Children from Overton St Helen’s C of E School, St Patrick's Roman Catholic School, St Peter’s C of E School, and Trumacar County Primary Schools buried the capsule in July 1996 to mark the opening of the nature reserve.
At the time they placed objects like floppy disks, VHS tapes and newspapers inside.
They also made predictions of what the year 2020 would be like.
While some of the predictions, like rocket-powered football boots, failed to come true, others were on the mark with one of the pupils forecasting solar panels on houses and battery powered cars.
Around 150 pupils from the four original schools came along to see the contents of the original capsule at the event organised by the Heysham power stations.
They also took part in a Time Detective activity and placed new materials in the capsule so it could be re-buried for pupils to discover in the future.
Items placed in the new capsule included a badge commemorating the coronation of King Charles III, a Prime bottle and a Covid mask and sanitiser.
One school included a carrier bag in the hope they will not be used in the future and coins were also placed in with some children predicting a cashless society by 2053.
1. Heysham time capsule
Pupils from St Peter's CE Primary School with their posters for the new time capsule that will be buried at Heysham Power Station. Photo: Kelvin Lister-Stuttard Photo: Kelvin Lister-Stuttard
2. Heysham time capsule
School pupils inspect items removed from the time capsule buried at Heysham Power Station in 1996. Photo: Kelvin Lister-Stuttard Photo: Kelvin Lister-Stuttard
3. Heysham time capsule
Children playing games and having fun at Heysham Power Station's Time Capsule event. Photo: Kelvin Lister-Stuttard Photo: Kelvin Lister-Stuttard
4. Heysham time capsule
Pupils from St Patrick's Primary School with some of the items removed from the time capsule buried at Heysham Power Station. Photo: Kelvin Lister-Stuttard Photo: Kelvin Lister-Stuttard