Canada plans 10 new nuclear reactors by 2040 in $100B bet

Key Takeaways

• Canada plans to build up to 10 new nuclear reactors by 2040 at an estimated cost exceeding $100 billion
• The strategy aims to double Canada's electricity grid capacity and nuclear sector employment from 90,000 to 180,000 jobs
• At least one reactor will be built outside Ontario by 2035, with Saskatchewan and Alberta as potential sites

Canada announced plans to build up to 10 new nuclear reactors by 2040, a $100 billion-plus initiative that Energy Minister Tim Hodgson called a "new civilian nuclear renaissance." The strategy, released Monday, ties directly to Canada's goal of doubling its electricity grid capacity by 2050.

"If our goal is to double our grid and build a low-carbon economy in less than 25 years, there is no credible plan to do that without nuclear energy and the clean, reliable baseload power it provides," Hodgson said at a news conference in Newmarket, Ontario.

What does the Canada nuclear strategy actually commit to?

The plan sets concrete milestones rather than vague ambitions. Construction must begin on two large-scale reactors by 2035. Five more reactors should be planned or under development by 2040. At least one reactor must break ground outside Ontario by 2035.

Canada currently operates four nuclear power plants: three in Ontario (Bruce, Pickering, Darlington) and one in New Brunswick. These facilities generate roughly 15% of the country's electricity. The Darlington site in Ontario is already slated for a small modular reactor (SMR) that would be the first of its kind in the G7, capable of producing up to 300 megawatts per unit.

Saskatchewan is exploring SMRs for the mid-2030s, and Ottawa's energy agreement with Alberta includes collaboration on a potential nuclear plant. The strategy also commits to deploying a Canadian-made microreactor to a remote community by the late 2030s.

How will Canada pay for $100 billion in reactors?

The strategy document does not answer this question directly. Natural Resources Canada officials pointed to the Canadian Infrastructure Bank and the Canada Growth Fund as possible funding sources, but no detailed financing plan exists yet.

Conservative Leader Pierre Poilievre dismissed the announcement from Vancouver: "An announcement will not build anything. And this is the problem we've had with the Carney Liberals is their promises are being reported on as results and so far there have been no results."

The criticism points to a real gap. Large nuclear projects have a history of cost overruns and delays. Ontario's Darlington station, completed in 1993, ran more than three times over its original budget. The financing question will likely dominate political debate as the strategy moves from announcement to implementation.

CANDU exports and uranium production targets

Beyond domestic construction, Canada wants to sell more CANDU reactors abroad. Thirty CANDU units currently operate worldwide, including in South Korea, China, India, Argentina, Pakistan, and Romania. Two more are planned.

The strategy sets a target of breaking into at least four new international markets by 2040 and engaging "six to 10 new nuclear entrant markets over a 15-year horizon." Canada also plans to double its uranium exports, leveraging its position as one of the world's largest uranium producers.

Hodgson framed this as economic competitiveness: "There is no credible plan for Canada to become an energy superpower if we choose not to build upon one of the strongest energy advantages we have."

Jobs and Carney's ethics screen

The government projects the strategy will double employment in Canada's nuclear sector from 90,000 to over 180,000 jobs "over the coming decades." That figure covers construction, operations, and supply chain roles.

Prime Minister Mark Carney was not shown the strategy, and officials confirmed he played no role in developing it. This is due to the ethics screen Carney has in place regarding his investment holdings. The ethics commissioner has previously published a list of Carney's investments, and a parliamentary committee has recommended the prime minister divest certain assets.

Why nuclear, and why now?

The timing reflects converging pressures. Electricity demand is rising as data centers, electric vehicles, and industrial electrification strain grids. Intermittent renewables like wind and solar need baseload backup. Natural gas faces political opposition in a low-carbon transition. Nuclear fills that gap with consistent output and zero direct emissions.

Other countries are moving similarly. The United States extended licenses for aging reactors and is funding SMR development. France reversed course on planned shutdowns. The UK is building Hinkley Point C and planning Sizewell C. Canada's announcement positions it in a global race for nuclear expertise and supply chain dominance.

Frequently Asked Questions

How many nuclear reactors does Canada currently have?

Canada operates four nuclear power plants with 19 reactors total, primarily located at Bruce, Pickering, and Darlington in Ontario, plus Point Lepreau in New Brunswick.

What is a small modular reactor (SMR)?

SMRs are nuclear reactors with smaller output (typically under 300 megawatts) that can be factory-built and transported to sites. They promise lower construction costs and faster deployment than traditional large reactors.

When will Canada's first SMR come online?

The Darlington SMR project in Ontario is targeting completion in the mid-2030s, which would make it the first SMR in the G7 nations.

How much of Canada's electricity comes from nuclear power?

Nuclear currently generates approximately 15% of Canada's electricity, concentrated in Ontario where it provides over half of the province's power.

What is a CANDU reactor?

CANDU (Canada Deuterium Uranium) is a Canadian-designed pressurized heavy water reactor. Unlike most reactors, it uses natural uranium fuel and can be refueled while operating.

Source: Hacker News: Best