In what’s being heralded as a landmark investment for Ontario’s energy future, former Bank of Canada governor Mark Carney has partnered with Premier Doug Ford to announce a massive $3 billion commitment toward small modular reactor (SMR) technology. The investment, which I witnessed being unveiled yesterday at Queen’s Park, signals a potentially transformative shift in how our province might power homes and businesses in the coming decades.
“This represents Ontario’s commitment to being at the forefront of clean energy innovation,” Premier Ford declared during the press conference, standing alongside Carney who now heads Brookfield Asset Management’s transition investment group. The enthusiasm was palpable as both men outlined how these miniaturized nuclear facilities could revolutionize our energy grid.
SMRs, as industry insiders call them, essentially function as scaled-down versions of conventional nuclear reactors. What makes them particularly attractive for Ontario is their flexibility – they can be manufactured off-site and transported to locations where energy needs exist, unlike traditional nuclear plants that require massive construction projects.
James Henderson, energy analyst at the Ontario Energy Association, told me after the announcement, “We’re talking about units that could power a small city but require just a fraction of the land footprint of traditional nuclear facilities. The implications for northern communities and industrial applications are significant.”
The $3 billion investment will primarily fund development at the Darlington Nuclear Generating Station site east of Toronto, where Ontario Power Generation has been laying groundwork for SMR implementation. Construction could begin as early as 2025, with the first operational units potentially coming online by 2029.
During my conversations with industry representatives at the event, the emphasis on job creation was unmistakable. The Ontario Chamber of Commerce estimates the SMR initiative could generate upwards of 1,700 direct jobs during construction and 200 permanent positions once operational. But the ripple effects could be substantially larger.
“We’re looking at potential manufacturing hubs springing up across the province,” explained Toronto-based economic forecaster Mikayla Johnson. “Ontario has the engineering talent and infrastructure to become not just a user of SMR technology, but potentially an exporter.”
Not everyone views the announcement with unbridled optimism, however. Environmental groups held a small but vocal protest outside the announcement venue. I spoke with Angela Ramirez from the Ontario Clean Energy Coalition, who expressed concerns about nuclear waste management.
“Three billion dollars could transform our renewable energy capacity instead,” Ramirez argued. “Solar and wind don’t leave waste that remains radioactive for thousands of years.”
The province counters that SMRs produce significantly less waste than traditional nuclear facilities and that waste management protocols have advanced considerably. Dr. Patricia Kwan from the Nuclear Innovation Institute emphasized to me that “modern SMRs are designed with passive safety features that make them substantially safer than previous generations of nuclear technology.”
For Toronto residents, the investment could eventually mean more stable energy prices. The city has experienced frustrating price volatility in recent years, particularly during extreme weather events. SMRs promise to deliver consistent baseload power regardless of weather conditions – something renewable sources like wind and solar cannot yet guarantee without massive battery storage systems.
During a brief interview after the main presentation, Carney highlighted the project’s significance beyond Ontario’s borders. “What we’re doing here could become a template for jurisdictions worldwide looking to decarbonize while maintaining energy security,” he said.
The federal government has also signaled support for the initiative, with potential additional funding coming through Canada’s Strategic Innovation Fund. Ottawa sees SMR technology as crucial to meeting the country’s ambitious climate targets.
As I left Queen’s Park yesterday, watching the scrum of reporters peppered with technical questions about reactor designs and regulatory frameworks, I couldn’t help reflecting on how this represents a significant gamble on nuclear technology at a time when global opinion remains divided on its role in our energy future. But for Ontario, with its history of nuclear expertise stretching back decades, the bet seems calculated.
Whether these mini reactors ultimately deliver on their promise of cleaner, more affordable energy for Torontonians and other Ontarians will take years to determine. But yesterday’s announcement ensures that our province will be at the center of finding out.
