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SMRs will generate jobs and lasting economic benefits, CBOC report finds

November 1, 2023 | By Anthony Capkun

November 1, 2023 – The construction of four small modular reactors (SMRs) by Ontario Power Generation at its Darlington Nuclear site in Ontario “will have a significant economic impact on the Ontarian and Canadian economy”.

According to a Conference Board of Canada (CBOC) report,* the construction and operation of four SMRs will contribute about $15.3 billion to Canada’s GDP, including $13.7 billion to Ontario’s GDP. It will create and sustain 2000 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.

“As Ontario’s population continues to grow, investing in stable and reliable energy sources will become increasingly important,” said Tony Bonen, director, Economic Research, 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.”

OPG and its project partners will complete construction of the first unit in 2028, which will begin producing power for Ontario’s grid in 2029. OPG will bring the remainder of the reactors online in the mid-2030s. Once fully deployed, these four SMRs will produce a total 1200 MW of electricity.

DOWNLOAD the REPORT (PDF) – CBoC_Economic-Impact-Assessment-of-4-SMRs-OPG-002-FINAL-ua

* In a disclaimer, the authors state their report “reflects the views of The Conference Board of Canada only” and “does not reflect the views or policies of the Ontario Power Generation company”.

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