Power Perspectives 2022 - SMRs: Renewed Support For Nuclear Power In Canada

Introduction

Nuclear power is increasingly being accepted as one of the clean energy technologies required to achieve emissions reduction targets in Canada and to meet global climate goals. According to the International Energy Agency, climate change initiatives will fall short without nuclear power as part of the electricity supply mix. Unsurprisingly, 2021 witnessed expanding interest and support for small modular reactors (SMRs) both globally and across Canada. SMRs are nuclear reactors that produce 300 megawatts of electricity or less and are designed to be constructed on a modular basis to achieve economies of scale and reduce overall costs. A single SMR of about 300 megawatts can prevent between 0.3 – 2 megatonnes of carbon dioxide emissions per year. Given that Canada is one of over 120 countries committed to achieving net-zero emissions by 2050, SMRs may be the key to making nuclear power a viable part of Canada's clean energy future.