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Cision Canada
7 days ago
- Business
- Cision Canada
AtkinsRéalis signs new execution contract for Darlington Small Modular Reactor Project Français
MONTREAL, May 28, 2025 /CNW/ - Candu Energy Inc., an AtkinsRéalis company [AtkinsRéalis Group Inc.] (TSX: ATRL), has been awarded a $450 million execution contract by Ontario Power Generation (OPG), for the first of four planned small modular reactor (SMR) units at the Darlington New Nuclear Project. The 300-megawatt BWRX-300 small modular reactor being delivered for OPG in Durham Region, east of Toronto, will supply enough power for 300,000 homes. 1 AtkinsRéalis is providing OPG with expertise for the engineering of the SMR. This includes project management, licensing, engineering, design, procurement, construction support and commissioning, as well as digital delivery capabilities in both the nuclear island and balance of plant scopes for the project. "As a world-class engineering services and nuclear organization, we are advocates for the role of SMRs in the energy mix to create stable, affordable, and reliable power grids," said Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis. "Our involvement in the G7's first grid-scale SMR and Canada's first nuclear new build in roughly 30 years reaffirms our leading position in the global nuclear energy market, for both large and small reactor technologies. Our trusted relationship with OPG supporting hydropower assets and refurbishing CANDU reactors at Darlington and Pickering will support this project's successful completion by 2030." AtkinsRéalis has been the architect-engineer on the Darlington New Nuclear Project alliance team since 2023. The Company is working alongside GE Vernova Hitachi Nuclear Energy and Aecon Kiewit Nuclear Partners. The site preparation work undertaken under an earlier validation phase contract has been completed on time and on budget. The Canadian Nuclear Safety Commission has issued a license to construct the SMR, and the Ontario government has also given its final approval for construction of the first of four planned units at the site. "AtkinsRéalis is a long-time trusted partner to OPG, including on the on-time, on budget Darlington Refurbishment Project," said Nicolle Butcher, OPG President and CEO. "We will draw on our shared experience for similar success as we build the first small modular reactor in the G7 at the Darlington New Nuclear Project site." "Ontario's power demand is expected to surge by 75% by 2050 2 and we'll need all sources of cleaner power to meet the need, including large and small nuclear reactor technology," said Joe St. Julian, President, Nuclear, AtkinsRéalis. "Together with our alliance partners, we will ensure Canada continues to lead the G7 in advancing the use of SMR technology, as AtkinsRéalis also continues to support international SMR projects in the UK, US, and Poland." About AtkinsRéalis Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-class engineering services and nuclear company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world's infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services, Nuclear and Capital. News and information are available at or follow us LinkedIn. About AtkinsRéalis' Nuclear Sector AtkinsRéalis has over 70 years of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. AtkinsRéalis is the steward of CANDU® nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. With an innovative technology portfolio, including access to over 500 patented solutions, AtkinsRéalis solves technically complex challenges across the whole nuclear lifecycle from design and new build through asset management and from life extension and late life management through decommissioning and waste management. AtkinsRéalis operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. AtkinsRéalis' CANDU technology also allows for the co-production of medical radioisotopes for cancer detection and treatment. The company also supports cancer treatment through its partnership with TerraPower to extract isotopes from legacy nuclear material. Learn more on our Nuclear market page. Forward-Looking Statements References in this press release to the "Company", "AtkinsRéalis", "we", us" and "our" mean, as the context may require, AtkinsRéalis Group Inc. or all or some of its subsidiaries or joint arrangements or associates. Statements made in this press release that describe the Company's expectations or strategies constitute "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "estimates", "expects", "forecasts", "intends", "may", "objective", "plans", "projects", "should", "will", "likely", or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions or results could differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company's 2024 annual management disclosure & analysis ("2024 MD&A") (particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report our Results") filed with the securities regulatory authorities in Canada, available on SEDAR+ at and on the Company's website at under the "Investors" section. If these assumptions are inaccurate, the Company's actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company's assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. Those risks are identified in the 2024 MD&A (particularly in the section entitled "Risk and Uncertainties"), as may be updated from time to time in the Company's interim quarterly MD&A, are not exhaustive. The forward-looking statements herein reflect the Company's expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any such forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
Yahoo
7 days ago
- Business
- Yahoo
AtkinsRéalis signs new execution contract for Darlington Small Modular Reactor Project
MONTREAL, May 28, 2025 /CNW/ - Candu Energy Inc., an AtkinsRéalis company [AtkinsRéalis Group Inc.] (TSX: ATRL), has been awarded a $450 million execution contract by Ontario Power Generation (OPG), for the first of four planned small modular reactor (SMR) units at the Darlington New Nuclear Project. The 300-megawatt BWRX-300 small modular reactor being delivered for OPG in Durham Region, east of Toronto, will supply enough power for 300,000 homes.1 AtkinsRéalis is providing OPG with expertise for the engineering of the SMR. This includes project management, licensing, engineering, design, procurement, construction support and commissioning, as well as digital delivery capabilities in both the nuclear island and balance of plant scopes for the project. "As a world-class engineering services and nuclear organization, we are advocates for the role of SMRs in the energy mix to create stable, affordable, and reliable power grids," said Ian L. Edwards, President and Chief Executive Officer, AtkinsRéalis. "Our involvement in the G7's first grid-scale SMR and Canada's first nuclear new build in roughly 30 years reaffirms our leading position in the global nuclear energy market, for both large and small reactor technologies. Our trusted relationship with OPG supporting hydropower assets and refurbishing CANDU reactors at Darlington and Pickering will support this project's successful completion by 2030." AtkinsRéalis has been the architect-engineer on the Darlington New Nuclear Project alliance team since 2023. The Company is working alongside GE Vernova Hitachi Nuclear Energy and Aecon Kiewit Nuclear Partners. The site preparation work undertaken under an earlier validation phase contract has been completed on time and on budget. The Canadian Nuclear Safety Commission has issued a license to construct the SMR, and the Ontario government has also given its final approval for construction of the first of four planned units at the site. "AtkinsRéalis is a long-time trusted partner to OPG, including on the on-time, on budget Darlington Refurbishment Project," said Nicolle Butcher, OPG President and CEO. "We will draw on our shared experience for similar success as we build the first small modular reactor in the G7 at the Darlington New Nuclear Project site." "Ontario's power demand is expected to surge by 75% by 20502 and we'll need all sources of cleaner power to meet the need, including large and small nuclear reactor technology," said Joe St. Julian, President, Nuclear, AtkinsRéalis. "Together with our alliance partners, we will ensure Canada continues to lead the G7 in advancing the use of SMR technology, as AtkinsRéalis also continues to support international SMR projects in the UK, US, and Poland." About AtkinsRéalis Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-class engineering services and nuclear company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world's infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services, Nuclear and Capital. News and information are available at or follow us LinkedIn. About AtkinsRéalis' Nuclear Sector AtkinsRéalis has over 70 years of global nuclear expertise, delivering nuclear technology products and full-service solutions to nuclear utilities around the world. AtkinsRéalis is the steward of CANDU® nuclear technology, operating on four continents, and provides advisory and engineering services to other nuclear developers. With an innovative technology portfolio, including access to over 500 patented solutions, AtkinsRéalis solves technically complex challenges across the whole nuclear lifecycle from design and new build through asset management and from life extension and late life management through decommissioning and waste management. AtkinsRéalis operates and manages government nuclear research sites, transforming ageing infrastructure and safely managing legacy nuclear waste. AtkinsRéalis' CANDU technology also allows for the co-production of medical radioisotopes for cancer detection and treatment. The company also supports cancer treatment through its partnership with TerraPower to extract isotopes from legacy nuclear material. Learn more on our Nuclear market page. Forward-Looking Statements References in this press release to the "Company", "AtkinsRéalis", "we", us" and "our" mean, as the context may require, AtkinsRéalis Group Inc. or all or some of its subsidiaries or joint arrangements or associates. Statements made in this press release that describe the Company's expectations or strategies constitute "forward-looking statements", which can be identified by the use of the conditional or forward-looking terminology such as "estimates", "expects", "forecasts", "intends", "may", "objective", "plans", "projects", "should", "will", "likely", or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions or results could differ materially from those expressed or implied in such forward-looking statements. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company's 2024 annual management disclosure & analysis ("2024 MD&A") (particularly in the sections entitled "Critical Accounting Judgments and Key Sources of Estimation Uncertainty" and "How We Analyze and Report our Results") filed with the securities regulatory authorities in Canada, available on SEDAR+ at and on the Company's website at under the "Investors" section. If these assumptions are inaccurate, the Company's actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company's assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. Those risks are identified in the 2024 MD&A (particularly in the section entitled "Risk and Uncertainties"), as may be updated from time to time in the Company's interim quarterly MD&A, are not exhaustive. The forward-looking statements herein reflect the Company's expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any such forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement. __________________ 1 Source: Ontario Ministry of Energy and Mines, 2 Source: Ontario Ministry of Energy and Mines, SOURCE AtkinsRéalis View original content to download multimedia:
Yahoo
13-05-2025
- Business
- Yahoo
OPG reports 2025 first quarter financial results
Secures Darlington SMR construction approval; explores Indigenous community-led Northern Ontario hydro opportunities; completes $1 billion green bond issuance TORONTO, May 13, 2025 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2025, with net income attributable to the Shareholder of $505 million, compared to $221 million for the same period last year. Darlington New Nuclear Project Licence to Construct Approval With the recent approval of the Darlington New Nuclear Project (DNNP) Licence to Construct by the Canadian Nuclear Safety Commission for one small modular reactor (SMR), OPG will now start the execution phase of Canada's first grid-scale SMR using the BWRX-300 technology, expecting to complete the construction by the end of the decade and connect the facility to the electricity grid by the end of 2030. "Our success to date in delivering on the $12.8 billion Darlington Refurbishment Project has paved the way for new opportunities, including the DNNP," said Nicolle Butcher, OPG President and CEO. "A first for North America, this made-in-Ontario project showcases our domestic expertise to the world, and will drive economic growth while helping meet increasing energy demand." As the first mover on SMRs, this project will create jobs for Ontario workers and contracts for Ontario's supply chains and will demonstrate their capabilities to the world while strengthening Canada's energy security. Over 80 per cent of the DNNP will be procured domestically, with a further 15 per cent sourced through Europe and Japan. The total cost of the four-unit DNNP, including interest, cost escalation, and contingency, is currently estimated at approximately $20.9 billion. The first unit SMR is expected to cost $6.1 billion, along with systems and services that would be common to all four SMRs planned as part of the project of $1.6 billion. The total budget of $7.7 billion represents the release-quality estimate for both the first SMR and shared infrastructure. OPG and its project partners will continue to refine the total estimated project cost during the definition phase of the remaining three units, incorporating lessons learned from the construction of the first SMR and the Darlington Refurbishment Project. As a rate regulated project, the recovery of the costs of the DNNP will be reviewed by the Ontario Energy Board in a future proceeding for OPG's regulated prices. The Province has also indicated that it is exploring potential financial policy tools that would benefit ratepayers. In parallel, OPG continues to explore optimal financing arrangements in support of funding requirements for the planned capital investments. Greenfield Hydroelectric Development OPG recently signed letters of intent with Taykwa Tagamou Nation (TTN) and Moose Cree First Nation (MCFN) to work together on preliminary planning activities to inform an Indigenous community-led decision-making process on new hydroelectric development in the Moose River Basin. This includes the proposed Nine Mile Rapids hydroelectric generating station and the Grand Rapids hydroelectric generating station, which would have a combined generating capacity of up to 430 megawatts (MW). "We look forward to working in meaningful partnership with TTN and MCFN toward the next generation of hydroelectric in Northern Ontario," said Butcher. "These potential new waterpower projects would provide decades of affordable, reliable, domestically produced electricity to meet growing demand and deliver lasting economic benefits to local and Indigenous communities." Green Bond Issuance OPG issued $1 billion in green bonds in the first quarter, furthering its leadership in sustainable financing. In all, since 2018, OPG has issued green bonds totalling approximately $5.6 billion, including offerings by its subsidiaries. Cedar Leaf Capital, Inc. (Cedar Leaf), Canada's first majority Indigenous-owned investment dealer, joined OPG's syndicate of dealers and served as co-manager on the most recent issuance. "OPG remains the largest Canadian corporate issuer of green bonds and will use proceeds of this issuance to fund a range of low-carbon energy projects," said Butcher. "The opportunity to work with Cedar Leaf is in keeping with our Reconciliation Action Plan commitment to partner with Indigenous communities and businesses to advance meaningful and tangible economic reconciliation." Strong Canadian Supply Chain With more than 90 per cent of its goods and services procured from Canadian suppliers for OPG's nuclear and Ontario hydroelectric business, OPG is a major contributor to Ontario's supply chain and economy. OPG continues to strengthen local procurements and identify alternate supplier relationships to mitigate the supply chain risks and broader potential economic impacts associated with changing trade conditions. Net income attributable to the Shareholder Net income attributable to the Shareholder increased by $284 million for the first quarter of 2025, compared to the same period in 2024. The increase was primarily attributable to higher earnings from the Regulated – Nuclear Generation business segment as a result of higher electricity generation, and lower operating, maintenance and administration expenses due to fewer planned cyclical outage activities. About OPG As one of North America's largest, most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects, and electrification initiatives to power the growing demands of a clean economy. Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three months ended March 31, 2025, can be accessed on OPG's web site ( the Canadian Securities Administrators' web site ( or can be requested from the Company. Follow us @opg SOURCE Ontario Power Generation Inc. View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
13-05-2025
- Business
- Cision Canada
OPG reports 2025 first quarter financial results
TORONTO, May 13, 2025 /CNW/ - Ontario Power Generation Inc. (OPG or Company) today reported its financial and operating results for the first quarter of 2025, with net income attributable to the Shareholder of $505 million, compared to $221 million for the same period last year. Darlington New Nuclear Project Licence to Construct Approval With the recent approval of the Darlington New Nuclear Project (DNNP) Licence to Construct by the Canadian Nuclear Safety Commission for one small modular reactor (SMR), OPG will now start the execution phase of Canada's first grid-scale SMR using the BWRX-300 technology, expecting to complete the construction by the end of the decade and connect the facility to the electricity grid by the end of 2030. "Our success to date in delivering on the $12.8 billion Darlington Refurbishment Project has paved the way for new opportunities, including the DNNP," said Nicolle Butcher, OPG President and CEO. "A first for North America, this made-in-Ontario project showcases our domestic expertise to the world, and will drive economic growth while helping meet increasing energy demand." As the first mover on SMRs, this project will create jobs for Ontario workers and contracts for Ontario's supply chains and will demonstrate their capabilities to the world while strengthening Canada's energy security. Over 80 per cent of the DNNP will be procured domestically, with a further 15 per cent sourced through Europe and Japan. The total cost of the four-unit DNNP, including interest, cost escalation, and contingency, is currently estimated at approximately $20.9 billion. The first unit SMR is expected to cost $6.1 billion, along with systems and services that would be common to all four SMRs planned as part of the project of $1.6 billion. The total budget of $7.7 billion represents the release-quality estimate for both the first SMR and shared infrastructure. OPG and its project partners will continue to refine the total estimated project cost during the definition phase of the remaining three units, incorporating lessons learned from the construction of the first SMR and the Darlington Refurbishment Project. As a rate regulated project, the recovery of the costs of the DNNP will be reviewed by the Ontario Energy Board in a future proceeding for OPG's regulated prices. The Province has also indicated that it is exploring potential financial policy tools that would benefit ratepayers. In parallel, OPG continues to explore optimal financing arrangements in support of funding requirements for the planned capital investments. Greenfield Hydroelectric Development OPG recently signed letters of intent with Taykwa Tagamou Nation (TTN) and Moose Cree First Nation (MCFN) to work together on preliminary planning activities to inform an Indigenous community-led decision-making process on new hydroelectric development in the Moose River Basin. This includes the proposed Nine Mile Rapids hydroelectric generating station and the Grand Rapids hydroelectric generating station, which would have a combined generating capacity of up to 430 megawatts (MW). "We look forward to working in meaningful partnership with TTN and MCFN toward the next generation of hydroelectric in Northern Ontario," said Butcher. "These potential new waterpower projects would provide decades of affordable, reliable, domestically produced electricity to meet growing demand and deliver lasting economic benefits to local and Indigenous communities." Green Bond Issuance OPG issued $1 billion in green bonds in the first quarter, furthering its leadership in sustainable financing. In all, since 2018, OPG has issued green bonds totalling approximately $5.6 billion, including offerings by its subsidiaries. Cedar Leaf Capital, Inc. (Cedar Leaf), Canada's first majority Indigenous-owned investment dealer, joined OPG's syndicate of dealers and served as co-manager on the most recent issuance. "OPG remains the largest Canadian corporate issuer of green bonds and will use proceeds of this issuance to fund a range of low-carbon energy projects," said Butcher. "The opportunity to work with Cedar Leaf is in keeping with our Reconciliation Action Plan commitment to partner with Indigenous communities and businesses to advance meaningful and tangible economic reconciliation." Strong Canadian Supply Chain With more than 90 per cent of its goods and services procured from Canadian suppliers for OPG's nuclear and Ontario hydroelectric business, OPG is a major contributor to Ontario's supply chain and economy. OPG continues to strengthen local procurements and identify alternate supplier relationships to mitigate the supply chain risks and broader potential economic impacts associated with changing trade conditions. Net income attributable to the Shareholder Net income attributable to the Shareholder increased by $284 million for the first quarter of 2025, compared to the same period in 2024. The increase was primarily attributable to higher earnings from the Regulated – Nuclear Generation business segment as a result of higher electricity generation, and lower operating, maintenance and administration expenses due to fewer planned cyclical outage activities. About OPG As one of North America's largest, most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario. OPG and its family of companies are advancing the development of new low-carbon technologies, refurbishment projects, and electrification initiatives to power the growing demands of a clean economy. Ontario Power Generation Inc.'s unaudited interim consolidated financial statements and Management's Discussion and Analysis as at and for the three months ended March 31, 2025, can be accessed on OPG's web site ( the Canadian Securities Administrators' web site ( or can be requested from the Company.
Canada Standard
13-05-2025
- Business
- Canada Standard
Critics Slam Cost of Ontario SMR Plan, Question Dependence on U.S. Uranium
Critics are taking a hard line on Ontario's announcement that it will build four 300-megawatt small modular nuclear reactors (SMRs) at the existing Darlington nuclear plant near Bowmanville, with most concerns focused on the cost of the project and the geopolitical risk in sourcing enriched uranium from a U.S. supplier. Ontario Power Generation announced provincial approval for the first of the four units May 8, describing it as "the first new nuclear build in Ontario in more than three decades." "This is truly a historic moment," said OPG President and CEO Nicolle Butcher. "This made-in-Ontario project will support provincial companies, create jobs for Ontarians, and spur growth for our economy." Energy and Mines Minister Stephen Lecce declared the 1,200-megawatt installation, the first of its kind in the G7, a "nation-building project being built right here in Ontario." Durham MPP Todd McCarthy called it "the next step to strengthening Ontario and Canada's energy security." The published cost of the project is $7.7 billion for the first reactor, including $1.6 billion for infrastructure and administrative buildings, and $20.9 billion to complete the series of four. Citing Conference Board of Canada figures, OPG said the four SMRs will contribute $38.5 billion to Canada's GDP over 65 years and sustain an average of about 3,700 jobs per year, including 18,000 per year during construction. In the OPG announcement, Butcher suggested an advantage in being the first G7 jurisdiction to bring an SMR to market. "As a first mover on SMRs, Ontario will also be able to market our capabilities and nuclear expertise to the world to further grow our domestic industry," she said. View our latest digests The Globe and Mail says the Darlington New Nuclear Project "is being watched closely by utilities around the world,,", and OPG's BWRX-300 design "is a candidate for construction in the United States, Britain, Poland, Estonia, and elsewhere." But "the costs published Thursday are higher than what independent observers argue are necessary to attract many more orders. For comparison, a recently completed 377-megawatt natural gas-fired power station in Saskatchewan cost $825-million." Ed Lyman, director of nuclear power safety at the Cambridge, MA-based Union of Concerned Scientists, called the Ontario estimate "an eye-popping figure, but not unexpected given what we know about the poor economics of small nuclear reactors." That would make the Darlington SMR facility "a boutique unit that's going to produce electricity for a very expensive price." An independent study released last week by the Ontario Clean Air Alliance found that the Darlington SMRs will cost up to eight times as much as onshore wind, almost six times as much as utility-scale solar, and 2.7 times as much offshore wind in the Great Lakes after factoring in the federal tax credit. The analysis by Hinesburg, Vermont-based Energy Futures Group "used data from Ontario's Independent Electricity System Operator (IESO) but used realistic real-world capital costs and performance measures to develop a more accurate comparison of the cost of nuclear and renewable power options," OCAA writes. The report calculates the levelized cost of electricity (LCOE) from different sources in 2030 and 2040, with and without the federal government's 30% clean energy investment tax credit (ITC). It places the unsubsidized costs per megawatt-hour in 2030 at: $33 to $51 for onshore wind; $54 for utility-scale solar; $105 to $113 for offshore wind; $214 to $319 for different SMR designs; $279 to $307 for conventional nuclear plants. By 2040, the prices range from $30 for onshore wind and $41 for utility-scale solar to up to $269 for SMRs and $307 for conventional nuclear. SMR pricing falls as low as $137 per MWh with a 30% ITC. "It remains unclear how this, and the province's larger nuclear expansion program, will actually be paid for," Mark Winfield, co-chair of York University's Sustainable Energy Initiative, told The Energy Mix in an email. "Putting this on the rate base means higher rates for Ontario electricity consumers, even if the costs are as claimed." He added that "the potential role of the federal ITC and [Canada] Infrastructure Bank Investment raises serious questions about what should be defined as 'clean' energy given the risks involved in this case, in terms of economic and technological viability, safety risks, and unanswered questions regarding waste streams." Critics were already questioning whether field experience with four individual SMRs will be enough to drive down production costs from $6.1 billion plus surrounding infrastructure for the first unit to a range of $4.1 to $4.9 billion for the next three, after the estimated price of the project has already ballooned. Now, with New Brunswick scaling back its SMR development plans, "Ontario is taking something of a technological and economic flyer on this, on behalf of everyone else, underwritten by the electricity ratepayers and, ultimately, taxpayers of Ontario," Winfield wrote. "This is a project that demands serious economic, technological, and environmental scrutiny, and has been subject to virtually none." OPG is also running into concerns with its plan to power the BWRX-300 with enriched uranium supplied by a firm in the U.S. state of New Mexico. When Donald Trump launched his tariff war earlier this year and began muttering about making Canada a 51st state, Premier Doug Ford applied a short-lived tariff to Ontario power sales and referred publicly to cutting exports as a retaliatory measure. Now, the province is proposing to make 1,200 MW of electricity supply dependent on a vendor that could see its price driven up by tariffs, or be compelled to cut off the supply entirely. "Developing a dependence on another country for our nuclear fuel has always been a concern, and recent events have proven those concerns are justified," Bob Walker, national director of the Canadian Nuclear Workers' Council, told the Globe and Mail in February. "The arrangements are probably as robust as they could be under normal circumstances, but the circumstances are no longer normal." In an email to the Globe at the time, OPG spokesperson Neal Kelly described the situation as "very fluid", adding that "we are proactively evaluating potential impacts and will act as the situation arises." Kelly did not respond to an email Monday morning asking whether OPG has any concerns about sourcing enriched uranium from the U.S., and whether it has or needs a Plan B. Source: The Energy Mix
