Key Takeaways:
- Canada is positioning itself as a leader in next-generation nuclear innovation, with a focus on small modular reactors (SMRs) and next-generation technologies.
- The country has a strong foundation in nuclear energy, with a rich history of uranium production and a well-established industry in Western Canada.
- The global market for SMRs is projected to be worth between $150 and $300 billion by 2040, offering significant economic opportunities for regions investing early.
- Canada’s SMR development is underway, with projects in Ontario, Saskatchewan, and Alberta, and the country is expected to play a key role in the global nuclear ecosystem.
- The development of SMRs and next-generation nuclear technologies requires coordinated planning, strong partnerships, and regulatory foresight to address challenges such as licensing, public engagement, Indigenous consultations, fuel supply, and waste management.
Introduction to Canada’s Nuclear Energy Future
As the global energy transition accelerates, nuclear energy is once again taking center stage, particularly in Canada. The country is uniquely positioned to lead in next-generation nuclear innovation, with a focus on small modular reactors (SMRs) and next-generation technologies. In this article, we explore how Canada is positioning itself as a leader in the nuclear sector and what this means for the country’s energy future. A recent report, "Delivering the Future of Nuclear in Western Canada," co-published by MLT Aikins LLP, the University of Calgary, and the International Nuclear Law Association, highlights the country’s progress and opportunities in the nuclear sector.
Canada’s Leadership in Nuclear Energy
Canada has a storied history as a global nuclear energy superpower, with a strong foundation in traditional reactor technologies and a leading supplier of uranium. Today, the country is stepping into a more prominent role, embracing innovation and advancing next-generation technologies. The publication of "A Call to Action: A Canadian Roadmap for Small Modular Reactors" in 2018 signaled Canada’s intent to lead in SMR development, and since then, there has been unprecedented momentum. Saskatchewan, Ontario, New Brunswick, and Alberta have all signed on to an interprovincial plan for SMR development, and Ontario Power Generation (OPG) has selected GE Hitachi’s BWRX-300 design for deployment at the Darlington New Nuclear Project.
SMR Development in Canada
The Darlington SMR project is a significant milestone for Canada, with an estimated budget of $20.9 billion and the potential to generate 1,200 MW of electricity, powering over a million homes with clean, reliable energy. The project is being watched around the world, and its success will demonstrate the scalability and viability of new nuclear technologies. In addition to the Darlington project, SaskPower is planning and assessing the potential use of the BWRX-300 design for an SMR generation facility near Estevan, Saskatchewan. Alberta has also kicked off its own public and industry consultation process to determine how nuclear energy can be integrated into the province’s energy mix.
Fuel for the Future
Canada’s strength in nuclear energy generation has always been built on and supported by its rich uranium resources, which are increasing in importance as nations begin to consider new nuclear opportunities. OPG has signed fuel supply agreements with Cameco, Urenco USA, Orano, and Global Nuclear Fuel-Americas to power the Darlington SMRs, reinforcing Canada’s role as both a supplier and strategic partner in the global nuclear ecosystem. SaskPower has also entered into agreements to support the development of a Saskatchewan-based nuclear fuel supply chain, building on the longstanding industry in Western Canada that could serve both domestic and international needs.
Economic Opportunities
The global market for SMRs is projected to be worth between $150 and $300 billion by 2040, offering significant economic opportunities for regions investing early. A single SMR project could support thousands of jobs across its lifecycle, including 700 jobs during project development, 1,600 during construction, 200 during operations, and 160 during decommissioning. In Ontario alone, the construction and operation of four SMRs is expected to boost GDP by $13.7 billion and support approximately 2,000 jobs per year.
Looking Ahead
While Canada is making significant strides in SMR development, challenges remain. SMR designs are still in a developmental stage, and licensing, public engagement, Indigenous consultations, fuel supply, and waste management are all critical components of success that require coordinated planning, strong partnerships, and regulatory foresight. However, Canada’s position is strong, with nuclear having been a part of Eastern Canada’s energy mix for decades and being established as a continued energy source for decades to come. Western Canada is particularly well-positioned to capitalize on new nuclear opportunities, with a well-established uranium industry and a growing demand for reliable, low-emitting baseload power.
Conclusion
The decisions Canada makes now on policy, investment, engagement, and regulatory modernization will shape not only its future energy mix but also its contribution to global industrial decarbonization for decades to come. As the world watches Canada’s progress in SMR development, it is clear that the country is poised to play a key role in the global nuclear ecosystem. With its strong foundation in nuclear energy, rich uranium resources, and commitment to innovation, Canada is well-positioned to lead in next-generation nuclear technologies and contribute to a cleaner, more sustainable energy future.
