Nuclear power: In the crosshairs at a crossroads?

Natural Resources Minister Lisa Raitt evidently worries that Atomic Energy of Canada Limited, a global pioneer in power reactor technology, is vulnerable.

“When it comes to the nuclear industry, I’m like a lot of Canadians – I’m proud of it,” she told an Economic Club of Canada audience recently. But that pride hasn’t blinded her to the reality that AECL, “is struggling” in an intensely challenging global market where 48 AECL-designed Candu reactors have an unrivalled safety record.

While convinced of the potential of the industry overall, Raitt said there is a critical need to reposition AECL to play a key role in meeting the growing demand for “emissions-free base load power” at home and abroad.

“The reality is, the nuclear industry is at a crossroads. In fact, it arrived here some time ago, and if we don’t adapt to global realities, the Canadian nuclear industry will move from the crossroads into the crosshairs.” Without new business models and structures, there was a serious risk of Canada’s nuclear power potential being eroded, even lost.

“Failure is not an option,” she said, explaining that current government policy has three objectives: meeting clean energy needs economically, safely and reliably; maximizing the return on Canada’s multi-billion-dollar investment in nuclear energy; and positioning the industry for growth.

“There’s new demand for clean energy, but there’s also new and very well-financed competition. Going forward, AECL needs to have a strong commercial base and access to new sources of capital, innovation, and marketing – the tools it needs to succeed.” Restructuring, she explained, means developing new partnerships which would bring additional financial, managerial, entrepreneurial and technological capacity to the industry.

“Right now, 30,000 Canadians are employed directly and indirectly in the nuclear industry, and a lot of those are highly skilled, well-paying jobs. Canada needs these jobs and I can assure you, we are determined to position the Canadian nuclear industry so these jobs are retained and more just like them are created.”