Refurbishing the Pickering Nuclear Generating Station is Worth the Cost for our Future

The Government of Ontario recently announced its support of Ontario Power Generation’s plan to proceed with refurbishing Pickering Nuclear Generating Station’s “B” units (units 5-8). The Government of Ontario is supporting the $2 billion budget for the Project Initiation Phase of refurbishment, which is expected to continue through the end of 2024.

One of the biggest criticisms of refurbishing the Pickering Nuclear Generating Station, and developing nuclear energy as a whole, is it requires significant upfront costs. In comparison to other energy plants, nuclear power plants have high upfront costs that go into planning, building and making the plant operational before energy can be produced. The $2 billion initiation phase for Pickering includes securing long-lead components that can take years to manufacture, as well as engineering and design work.

While $2 billion might seem like a steep price, it is an investment in Canada’s future. Once the upfront cost is paid and the infrastructure is developed, nuclear has far cheaper operating costs than other forms of baseload power. In OECD countries, the total fuel costs of a nuclear power plant are usually around a third of the total fuel costs for a coal-fired plant and between a quarter and a fifth of the total fuel costs for a gas combined-cycle plant.

A nuclear power plant can also provide baseload power, which refers to the “minimum amount of electric power needed to be supplied to the electrical grid at any given time.” Base load power is essential to our energy security because it allows us to have reliable energy when we need it most, despite outside conditions. What makes nuclear special is not just that it provides baseload power, but also that it provides baseload power and does not produce air pollution or carbon dioxide while operating.

By refurbishing our nuclear power plants, Canada can also signal to the world that we are ready to supply the world with the nuclear it needs. Last year at COP 28, Canada and more than 20 other countries declared to triple nuclear energy capacity by 2050. Much of Europe, is struggling to replace nuclear energy supplies coming out of Russia. The Canadian nuclear industry is poised to become a supplier of choice that can offer services across the full nuclear cycle.

This booming industry also means jobs for young Canadians to look forward to. Pickering nuclear operations are protecting 4,500 jobs annually. However the industry at large has an even greater impact on the Canadian economy. As of 2022, the nuclear sector provided approximately 70,000 direct and indirect jobs across Canada and contributed 13 billion CAD per year to our GDP.

Nuclear energy is here to stay. It’s reliable, it’s sustainable and Canada is positioned to be a leader in its production. Now is the time to show the world we are ready to be a provider as more countries look to increase their nuclear energy capacities. Refurbishing Pickering Nuclear Generating Station is a vital investment in Canada’s future in nuclear energy.