Prime Minister Mark Carney has released his priority “nation-building projects,” including the Darlington New Nuclear Project (DNNP) in Ontario. He claims this project will “build Canada strong,” but nuclear power is the slowest, most expensive way of providing electricity, far greater than the costs of renewables and energy storage.
Canada’s nuclear regulator has already fast-tracked the DNNP, awarding a construction license despite the lack of a credible environmental assessment or an approved design.
The projected cost of the DNNP’s “small modular reactor” (SMR) is in the billions, greatly exceeding the $970 million contribution from the Canada Infrastructure Bank in 2022. There is essentially no interest by private investors in nuclear power owing to its substantial financial risks, so it is funded by taxpayers and ratepayers.
The BWRX-300 SMR planned for the DNNP is American, made by GE Hitachi. Its projected completion date is 2030, though almost all reactors built in the past have overshot their expected completion dates by years, often decades. Canada would have to buy enriched uranium fuel for this American reactor from the U.S. because enriched fuel is not produced in Canada.
Many unanswered questions remain about this dubious “nation-building project”. Prime Minister Carney may hope that Canada will become a global energy “superpower” by selling SMRs all over the world, but how likely is this? The BWRX-300 is untested technology with no performance track record. SMRs are far from being built at scale to bring the exorbitant price down. Canada has not sold a reactor since the 1970s. Canada would have an American reactor, reliant on American fuel, and subject to the whims of an unpredictable American administration.
Spending billions of taxpayer dollars on nuclear power, using an American reactor that uses American fuel, when cheaper, cleaner technologies already exist, does not make sense as a “nation-building project.”