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(Bloomberg) — Canada approved a C$20.9 billion ($15.1 billion) plan to build a new, smaller kind of nuclear power plant, providing a significant shot in the arm for the nascent industry.
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Ontario Power Generation Inc. won approval to build the first of a planned four reactors from GE Vernova Inc., according to a statement Thursday. The announcement follows last month’s decision by Canada’s nuclear regulator to issue a construction license for the so-called small modular reactor at the company’s Darlington New Nuclear Project site.
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Interest in nuclear power is rising around the world as technology companies and governments eye fission as a source of stable, clean power that can help meet rising demand for electricity. SMRs are expected to be produced in factories and assembled on site, a strategy that supporters say will eventually be cheaper and faster than building large, conventional reactors. But only a handful have been completed and only in Russia and China. The Darlington project is expected to be the first to be deployed in the developed Group of Seven countries.
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“By 2050 we need 75% more power,” Steve Lecce, Ontario’s minister of energy and mines, said at a press conference Thursday at the Darlington site. “If we don’t take that strong decisive action, our future, our economy — there could be serious repercussions.”
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The first unit is expected to cost C$6.1 billion, and costs for the subsequent reactors are expected to decline as the company gains expertise.
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GE Vernova has seen its shares more than double over the past year as surging demand for power, driven by data centers and new factories, has utilities and technology companies clamoring for its gas turbines. The company has also invested in its GE Hitachi nuclear business, spending $50 million on a North Carolina factory and to develop the SMR.
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Ontario Power signed an agreement in 2023 with GE Hitachi Nuclear Energy to deploy its BWRX-300 SMR at the Darlington site. The unit has roughly 300 megawatts of capacity, compared to traditional nuclear reactors that have about three times more capacity.
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—With assistance from Josh Saul.
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(Updates with comment from minister in fourth paragraph.)
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