Business View-Oct 2023

online, baseload sources of energy – such as nuclear – will need to be part of the mix to ensure that Canadians have uninterrupted access to electricity. To achieve our climate and economic goals, Canada needs to be open to the deployment of all non-emitting technologies and energy sources. The Government of Canada is supporting the deployment of nuclear in multiple ways. I believe part of the future of nuclear power lies in small modular reactors, and as an early adopter of SMRs, Canada could realize a significant share of the global market. For example, the first 5-megawatt Micro Modular Reactor design is set to be deployed in 2026 at the Canadian Nuclear Laboratories’ site at Chalk River, with subsequent units across Canada to follow. A much larger 300-megawatt project will come online at the Darlington generating station by 2028 and is expected to be one of the first commercial SMRs in the world. CANADIAN MINISTER OF ENERGY AND NATURAL RESOURCES - NUCLEAR We’ve been supporting these types of developments with programs like the Strategic Innovation Fund, which invested $20 million to advance Ontario-based Terrestrial Energy’s reactor design. Through the same fund, we invested $50 million to help develop New Brunswick’s Moltex Energy reactor and technology to recycle CANDU spent nuclear fuel into new fuel. And we invested another $27 million in financing for Westinghouse Electric to help advance micro-reactors in Saskatchewan. The recent federal budget provided significant financial and policy support to develop and deploy SMRs, advance uranium exploration, and spur nuclear supply chain opportunities. This included $70 million in research to minimize waste generated from reactors; create a fuel supply chain; strengthen international nuclear cooperation agreements; and enhance domestic safety and security practices. And $50 million for the Canadian Nuclear Safety Commission to develop appropriate regulations for small modular reactors and to work with