LEPREAU, New Brunswick – Officials with NB Power and Atomic Energy of Canada Ltd. say they’re confident the $1.4 billion refurbishment of New Brunswick’s aging nuclear power plant will be done on time and within budget.

Gaetan Thomas, a vice president for NB Power, says preparation for the refit of the Point Lepreau facility has been under way for years, which includes buying all the components in advance.

The reactor, 25 miles from the Maine border, will be off line for 18 months while the core and tubing are replaced, extending the life of the facility by 25 years.

AECL vice president Dave Scott says the project has been well-planned, and his company will face penalties if it is late getting the work completed. The utility has signed long-term labor agreements with all the trades to ensure labor peace during the life of the project.

Point Lepreau provides almost a third of the power demand in New Brunswick, and the cost of replacement electricity is included in the total price of the refurbishment.