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Canada plans to rapidly expand its nuclear power sector to contribute heavily to the countrys energy demand.
Nuclear power contributes around 15% of Canadas energy at present. However, with plans to develop several new nuclear facilities, this figure is expected to grow significantly in the coming decades.
The 2023 Federal Budget showed strong support for nuclear power, including a refundable Investment Tax Credit (ITC) for clean electricity and a 30% ITC for clean technology manufacturing.
The budget also backed nuclear power through several other initiatives, including an extension of reduced tax rates, funding from the Canada Infrastructure Bank, cash for the regulatory authority, and half a billion dollars in SMR project investment.
Meanwhile, the Canadian energy firm, NexGen, is developing a project that could make Canada the worlds biggest producer of uranium over the coming decade.
NexGens mine in the uranium-rich Athabasca Basin of northern Saskatchewan is now valued at almost $4 billion.
