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Winnipeg Free Press
43 minutes ago
- Winnipeg Free Press
Nuclear option
Opinion The quest for more power to meet rising demand from electric vehicles and data centres running artificial intelligence technology has led to an apparent 'renaissance' of nuclear energy. The White House recently posted an op-ed piece exalting U.S. President Donald Trump's executive orders for reinvigorating America's nuclear power generation using that just that term, while effusively lauding his agenda to increase the nation's output by 300 gigawatts by 2050. That's enough to power about 300 million homes or, more likely, thousands of data centres for AI, as well as millions of EVs. Climate change commitments may not be high on the U.S. president's mind, but it is on China's list, as it seeks to add as much as 400 GW more from atomic energy by 2050 while aiming to decarbonize its economy. It's arguably off a faster start with 119 GW of nuclear power generation in construction or development. India is next in activity with 32 GW potentially under development. The United States is much further behind at eight GW, even trailing nations like France and Poland. Actual activity and planned growth suggests trillions of dollars being invested in nuclear energy over the coming decades — and investors are intrigued. 'The ducks are coming in a row, finally,' says Scott Clayton, Toronto-based senior analyst for the Canadian Wealth Advisor with the TSI Network in Toronto. The last time nuclear energy was on an upswing with investors was in the 2000s as oil prices surged. Then, the Fukushima plant disaster in Japan in 2011 put the brakes on nuclear power. Companies like Cameco Corp. — based in Saskatoon and the world's largest uranium producer — saw growth put on ice. That is until recently. Today, Cameco's share price, fuelled largely by all the talk of plans for new reactors, is at all-time highs. Although Canada may be an oil and gas powerhouse, its potential as a supplier of the fuel for nuclear energy has arguably more upside. It has the third largest discovered reserves in the world. It is also the second-largest producer behind Kazakhstan and potentially much more production is coming, as exploration companies like NexGen Energy and Paladin Energy look to develop mines in the Athabasca Basin (home to the highest-grade deposits of uranium in the world). Yet before jumping into a surging industry, driven by the future promise of much more nuclear power (not to mention the unnerving revival of the nuclear arms race), let's splash a bit of cold water on the overheating rods of speculation. 'It still faces challenges,' Clayton says. Among them are regulatory concerns. Mining projects in Canada take a notoriously long time to be approved and uranium is particularly tricky, given its environmental impact. Power plants are equally complicated. The public might appreciate the cheap, abundant power, just don't generate it close to where they live. 'The other problem is that the costs (of construction) are just astronomical,' Clayton says. The newest nuclear power generating station in the U.S, for example — two reactors at Plant Vogtle in Georgia — cost US$35 billion and were behind schedule and over budget. 'We definitely think it's (nuclear energy) going to be needed,' says Andrew Bischof, senior equity analyst at Morningstar in Chicago. Yet many projects are far from construction, let alone completion, and a history exists of projects being cancelled, especially in the U.S. Bischof says many major utility companies are talking about amping up nuclear power, but those are far-away ambitions, part of five- and 10-year plans to build capacity, which could take several more years before that power is added to the grid. There does seem to be more buzz around small modular reactors, he adds. These are scaled-down power plants that take less time to build, but it's an emerging technology. To that end, Canada is a leader with a project underway in Darlington, Ont. 'Duke Energy has also mildly stated that it's exploring SMRs, but again, that is 2030 to 2035 for a time frame,' Bischof says about the U.S. power provider, which presently has six nuclear power plants in the U.S.. Notably, big tech — Microsoft, Meta and Alphabet (Google) — are considering or currently entering into contracts with power providers, providing cash up front to restart or build new nuclear capacity, often involving small reactors, to meet climate change goals and growing energy-hungry AI capabilities. The need is substantial. AI is forecast to eat up 20 per cent of new energy growth through 2030. EV expansion is expected to increase demand by 15 per cent. Whether all this growth translates into future profits remains to be seen. In the meantime, investors might consider risk-adjusted exposure. 'If you're looking to invest in more speculative areas, it's best to get exposure through stocks that already have a solid business,' Clayton says. He points to U.S.-based Constellation Energy Corp. as one viable choice. Nearly 70 per cent of its output is nuclear and it pays a small dividend (0.47 per cent yield). Another way to invest in this theme is exchange-traded funds (ETFs). Investors have close to a handful of choices. One of the longest running is VanEck Uranium and Nuclear ETF, launched in 2007. It has seen renewed popularity, after peaking in price around 2011. '(Its) recent asset growth mirrors a broader nuclear renaissance fueled by surging electricity demand, the global pursuit of dependable low carbon power and fresh policy support extending plant life and financing next generation reactors,' says Brandon Rakszawski, director of product management, VanEck in New York. Monday Mornings The latest local business news and a lookahead to the coming week. Its portfolio also holds the aforementioned stocks with Constellation and Cameco among the largest positions. While the stars might be aligning for nuclear, conditions quickly change — i.e. battery power for renewables — that could make a long-term investment in nuclear suddenly less ideal. Still, for investors with an appetite for risk and a long time horizon, the nuclear option could power long-term profitability. Joel Schlesinger is a Winnipeg-based freelance journalist joelschles@
CTV News
4 hours ago
- CTV News
Conestoga College reports a $121M surplus
Conestoga College is reporting a huge financial surplus. But, as CTV's Karis Mapp explains, it's almost half of what the school had the previous year. Conestoga College is reporting a huge financial surplus. But, as CTV's Karis Mapp explains, it's almost half of what the school had the previous year. Conestoga College is reporting a huge surplus, but that's far from good news for the Kitchener school. Colleges across Ontario were required to publicly release the data by 11:59 p.m. on July 31. While Conestoga College made the deadline, it was the last school in the province to do so. The report showed that in its most recent fiscal year, ending March 31, the school's surplus topped $121 million – a huge drop from the $252 million surplus they posted the previous year. Conestoga College said its revenue from tuition dropped to $563 million, $119 million less than it reported in 2024. The school also said it spent $436 million on salaries and benefits, an increase of $37 million from the year before. Seeking answers CTV News asked Conestoga College for an in-person interview, but the school said no one was available to comment on the surplus. In fact, CTV News has repeatedly reached out to Conestoga College for interviews on international student enrolment, as well as its financial and community impact. Each time, the school claimed no one was available. John Tibbits, the president of the college, has not agreed to any interview requests from CTV News since 2023. The school has only responded with written statements, sent by email, none of which have been attributed to Tibbits. According to the Ontario Sunshine List, Tibbits' salary soared alongside the increase in international student enrolment. In 2022, he earned $409,900 as the school's president. The following year it rose 20.7 per cent to $494,716. Tibbits' salary for 2024 was listed on the Ontario Sunshine List as $636,107. That was a year-over-year increase of 28.6 per cent. It also made Tibbits the highest-paid public sector worker in Waterloo Region. He earned more than the presidents of Wilfrid Laurier University, the University of Waterloo and the University of Guelph. The school's board of governors has extended Tibbits' contact until Aug. 31, 2025. He has been Conestoga College's president since 1987. Conestoga College's statement Conestoga College responded to CTV News' request for an interview with a statement sent, as per usual, by email. In it, the school blamed federal caps and changes to the international student program for 'significantly reduced' enrolment. They said it 'placed financial pressure on institutions across the province that rely on this revenue to support core programs and services.' They also cited what they called 'Canada's rapidly declining popularity as an international education destination.' 'No Ontario college has been able to achieve its allotted international enrolment,' the statement read. 'Most colleges have seen a reduction of 60-70 per cent. Conestoga expects a loss of approximately 20,000 international student enrolments for the fall 2025 term compared to the fall of 2023. This equates to a loss of approximately $450 million in revenue over the last two years.' The federal government announced in early 2024 it was slashing study permits for international students and Ontario's allotment was reduced by almost half. Schools were told applications could not exceed 2023 permit levels, and international permits must be less than 55 per cent of the school's first-year domestic enrolment. The province specifically called out Conestoga College, stating it would see the 'largest decline.' That was not surprising, since the school had one of the largest international student populations in the province. The college said its surplus, for the fiscal year ending March 31, was 'the result of careful planning and responsible financial management while balancing the impact of reduced international enrolment.' They added: 'This was not without its challenges, and we continue to navigate the biggest financial crisis in the history of the Ontario public post-secondary education system.' In a report, sent to students and staff on July 28, Conestoga College said 8,584 international students were enrolled in its 2025 spring semester. That marked a 62 per cent drop from the year before, when it totaled 22,633. Domestic student enrolment, however, rose 28 per cent to 3,498 during the spring semester. In the statement sent to CTV News, the school said they have 'taken steps to grow domestic enrolment by maintaining existing academic programming where possible, developing new programs that meet workforce needs, and strategically investing in building infrastructure, equipment and student support services.' Conestoga College also touted its renewed focus. 'Our investments have enabled the college to be one of the fastest-growing in domestic enrolment in the last year, seeing a three per cent increase in winter 2025 enrolment, a 7.5 per cent increase in the spring, and fall confirmations are up by almost 15 per cent,' they wrote. Tough decisions also had to be made, they explained, to address a projected fiscal deficit for 2025-2026. 'Through decisive action to reduce labour and operational costs, we will address these financial pressures and position the college for a stable and sustainable future,' they promised. The school previously offered early retirement packages to some employees, while others were laid off. Earlier this month, the college announced several of its senior administrators were no longer employed at the school. Cuts have also been made to programs, as well as campus consolidations in Kitchener and Brantford. Despite the projected fiscal deficit, Conestoga College said it is investing in its future. 'The college plans to invest $145 million in capital projects that include phase two of the Conestoga Skilled Trades Campus in Cambridge, phase two of the Waterloo campus renovation, renovations of the Tollgate Technological Skills Centre in Brantford to expand skilled trades programming and Doon campus renovations to accommodate new programming such as the animal care suite of programs,' the statement said. One project, however, has stalled. The college confirmed to CTV News it had paused work at its satellite campus in Guelph. The school purchased the building, at 130 Macdonell Street, in 2023. Conestoga College said plans for what comes next will be decided when 'student enrolment allows.' Reaction to surplus Vikki Poirier is the president of OPSEU Local 238, which represents full-time and part-time support staff at the college. She said the school's response is concerning. 'I don't see this as being rightsizing, or an international student issue,' Porier told CTV News. 'This is about deliberate underfunding and bad management choices.' She also questioned the school's focus on growth. 'Why are we not investing in our workforce? Our real resources of support staff and faculty, rather than brick and mortar.' Michael Harris is a regional councillor who has been critical of the college's large surplus, as well as the international student boom and its impact on regional services and planning. He shared his concerns with CTV News prior to the report's release. 'There was a tuition freeze happening provincially and colleges, frankly, exploited the monetary gain from international students,' Harris said. Poirier felt the school should have seen a change coming. 'I'm not going to say that we didn't need our international students, or we shouldn't have them, but this was only going to last for so long,' she explained. 'We were so saturated.' Poirier was also skeptical of the college's next steps. 'We haven't really received the full snapshot of what the erosion is,' she said. 'We saw a pretty picture that was sent out in a graph form, but we don't have the nitty gritty.' Harris, meanwhile, was cautiously optimistic about what lies ahead for the school and Waterloo Region. 'We'll continue to hopefully have that dialog with the college in terms of where they're going,' he said. 'But there's no doubt been a strain on regional resources over the last little while.'
CTV News
5 hours ago
- CTV News
B.C. braces for impact of Trump's 35 per cent tariffs
U.S. President Donald Trump has hiked Canada's tariffs to 35 per cent - here's what that means for B.C. For Michael Devereux, an economics professor at the University of British Columbia, the new tariffs imposed on Canada Friday morning are 'confusing.' Devereux told CTV News the 35 per cent levies – which U.S. President Donald Trump blamed, in part, on fentanyl going over the border – will hurt Americans. '(They're) much more important for the U.S. consumer because they actually pay the tariffs,' said Devereux. Approximately 90 per cent of Canadian exports, which are covered under the Canada United States Mexico Agreement, or CUSMA, are still tariff-free. But Devereux explained the remainder that are could have a significant impact on the economy, if U.S. consumers choose to stop purchasing those Canadian goods. B.C. Forestry Minister Ravi Parmar said, 'No sector has felt the weight of that more than our forestry sector here in British Columbia.' Parmar said his ministry is currently focusing on creating robust trade relationships with other nations. 'I'm going to be ensuring that my team has boots on the ground in those places supporting small and medium-sized companies to be able to explore finding new customers,' he said. While those negotiations are ongoing, Parmar said the B.C. government is still hopeful their federal counterparts can secure a long-term deal with the U.S. Federal ministers including Vancouver MP Gregor Robertson were tight-lipped on Friday, but did say Prime Minister Mark Carney was attempting to forge the best deal possible for Canadians Carney put out a statement in the morning that read, in part: 'The Canadian government is disappointed by this action and will act to protect Canadian jobs,' adding that he will continue to negotiate with the Americans. Devereux said British Columbians are in a difficult situation, and with CUSMA renegotiations on the table next year unless what he called a rational deal is made, things could get worse. By CTV News Vancouver's Demetra Maragos
