Canada is planning to construct up to 10 new nuclear reactors within the next 15 years, expand the sale of Canadian-made reactors globally, and double uranium exports, as announced by Energy Minister Tim Hodgson during the unveiling of a fresh national nuclear power strategy. Hodgson described it as a blueprint for a “new civilian nuclear renaissance” in line with the government’s objective to increase the country’s electrical grid capacity twofold by 2050.
Emphasizing the necessity of nuclear energy for achieving a low-carbon economy and reliable power supply, Hodgson stated at a press conference in Newmarket, Ont., “There is no credible plan for Canada to become an energy superpower without leveraging our strong energy advantage through nuclear energy.”
The strategy outlines commencing construction on two new large-scale reactors by 2035, with an additional five in the planning or development stage by 2040, and at least one reactor under construction outside Ontario by 2035. It also includes finalizing a Canadian-made microreactor by 2035 for deployment in a remote community by the late 2030s.
Conservative Leader Pierre Poilievre expressed skepticism about the plan, highlighting the need for tangible results over mere announcements. Currently, Canada operates four nuclear power plants, contributing approximately 15% of the nation’s electricity generation. The proposed addition of a small modular reactor at the Darlington nuclear plant in Ontario, capable of producing up to 300 megawatts per unit, would mark a significant development.
Furthermore, a collaboration agreement between Ottawa and Alberta aims to jointly work on a nuclear power plant strategy. Officials from Natural Resources Canada suggested that the construction of the outlined reactors in the national strategy could exceed $100 billion, with potential funding sources including the Canadian Infrastructure Bank and the Canada Growth Fund.
The strategy also aims to expand the export of Candu reactors to new markets globally, with an objective to establish Canada as a trusted uranium export partner and leverage nuclear energy for geopolitical purposes. The document clarified that Prime Minister Mark Carney was not involved in the strategy development due to an ethics screen in place, notably referencing his previous holdings in companies related to the nuclear industry.
In case international sales of Candu reactors do not meet expectations, the strategy proposes bolstering domestic uranium enrichment to support other reactors, particularly considering the shifting dynamics in global uranium supply. Additionally, discussions on transferring impact assessments for nuclear projects to the Canadian Nuclear Safety Commission are ongoing, aligning with the government’s aim to streamline regulatory processes for energy projects.
Overall, the strategy underscores the importance of nuclear energy in Canada’s energy landscape and its potential to drive economic growth, job creation, and international partnerships in the coming years.