OPG's Small Modular Reactors will generate jobs and lasting economic benefits for Ontario

The Conference Board of Canada report says new nuclear will boost Canada's GDP by $15.3B over 65 years

CLARINGTON, ON , Oct. 20, 2023 /CNW/ -The construction of four Small Modular Reactors (SMRs) by Ontario Power Generation (OPG) at its Darlington Nuclear site will have a substantial positive impact on the Ontario and Canadian economies, according to the Conference Board of Canada (CBOC).

The report estimates that building and operating a fleet of four SMRs will contribute approximately $15.3 billion to Canada's GDP, including $13.7 billion to Ontario's GDP. It will create and sustain 2,000 jobs each year in Canada over the next 65 years. 

The project will also generate $4.9 billion in tax revenues to municipal, provincial and federal governments over 65 years, which includes plant construction and operations.

Ontario's already-robust nuclear supply chain will enjoy significant growth, cementing itself as the supplier of clean energy technology to the world.

Quick Facts

• According to CBOC, Ontario will reap 89 per cent of the economic benefit associated with the project.
• Building on plans to build one SMR at the Darlington site, in July 2023, Ontario Minister of Energy Todd Smith asked OPG to commence planning and licensing for three additional SMRs, for a total of four SMRs at the site.
• OPG's fleet approach allows sharing of common infrastructure like cooling water intake over four units, reducing overall project costs.
• OPG and its project partners will complete construction of the first unit in 2028, and it will begin producing power to Ontario's grid in 2029. OPG will bring the remainder of the reactors online in the mid-2030s.
• Once deployed, these four units will produce a total 1,200 megawatts (MW) of electricity, equivalent to powering 1.2 million homes, helping to meet increasing demand from electrification and will fuel the province's strong economic growth.

Quotes

"Being the first North American mover of this innovative technology positions Ontario as a world leader in nuclear and a welcoming destination for new business," said OPG President and CEO Ken Hartwick. "Our plan to construct four new reactors at Darlington will also generate opportunities across Ontario and Canada as suppliers of nuclear components and services have an opportunity to expand to serve the growing SMR market here and abroad."

"Our government's open for business approach has led to unprecedented investments across the province ? from electric vehicles and battery manufacturing to critical minerals to green steel," said Todd Smith, Minister of Energy. "Today's report demonstrates how Ontario's SMR program will create thousands more highly skilled, good paying jobs while ensuring we have the reliable, affordable and clean electricity we need to power the next major international investment, the new homes we are building and industries as they grow and electrify."

"As Ontario's population continues to grow, investing in stable and reliable energy sources will become increasingly important," said Tony Bonen, Director, Economic Research at The Conference Board of Canada. "Nuclear energy has been a major source of electricity generation for many years, and further investing in SMRs has the potential for significant economic benefits in the province."

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 and the US. OPG and its family of companies are leading the development of new clean technologies, refurbishment projects, and electrification initiatives to power the growing demand of a clean economy. Learn more about how the company is advancing these initiatives while prioritizing people, partnerships, and strong communities by reading OPG's Climate Change Plan, Reconciliation Action Plan, and Equity, Diversity, and Inclusion (ED&I) strategy.

SOURCE Ontario Power Generation Inc.