– Edited By Tom Lamar –
Canada is at the forefront of investing in nuclear reactors, at a time when the entire world is moving quickly towards alternative energy and a boom time in this industry not seen for over thirty years. There are promising opportunities in the country, if handled well, to boost Canada as a vibrant alternative energy play with incoming investments, robust R&D and exports of technology.
Ernst & Young showed recently at the World Energy Congress that despite significant challenges, Canada is among 15 countries worldwide considering nuclear reactors in a resurgence of the energy resource.
But there is a more surprising finding from this report.
The world is on the verge of a nuclear energy expansion – with 65 reactors being built globally and another 120 being pursued (not including the refurbishment of existing reactors), driven by demand for a more secure energy supply and zero-emissions power. And nuclear energy fits the bill, as it has become an increasingly viable option today and also into the future.
Speaking specifically on Canada, Stephen Power, leader of Ernst & Young's Power and Utilities sector team said that Ontario, Quebec and New Brunswick are all investing in nuclear energy, and the Prairie provinces have considered it, despite the associated challenges. But there are challenges, including budget overruns and missed timelines, not to mention memorably tragic accidents. Renewable energy is important to Canada and is finding increased support from provincial governments. This is exemplified by the "shift-to-green" Canada is experiencing through recently announced proposals and policies across the country, including legislation in British Columbia, Ontario and Quebec.
Power adds, "Nuclear is an important clean energy resource, but it's only part of the solution. We have to continue thinking about and sourcing renewable energies like wind, hydro and solar. Bringing a reactor online requires a long lead time. Renewable energies can be more readily available for use and, given current government support and programs, economically viable."
Patrick Bossé, an Assurance partner at Ernst & Young comments, "Quebec is really strong from a renewable energy standpoint, specifically around hydro-electricity and is now making strides in clean nuclear energy as well. Quebec is investing billions of dollars into renewable energy, and the refurbishment of reactors – not forgetting their energy efficiency programs. These are significant indicators of the importance of alternative energy sources, as well as nuclear energy here in Canada."
Canada can do a lot to make nuclear energy a viable alternative, including public education, and support of innovation and technology in the sector. If done well, Canada can be attractive to the global market for investment and as a supplier of products, technologies and know how. But Ernst & Young recommends the industry must maintain a balance between the proven technology of nuclear energy and emerging renewable technologies. Governmental investment must yield returns, and success on this front can lead to a vibrant energy sector that powers the country with a reliable and clean approach and creates employment opportunities.