Canada Unveils Plan for 10 New Nuclear Reactors and Uranium Export Expansion

On Monday, Canada revealed a strategy aimed at accelerating nuclear energy development, which includes constructing approximately 10 new reactors, simplifying approval processes for future projects, and doubling uranium exports. This initiative capitalizes on what was described as a "global nuclear renaissance," according to the Canadian newspaper National Post.

The strategy, announced by Natural Resources Minister Tim Hudgson, targets the construction of two new nuclear reactors by 2035 and an additional five reactors by 2040, alongside updating existing reactor designs.

During a press conference held in Ontario on Monday, Hudgson described the strategy as "ambitious and it must be," emphasizing the vast opportunities available to Canada in the nuclear sector.

Although the strategy does not include new funding, the government declared it will issue a policy by April 2027 outlining the conditions for federal support and financing tools available for new nuclear projects.

This plan supports the government's broader objective to double the capacity of Canada's electricity grid by 2050, with nuclear energy considered a key component in achieving carbon neutrality.

Hudgson stated, "Simply put, if our goal is to double grid capacity and reach net-zero emissions by 2050, there is no credible plan to achieve that without nuclear energy and the clean, stable electricity it provides."

Currently, Canada operates 17 nuclear reactors that generate about 15% of the country's total electricity. Two new reactors are under construction and expected to be operational by 2035, with five additional reactors planned for completion by 2040. Most of these reactors are located in Ontario, with one operational reactor in New Brunswick.

A major objective of the new strategy is to update the design of the Canadian "CANDU" reactor by 2030, as reported by National Post. The CANDU reactor is one of Canada's prominent nuclear reactor designs and operates using natural uranium.

A senior government official noted that the last reactor of this type was built in the 1990s and that regulatory standards have changed significantly since the Fukushima nuclear plant incident in Japan in 2011.

The strategy also aims to double Canadian uranium exports by 2040. Canada ranks as the world's second-largest uranium producer and holds the largest global reserves of high-quality uranium.

The head of Canadian engineering company Atkins Réalis, the largest manufacturer of reactors operating on natural uranium, warned against Western mismanagement of nuclear energy projects.

Officials disclosed that the strategy was not presented to Canadian Prime Minister Mark Carney due to conflict of interest rules. Carney previously served as chairman of Brookfield Asset Management, which, in partnership with Cameco in 2023, acquired Westinghouse Electric, one of the largest global nuclear companies closely linked to the Canadian nuclear supply chain.

Carney still holds assets connected to Brookfield, which have been placed in an independent trust during his tenure as prime minister.