The Saskatchewan government is outlining plans to develop two large nuclear reactors in the northwest along the North Saskatchewan River.
Moe was at the College of Engineering on the University of Saskatchewan campus Tuesday to announce concrete targets for the development of nuclear power in the province.
Moe’s government has long signalled its intent to incorporate nuclear power into the grid, including through the use of as-yet-undeveloped small modular nuclear reactors.
The plan released Tuesday outlines more detailed steps on how to get there.
The plan, titled Delivering Energy Security Through Nuclear Power, establishes a target to produce at least 2,600 megawatts by 2050, according to a provincial news release.
“Reliable, affordable power is essential for Saskatchewan families to thrive and for businesses and communities to grow,” Premier Scott Moe said in a statement Tuesday morning.
“Nuclear power will be a cornerstone,” Crown Investments Corporation Minister Jeremy Harrison said. “This plan gives SaskPower a clear path to meet growing demand and support the investment and industries that keep our province strong.”
The province is looking to incorporate large nuclear reactors into its supply planning. Its strategy outlines plans for the potential development of two large nuclear reactors in northwest Saskatchewan, the first of which is expected to be online by 2042.
Plans for a small modular reactor in the southeast corner of the province continue apace. SaskPower has selected a site near the City of Estevan for further study.
That reactor would aim to deliver at least 600 megawatts of power, the province says.
The province says the two large reactors will generate more than 2,000 megawatts of power. When factoring in the additional 600 megawatts, the generational goal for the small modular reactor at the Rafferty site near Estevan, there will be a power equivalent of 2.6 million homes.
Many details were missing from Tuesday’s announcement. The province wouldn’t say where in northwest Saskatchewan these reactors would be built but said these types of projects are typically constructed at the same time.
The province also wouldn’t provide a cost estimate. Moe agreed with a reporter suggesting one large reactor would cost more than $5 billion.
In SaskPower’s most recent annual report tabled in June, the Crown utility reported an increase in debt. SaskPower held $11.5 billion in total debt as of March, which increased its debt ratio from 76.2 per cent to 78.9 per cent.
According to the annual report, SaskPower spent roughly $1.8 billion in capital spending to modernize and grow the provincial electricity system. Had it not been for a $187 million affordability grant from the Crown Investments Corporation, SaskPower would have reported a record $301 million deficit.
On Tuesday, Jeremy Harrison said part of the strategy is to engage the federal government and the private sector to lessen the burden on SaskPower customers.
“I think that there is a very real path for private sector financing to be a part of the conversation. That’s something we’re working through with the federal government as well,” Jeremy Harrison, the minister responsible for SaskPower, said.
“I wouldn’t take it as given that there is a day one outlay from governments for the full capital cost.”
Moe said given the vast investment into nuclear energy happening across the world, costs could come down as the industry learns more about the technology.
Getting a reactor online in 16 years would also be a historical outlier to clear all necessary legal and regulatory hurdles. No site has been selected, no reactor technology has been chosen and many other details are yet to be finalized.
However, Moe believes in the timeline because of the interest in nuclear energy.
“Regulatory timelines, they’re changing rapidly at the federal level — and this is a federal process,” Moe said. “Second to that, we will make the decisions when we have the appropriate information.”
