Canadian nuclear investment
The Government of Canada will lend up to CAD304 million to AtkinsRéalis over four years to support next-generation Candu reactor technology. Additionally, millions in new funding will go to nuclear projects in Saskatchewan, Alberta, and Ontario.
Energy and Natural Resources Minister Jonathan Wilkinson announced a preliminary agreement with AtkinsRéalis to finance up to 50% of the design costs for a large-scale, natural uranium-fueled Candu reactor, such as the Monark. The loan, capped at CAD304 million, will be matched by AtkinsRéalis, with AECL, plant operators, and the Canadian supply chain also contributing to modernizing the Candu design.
Canada is investing 304 million Canadian dollars to develop next-generation Candu reactors
AtkinsRéalis unveiled the 1000 MW Candu Monark, a Generation III+ reactor, in November 2023. The conceptual design phase finished in September 2024, and the project is now undergoing a vendor design review with the Canadian nuclear regulator.
Wilkinson emphasized that Candu reactors, with their "almost entirely Canadian-made supply chain," provide sustainable, high-paying jobs and use uranium from Saskatchewan. He stressed the government's commitment to modernizing Candu technology to support nuclear expansion in Canada and internationally.
AtkinsRéalis President and CEO Ian Edwards welcomed the government’s investment, citing the company’s success in reactor servicing, life extension, and refurbishment. He highlighted the evolution of the Darlington reactor model.
Wilkinson also announced CAD52.4 million in funding for nuclear projects under the Future Electricity Fund and two Natural Resources Canada programs to support the development of Small Modular Reactors (SMRs) and Candu reactors as well as decarbonization efforts in Saskatchewan, Alberta, and Ontario.
52.4 million will fund SMR and Candu reactor projects in Saskatchewan, Alberta, and Ontario
Funding and research projects in place
- The Future Electricity Fund redistributes carbon pricing proceeds to support clean electricity initiatives. Ontario Power Generation (OPG) will receive CAD55 million for the Darlington New Nuclear Project, which plans up to four GE Hitachi BWRX-300 SMRs. The funds will be used for planning, site preparation, procurement, and regulatory approvals for units 2, 3, and 4.
- The Saskatchewan Government’s Crown Investments Corporation will receive an additional CAD54 million for SaskPower’s SMR pre-development work, including pre-engineering, environmental assessments, regulatory studies, and Indigenous engagement.
- Under the Enabling SMRs Program, CAD11.4 million will be distributed to research and evaluation projects involving TRISO-based fuel, SMR deployment guidelines and the capabilities of the province of Saskatchewan for the SMR supply chain.
- The Electricity Predevelopment Project will allocate CAD41 million to four projects in Alberta to assess potential SMR sites and increase public awareness of nuclear energy.
Nuclear energy plays a key role in Canada’s future energy strategy, with investments aimed at enhancing energy security and advancing Canadian nuclear technology
Wilkinson underscored nuclear energy's role in Canada’s energy future, highlighting investments in Monark reactors, the Darlington New Nuclear Project, and SMRs as examples of public-private collaboration advancing Canadian nuclear technology and clean energy security.
Currently, Canada has 17 nuclear reactors that produce 13.7% of its electricity, according to data from the International Atomic Energy Agency (IAEA).
Source: World Nuclear News
