Bruce Power has dropped plans to build new reactors in Ontario's Bruce County, the company said Thursday.

The company said it has opted to focus on refurbishing its Bruce A and B reactor units at its site about 250 kilometres northwest of Toronto on Lake Huron.

The company also said it will withdraw its application to build reactors in Nanticoke, on Lake Erie, citing declining provincial energy demand.

"These are business decisions unique to Ontario and reflect the current realities of the market," said Duncan Hawthorne, Bruce Power's president and chief executive officer.

"Our focus has always been to find the best way to provide Ontario with a long-term supply of 6,300 megawatts. For more than five years, we've examined our options and refurbishing our existing units has emerged as the most economical."

The Bruce A and B units have four CANDU reactors each. Six of them are operating, while two are down for refit.

Bruce Power said Thursday it will work with investors and the Ontario Power Authority to investigate refurbishing the six operating units after the restart of the two units that are down.

Bruce Power also said the decision to shelve new Ontario reactors won't stop its plans to construct reactors in Alberta and Saskatchewan.

In late June, the Ontario government dropped its plans to build two new nuclear reactors at the Darlington power station, blaming the decision on rising costs.