Much more than simply electricity generation, SMRs can be part of diverse energy system which includes district heating, co-generation, energy storage, desalination, and hydrogen production among others. These traits are particularly attractive to remote off-grid applications in northern communities or industrial sites, such as mines, where consistent, reliable and low carbon, clean energy and heat is needed.
Canada has a proud track record in the design, construction, licence and operation of small reactors. In Whiteshell, we have had the WR-1, an organically cooled research reactor, as well as a SLOWPOKE reactor, another AECL design successfully deployed in universities and research institutions across the globe. In Chalk River, we can point to the ZEEP, NRX, NRU, PTR, and ZED-2 reactors as examples of success in first-of-a-kind deployment.
Canada has one of the world’s most promising domestic markets for SMRs. Conservative estimates place the potential value for SMRs in Canada at $5.3B between 2025 and 2040. Globally, the SMR market is much bigger, with a conservative estimated value of $150B between 2025 and 2040. This represents a large potential export market for Canada, which has already exported nuclear reactor technology to six other countries.
Canada has a window of opportunity to lead as it has all the necessary elements – a strong international brand, flexible and performance based regulator, world class nuclear laboratories and demonstration sites, a mature supply chain and domestic uranium mining industry, extensive nuclear operating experience, and strong science and technology in related areas (materials science, medicine, irradiation/sterilization, food safety).