Ontario Power Generation welcomes the latest clean energy initiatives by the Federal Government outlined in the Fall Economic Statement, including the proposed investment tax credit that would benefit Small Modular Reactors and other forms of clean energy technology including hydroelectric, hydrogen, and pumped storage. OPG also welcomes the commitment to improve the efficiency of federal environmental Impact Assessments Act.
OPG and its subsidiaries are leading the development of SMRs, examining new hydroelectric potential, working to electrify the transportation sector, advancing the development of hydrogen and exploring pumped hydro storage. OPG’s Darlington Nuclear refurbishment will also provide decades of additional GHG-free power, as would the possible redevelopment of the Pickering B Nuclear Generating Station, the feasibility of which is currently being explored.
Recently, the Canada Infrastructure Bank announced a loan of $970M to develop the first commercial SMR at OPG’s Darlington site. SMRs are a new class of nuclear reactors that are approximately 300 megawatts or less, have a smaller footprint and a shorter construction schedule, compared to traditional nuclear generating stations, and can provide zero-carbon baseload power across all regions.
“These measures will help ensure this critical infrastructure is successfully completed, while reducing costs for ratepayers,” said OPG President and CEO, Ken Hartwick. “The powerful combination of Federal and Provincial government support sends a resounding message that Ontario and Canada are ready to lead the world in clean energy development.”
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