Nuclear power at the heart of Ontario’s growth plans

Thursday, October 31, 2024

Ontario Economic Forecast and Budget Review 2024: Building Ontario for You was released by Finance Minister Peter Bethlenfalvy, who said the province’s financial position has improved since the 2024 budget, which was released in March. The minister said the province, which supports both the construction of new nuclear power plants and the modernization of existing power units, “will continue to invest responsibly to support Ontario’s growth and rebuild Ontario’s economy to make our province a better place to live, work and raise a family.” .

Nuclear power already provides more than 50 per cent of the province’s electricity, and Ontario is expanding its “nuclear advantage” to meet growing electricity demand, the review says. The government is working with Ontario Power Generation (OPG) to begin planning and licensing three additional small modular reactors (SMRs) at New Nuclear’s Darlington project, in addition to the first phase of the power plant for which site preparation is already underway. He is also working with Bruce Power on preparatory work for Canada’s first large-scale nuclear power plant in more than three decades.

The Ontario government also supports OPG’s plans to modernize Units 5-8 at the Pickering nuclear power plant, as well as ongoing modernization projects at OPG’s Darlington and Bruce Power plants.

He also introduced the Ontario Sustainable Bond Program, allowing green bonds to finance environmentally beneficial projects, including nuclear power.

Supply chain

“Ontario’s nuclear expansion strengthens the province’s position as a global leader in new nuclear technologies, creating new export opportunities that will drive economic growth,” the review notes, highlighting recent trade missions to Romania and France that struck “significant deals.” totaling C$360 million, which will leverage the province’s nuclear expertise to create jobs for Ontario workers and expand its nuclear supply chain.” ($360 million Canadian is about $259 million U.S.) OPG and other Ontario nuclear suppliers have previously signed major agreements worth about $1 billion Canadian to export nuclear products and services to other countries, including Poland, Estonia and the Czech Republic.

Additionally, the company will “leverage the expertise of OPG and its subsidiary Laurentis Energy Partners to support a new collaboration agreement with SaskPower to deploy a small modular reactor in Saskatchewan.” It will also create more jobs in Ontario’s economy, the review says.

Earlier in October, the Ontario Independent Electricity System Operator released an updated forecast that the province’s electricity demand will grow faster than previously expected over the next 25 years, with annual consumption rising from 151 TWh in 2025 to 263 TWh. h in 2050. Demand growth is primarily driven by the industrial sector, including additional production of electric vehicles in the supply chain and energy-hungry data centers, as well as population growth and a focus on electrification.

The Independent Electricity System Operator of Ontario (IESO) said the government’s new vision document “underscores the importance of several IESO initiatives being implemented to meet the province’s growing needs, such as competitive procurement of new electricity sources and expanding energy efficiency programs that will help keep electricity affordable for all Ontarians “