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Climate


MYHA TRUONG-REGAN: SMRS—WORLD’S NEW NET ZERO DARLING

Nuclear’s winter is over. It’s hard to imagine five years ago thousands of
people would have trekked to Ottawa to talk nuclear. But a decarbonizing drive
and a global pledge to triple nuclear energy by 2050 at COP28 has given the
low-carbon source plenty of momentum.

Scores of engineers, financiers, and policy makers from around the world
descended upon the nation’s frigid capital this week to discuss the prospects of
a tried-and-tested tech, but with a new twist: small modular reactors (SMRs).

The new darling of energy transition was the theme of the invitation-only OECD
Nuclear Energy Agency (NEA) event in Ottawa last week. It’s not hard to
understand why. There’s a comfort level with SMRs since they are based off
conventional nuclear reactors that are operational since the 1950s. The modular
approach to manufacturing reactor parts also holds the promise of lower costs,
compared to onsite construction. That’s an alluring quality as conventional
nuclear projects have a long history of cost overruns, that’s led to losing
taxpayer and political support.

Event participants were bullish on SMR’s ability to decarbonize hard-to-abate
sectors. Their reasoning: Ontario’s 50-year nuclear pedigree. The province’s
experience with the Bruce and Darlington nuclear plants is seen as a springboard
for SMRs, leveraging a deep pool of skilled labour and technical knowledge,
social licence, and a regulatory framework that’s best in class.

Yet, being an SMR first-mover comes with an eye-watering price tag of at least
$1 billion in design costs. That’s even before construction begins. It has led
to a waiting game with many in heavy industries and oil and gas sitting on the
sidelines in the hope that a competitor makes the first move. The industry would
need to move quickly to test SMR’s potential. Until SMRs’ high capital costs
industry can be sufficiently de-risked, its potential to decarbonize sectors
such as oil and gas and mining will remain on ice.

Disclaimer

This article is intended as general information only and is not to be relied
upon as constituting legal, financial or other professional advice. A
professional advisor should be consulted regarding your specific situation.
Information presented is believed to be factual and up-to-date but we do not
guarantee its accuracy and it should not be regarded as a complete analysis of
the subjects discussed. All expressions of opinion reflect the judgment of the
authors as of the date of publication and are subject to change. No endorsement
of any third parties or their advice, opinions, information, products or
services is expressly given or implied by Royal Bank of Canada or any of its
affiliates.

By Myha Truong-Regan
March 7, 2024


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TOPICS

 * Experts Commentary
 * Net Zero
 * Nuclear Energy
 * Ottawa


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