- Canada plans to rapidly expand its nuclear power sector to contribute heavily to the country’s energy demand.
- The Canadian energy firm NexGen, is developing a project that could make Canada the world’s biggest producer of uranium over the coming decade.
Canada plans to rapidly expand its nuclear power sector to contribute heavily to the country’s energy demand. Nuclear power contributes around 15 per cent of Canada’s energy at present. However, with plans to develop several new nuclear facilities, this figure is expected to grow significantly in the coming decades.
The 2023 Federal Budget showed strong support for nuclear power, including a refundable Investment Tax Credit (ITC) for clean electricity and a 30 per cent ITC for clean technology manufacturing.
The budget also backed nuclear power through several other initiatives, including an extension of reduced tax rates, funding from the Canada Infrastructure Bank, cash for the regulatory authority, and half a billion dollars in SMR project investment.
Meanwhile, the Canadian energy firm NexGen is developing a project that could make Canada the world’s biggest producer of uranium over the coming decade. NexGens mine in the uranium-rich Athabasca Basin of northern Saskatchewan is now valued at almost $4 billion.
Also, the Canadian Nuclear Safety Commission (CNSC) 2023–24 Departmental Plan stated that new nuclear technologies and growing public expectations continue to test the adaptability and readiness of regulators around the world.
No matter the uncertainties, the top priority will always be to ensure Canadians’ safety and security and protect the environment. With momentum building toward the potential deployment of small modular reactors (SMRs) in Canada, the CNSC will continue to focus on ensuring our readiness.
Building on years of dedicated effort to ramp up our capacity to regulate emerging nuclear technologies, like SMRs, and publicly demonstrate our global leadership in this area. In the 2022 federal budget, $50.7 million was allocated to enable the CNSC to strengthen its ability to oversee and regulate new technologies.
This investment will help ensure the necessary resources to provide regulatory predictability and clarity for applicants, expand the CNSC’s technical capabilities, support policy development undertaken by federal and provincial governments, and enhance international collaboration and regulatory harmonisation on SMRs.