Ontario Fall Economic Statement Places Nuclear at Core of Province’s Energy Future

Earlier today the Government of Ontario released their 2024 Ontario Economic Outlook and Fiscal Review, highlighting the province’s intention to build critical infrastructure and spur economic growth.

The outlook describes how the rapid growth of electricity demand will outpace current generation capacity. The government is responding with their “most ambitious energy plan” in the province’s history with nuclear energy at the core, noting that “as a world leader with experience and expertise in nuclear energy, Ontario is leveraging its position to develop the next generation of nuclear power. To meet growing electricity demand, and as the government rebuilds Ontario’s economy, Ontario is building on its nuclear advantage, which already provides more than 50 per cent of the province’s power.”

The economic outlook emphasizes a series of key investments in nuclear including:

• Refurbishment of the Pickering Nuclear Generation Station
• Ongoing refurbishments at Bruce and Darlington
• The Darlington New Nuclear Project
• Growth of the province’s nuclear supply chain, including potential export opportunities both within Canada and abroad

The outlook also highlights Ontario’s Sustainable Bond Framework, announced in January 2024, which will enable green bonds to fund “environmentally beneficial projects, including emissions-free nuclear energy.”

The Canadian Nuclear Association welcome’s the province’s recognition that nuclear must and will play a central role in Ontario’s clean energy future by ensuring the steady and reliable supply of clean electricity while creating high-quality jobs across the province.