Ontario has hired a multinational company to conduct an independent study of available nuclear reactor technology worldwide.

McKinsey & Company is to complete its review of the technical and economic profiles of each option by later this year, said a news release from the Ontario government issued Thursday.

The government announced last June that it would likely build two new nuclear reactors.

Steve Erwin, a spokesman for the Ministry of Energy, said they are intended to replace older reactors, not create new generating capacity.

Erwin estimated the study will cost about $3 million. "We think it's money well spent because these are multibillion decisions," he said.

"It's not meant to recommend [to] the government who we should go with. It's just to compile the information," he added.

Energy Minister Dwight Duncan said in a statement that the new study follows the Ontario Power Generation Review Committee's 2004 recommendation to look internationally for the best technology.

"The government has consistently stated that it prefers to use Canadian companies and technology, but that the decision will be based on the best technology offered at the best price that provides the greatest benefits and lowest risks over the lifetime of the new facilities," the release said.

According to the Ontario Ministry of Energy, nuclear plants account for over 50 per cent of the province's electricity generation.

Ontario nuclear plants are officially capable of producing 14,000 megawatts of electricity. However, some are currently being refurbished and 1,000 megawatts of the province's capacity cannot be brought back online for a reasonable cost, the province says.

McKinsey & Company has 90 offices in 51 countries, including one in Calgary, and offers consulting services related to 18 industries, including electric power. It beat out other consultants in a competitive bidding process, the province said.