Why Canada might emerge as the next “superpower” in nuclear energy

A renewed emphasis on nuclear energy as a solution to the climate dilemma is bringing uranium back into the spotlight. Canada may develop become a nuclear “superpower” due to its abundance of high-grade resources. Can its potential, however, be realized?

The Fukushima nuclear plant accident in Japan in 2011 severely tarnished the global perception of nuclear power and caused the price of the heavy metal, which is essential for nuclear fuel, to plummet. Four years later, UK Prime Minister Boris Johnson advanced a plan to use nuclear power to produce at least 25% of the nation’s energy. 

Australian-born businessman Mr. Curyer attributes this to a shift in mindset that started shortly after Bill Gates, the founder of Microsoft, hailed nuclear energy as “ideal for dealing with climate change” in 2018.

Even though NexGen’s project in northern Saskatchewan’s remote, uranium-rich Athabasca Basin won’t be commercially operational until at least 2028, it is now valued at around $4 billion (£2.98 billion).

If all regulatory requirements are met, NexGen’s project alone might propel Canada to overtake Kazakhstan as the world’s top producer of uranium in the next ten years. Because it emits fewer carbon emissions than other energy sources like coal or natural gas, nuclear energy is frequently praised.

More than 50% of power is still produced using coal or gas, with 10% coming from nuclear sources, according to estimates from the World Nuclear Association.

Because it emits fewer carbon emissions than other energy sources like coal or natural gas, nuclear energy is frequently praised.

Since the US has mostly depended on Russian-supplied enriched uranium to power its commercial nuclear reactors, Russia’s invasion of Ukraine has increased the urgency of Canada’s involvement in delivering the commodity.

Although it is widely distributed, uranium is most abundant in Canada, Australia, and Kazakhstan.

However, the Athabasca Region of Canada is distinct due to its exceptionally high-grade uranium, according to Markus Piro, a nuclear engineering professor at McMaster University.

Describe nuclear power.

Using much smaller neutron particles, uranium atoms are attacked to produce nuclear electricity in non-military reactors.

Massive amounts of energy are released as heat as a result of the atoms breaking down due to a process known as nuclear fission. When water is heated, steam is created, which powers turbines to produce energy.

Nuclear power: how “green” is it?

While nuclear power plants do not emit greenhouse gases like carbon dioxide or methane while they are operating, they are nonetheless non-renewable energy sources, just like fossil fuels.

What is the UK’s nuclear power usage?

Six plants can currently provide around 20% of the UK’s electricity needs; in 2022, 15.5% of electricity will be produced in this manner.

The majority are nearing the end of their lives, although the government hopes to develop up to eight additional reactors, with one approved annually until 2030. Construction of the Hinkley Point C nuclear power project in Somerset is already underway, and the government approved the Sizewell C nuclear power facility on the Suffolk coast in July 2022. 

The government plans to build Small Modular Reactors (SMRs) in addition to larger nuclear power plants. These operate on a smaller scale yet function similarly to traditional nuclear reactors.

How much will it cost consumers to use nuclear energy?

The government agreed to pay Hinkley Point £92.50 per megawatt hour in 2013; this rate will increase with inflation. Critics contend this is still excessive even though it is significantly less than the current price of £161 per megawatt hour.

 Before the global energy crisis drove up prices in 2019, electricity cost £50 per megawatt hour, therefore £92.50 would be a lot of money if prices went back to where they were.

What is the cost of nuclear plants?

Although the total cost of nuclear power is similar to that of other energy sources, constructing nuclear plants is more costly. In 2015, the initial budget for Hinkley C was £18 billion. At current pricing, the estimated cost is £33 billion.