Ontario approves construction of new high-tech nuclear reactor near Toronto

The Government of Ontario has approved Ontario Power Generation (OPG)'s construction of the province's first small modular reactors (SMR).

Four SMRs are set to be built, with the first to be constructed at the Darlington nuclear site in Bowmanville. Construction on this initial SMR is projected to be completed by the end of 2029 and connected to the grid in 2030.

The provincial government says this SMR will be the "first of its kind in the G7," capable of producing enough "reliable, affordable and clean electricity" to power the equivalent of 300,000 homes.

Per the government, this reactor will create up to 18,000 jobs and generate an annual average of $500 million for Ontario's economy. Altogether, Ontario predicts that the four SMRs will add a much-needed $38.5 billion to Canada's GDP over the next 65 years.

In total, OPG has set a $20.9 billion budget for the Darlington New Nuclear Project, which the government will support with funding from cash on hand and taking on debt. 

The first SMR is set to cost $6.1 billion to build. On top of that, the government says it will ensure that 80 per cent of project spending goes to Ontario companies and that an estimated 3,700 jobs will be sustained over the next 65 years.

Going forward, the Province says it will also work with the federal government and OPG to help power companies in Alberta, Saskatchewan and New Brunswick deploy their own SMRs.