- Canada approves construction of its first small modular reactor (SMR), a BWRX-300 unit, at Darlington Nuclear Generation Station, marking the first of its kind in any G7 country.
- Ontario Power Generation plans to build up to four 327-megawatt SMRs at the site, capable of powering 900,000 homes with zero-emissions electricity.
- Canada aims to construct 85 SMRs by 2050 to meet net-zero emissions targets, with federal support including CAD$74 million for SMR development and CAD$304 million for CANDU modernization.
Azincourt Energy (TSXV: AAZ, OTCQB: AZURF) hails the Canadian Nuclear Safety Commission's approval of Ontario Power Generation's (OPG) plan to construct Canada's first small modular reactor (SMR) at the Darlington Nuclear Generation Station in Clarington, Ontario. This historic decision permits OPG to build a BWRX-300 SMR, positioning it as the pioneering SMR in a G7 nation.
The project includes the potential construction of four SMRs, each with a 327-megawatt capacity, collectively capable of generating enough electricity to power about 900,000 homes without emissions. This initiative significantly aligns with Canada's strategy to expand its nuclear energy capacity amid global electricity consumption, which the International Energy Agency predicts will rise by 4% annually through 2027.
In support of the SMR development, the Canadian government has earmarked CAD$74 million for Saskatchewan's SMR projects, and an additional CAD$304 million is committed to modernizing the country's CANDU reactors. This funding bolsters Canada's status as the second-largest uranium producer globally, with new exploration opportunities emerging following Nova Scotia's recent lift of a longstanding uranium exploration ban.
Azincourt Energy (AZURF, Financial) is engaged in advanced uranium exploration projects within Canada, including the Snegamook uranium deposit and the extensive East Preston Project in the Athabasca Basin. These ventures position the company strategically to benefit from the increasing demand for nuclear energy solutions as nations work towards achieving net-zero emission targets by 2050.
