New Study Highlights Potential Economic Benefits of New Nuclear
Small Modular Reactor development and deployment will generate both power and jobs
TORONTO, March 17, 2021 /CNW/ - A Conference Board of Canada study, released today, says building Small Modular Reactors (SMR) in Ontario and Saskatchewan would create jobs, increase provincial revenues and help ensure the necessary supply of zero-emissions, non-intermittent and cost-competitive energy.
The study, titled "A New Power: Economic Impacts of Small Modular Nuclear Reactors in Electricity Grids," studied the impacts of deploying SMRs in Ontario and Saskatchewan from 2021 onwards. It worked from the assumption that in Ontario, a 300-megawatt grid-scale SMR would operate for 60 years, beginning in 2028. Then, a fleet of four more SMRs, identical to the one in Ontario, would become operational incrementally between 2032 and 2041.
According to the study, a 300-megawatt grid-scale SMR built in Ontario and operated for 60 years would result in the following economic impact to the province:
- Create direct and related employment on an average annual basis as follows:
- Close to 700 jobs during project development
- More than 1,600 jobs during manufacturing and construction
- Over 200 jobs during operations, and
- About 160 jobs during decommissioning
- Have a positive impact on Gross Domestic Product of over $2.5 billion
- Result in an increase of provincial revenues of over $870 million
"The Conference Board of Canada's research reinforces what we at OPG already knew: that nuclear power is integral to our low-carbon future and SMRs are the flexible, scalable answer to some of the most complex energy questions," said Ken Hartwick, President and CEO of Ontario Power Generation. "We recently announced our goal to site an SMR at our licensed Darlington site as early as 2028, cementing OPG and Ontario's role as a world-leader in this technology, and in turn, creating job opportunities and economic growth."
"The Conference Board's research found significant economic benefits of small modular nuclear reactors (SMRs) in grid electricity generation," said Dr. Babatunde Olateju, Senior Research Associate, Conference Board of Canada. "Ontario could see a $2.6 billion gain in GDP over the lifetime of a single SMR, while Saskatchewan could see an $8.8 billion increase in GDP for the deployment of four SMR units."
Ontario Power Generation (OPG) has the only site in Canada licensed for a new nuclear reactor, at its Darlington nuclear site. In November, we announced resumption of planning toward siting an SMR at that Darlington site as early as 2028, pending regulatory approvals and licensing.
About OPG
OPG is a climate change leader and the largest electricity generator in the province, providing almost half of the power Ontarians rely on every day. It is also one of the most diverse generators in North America, with expertise in nuclear, hydroelectric, biomass, solar and natural gas technologies.
Read more about how OPG is exploring innovative energy options to power Ontario's future – including advancements in reliable, virtually carbon-free nuclear power, which can help meet Ontario's changing energy needs while combating climate change at www.opg.com/newnuclear.
About The Conference Board of Canada
The Conference Board of Canada is the country's leading independent research organization. Our mission is to empower and inspire leaders to build a stronger future for all Canadians through our trusted research and unparalleled connections. Follow The Conference Board of Canada on Twitter @ConfBoardofCda
SOURCE Ontario Power Generation Inc.
Ontario Power Generation, 416-592-4008 or 1-877-592-4008, Follow us @opg
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