the Nuclear Safety and Control Act, of a construction or operating licence for an activity to implement the approach that the Governor in Council selects under section 15 or approves under subsection 20(5).

• Marginal note:Grounds for refusing to approve

  (4) If the Minister

  • (a) is not satisfied that the formula referred to in paragraph (2)(d) will provide sufficient funds to implement the approach that the Governor in Council selects under section 15 or approves under subsection 20(5), or

  • (b) is not satisfied that the amount of each deposit referred to in paragraph (2)(e) is consistent with the formula referred to in paragraph (2)(d),

  the Minister shall refuse to give the approval referred to in subsection (3) and shall direct the waste management organization to revise the relevant portions of the annual report and submit the revised annual report to the Minister within 30 days.