Canada to be first in G7 to build $15 billion modular nuclear reactor
Kyiv • UNN
Canada invests $15.1 billion in the construction of nuclear power plants with small modular reactors, becoming the first G7 country with this technology. Ontario Power Generation has received permission for the first phase of the project.
The Canadian government has given the green light to the development of the latest nuclear technologies in the country. A large-scale investment project worth USD 15.1 billion has been approved for the construction of a state-of-the-art nuclear power plant that will use small modular reactors. This is reported by Bloomberg, according to UNN.
Details
The state-owned energy corporation Ontario Power Generation has received permission to implement the first phase of four planned small modular reactors (SMRs). This was preceded by the issuance of a license by the Canadian nuclear regulator for the first time in the country's history to build this type of nuclear facility.
Small modular reactors are distinguished by their compactness and involve mass production at specialized enterprises, followed by transportation and installation on site. This approach, according to experts, can significantly reduce the cost of projects and shorten the time to completion compared to traditional large nuclear power plants.
Several similar reactors have been built in the world - in Russia and China. Canada will be the first country among the G7 members to bring small-scale nuclear technology to the stage of practical implementation.
The construction of the first reactor at the Darlington site is estimated at CAD 6.1 billion. The cost of the next reactors should decrease due to the experience gained and the improvement of technologies.
GE Vernova will supply the key components, which has significantly increased its market capitalization over the past year amid growing demand for electricity from data centers and new industrial facilities. To develop the nuclear sector, GE has invested $50 million in the GE Hitachi Nuclear Energy division, including the creation of a production base in North Carolina, USA.
In 2023, Ontario Power Generation signed a contract with GE Hitachi to install a BWRX-300 reactor, a small modular reactor with a capacity of approximately 300 megawatts.
Addition
Ontario Power Generation Inc (OPG) is a Crown corporation responsible for approximately half of the electricity generation in the province of Ontario, Canada. It is wholly owned by the Government of Ontario.
Recall
The State Council of China has approved the construction of 10 new nuclear reactors. The country plans to overtake the United States and become the leader in nuclear energy by the end of the decade.
