Like many regions globally, Canada is preparing for a sharp rise in electricity demand by 2050. Meeting that load will require a practical, executable mix of nuclear refurbishments and new builds, supported by government planning and investment. At RBC’s 2025 Canadian Industrials Conference, nuclear energy leaders from Aecon, Bruce Power, and Ontario Power Generation (OPG) explored how Canada—particularly Ontario—is stepping up as a driving force in the nuclear-powered energy transition.
“[Extending] the lives of existing assets, showcasing strong safety performance and high quality – on schedule and on budget is an important test for our industry, demonstrating to investors that we can deliver new, major nuclear projects to these standards,” explains Scongnack.
The momentum is already underway. OPG’s Darlington generating station is undergoing a major renovation and Pickering is on-deck for a refurbishment – both rank among the largest nuclear refurbishment programs globally and represent one of Canada’s largest clean energy investments. “There is a significant role for nuclear to play in the energy sector on a going-forward basis. We see tons of growth on the horizon,” says Dekker.
Aecon has emerged as one of Canada’s leading nuclear constructors, playing a central role in delivering large-scale refurbishment projects that are critical to the country’s energy transition. The company has been a key partner at OPG’s Darlington site and for Bruce Power. By working across multiple sites, Aecon is creating a feedback loop – translating insights, efficiencies, and best practices from one project to the next. “We’re getting better and stronger, improving quality and safety performance, reducing schedule and lowering costs,” explains Johnson.
“We’ve got approval to move forward with constructing our first SMR at the Darlington site – historic for North America – the first new build nuclear project in many decades.”
Theresa Dekker, VP Nuclear Growth & Sustainability, Ontario Power Generation
Laying the groundwork for future nuclear buildout
Beyond refurbishment, the goal is to return assets to service with greater output. “When people ask, ‘When is Bruce Power going to build an SMR?’ I say, ‘We’re already building two – because we’re achieving the equivalent of that output at peak,’” he adds.
Bruce Power has also launched an impact assessment for the potential construction of four new reactors – taking a step-by-step approach to align future permitting with the ongoing refurbishment program.
“In nuclear, you need to go slow to go fast. Nobody’s putting a shovel in the ground tomorrow, but we are taking the appropriate, prudent steps to go through that process,” concludes Scongnack.
Emphasizing safety, reliability and affordability – while fitting into net zero targets across the world – remains critical for future deployment. “The refurbishment program at Darlington sets us up for success on deploying new nuclear. We’ve got approval to move forward with constructing our first SMR – historic for North America – the first new build nuclear project in many decades,” says Dekker.
Like Bruce Power, OPG is seeking opportunities to deploy various types of energy tech at its strategic sites, including nuclear, with the Wesleyville site holding a potential for up to 10,000 megawatts of generation. While any buildout remains years away and subject to extensive planning, “nuclear projects are long term in nature and require a certain level of rigor when planning them,” notes Dekker.
Johnson agrees that continued performance underpins future success and, given Canada’s extensive supply chain, predicts a favorable outlook: “The future of nuclear construction is only as good as we can continue to deliver consistent results upon. I think the tail winds are there. We have economic predictability, host communities that are willing and able to support, and the supply base.”
“Our financing allows us to recover a return of, and on, capital and fund the life extension of existing assets.”
James Scongnack, COO, Bruce Power
Securing funding for new build nuclear projects
While current projects are progressing successfully, securing funding for the next wave of SMRs and new builds brings a new set of challenges.
Bruce Power finances current projects through electricity deals, cash generation from existing reactors, and proceeds from bonds. “Our financing allows us to recover a return of, and on, capital and fund the life extension of existing assets,” says Scongnack
However, Scongnack admits the existing funding mechanism won’t be suitable for new builds. Governments will need to be much more involved in the early stages, due to less certainty and a higher risk profile. “I think we would be kidding ourselves to think that the same structure would work,” he says.
Johnson highlights that although construction hasn’t been the most productive industry over the last 20 years, within nuclear there are some examples of innovation that are starting to move the needle.
“On the Bruce MCR program, we’re using automated and robotic tools that reduce the amount of person hours in the field – improving productivity, quality and safety. Flipping the switch, for new nuclear projects like the SMR program at Darlington, we’re ensuring our prefabrication and modularity approaches are front of mind,” he says.
Even with this type of in-the-shop, out-of-the-field modernization, automated technology can do the hard work. “Rather than risking job losses, this increasing automation is seen as net benefit for the economy because it drives project efficiency,” concludes Johnson.
Balancing speed and scale
While it’s clear the industry will need both SMRs and large-scale reactors to meet future energy demand, SMRs offer a key advantage: faster deployment. With proven technology and established safety records, they can move ahead more quickly than newer, large-scale nuclear projects.
For those larger projects, the approach is necessarily different. Permitting must come first, followed by careful technology selection and detailed design work before construction begins. “We’re running a request-for-information process before engaging with a construction company like Aecon to calculate costs and assess risk,” explains Scongnack.
As a design-build partner, Aecon’s role is to execute – translating plans into infrastructure, regardless of which technology is chosen. “While we’re a construction company, we want to support the nuclear industry and our clients in making those decisions,” says Johnson.
Exporting nuclear to the world
Collaboration runs deep in Ontario’s nuclear sector, shaping both culture and capacity. “The opportunity for Ontario is to build that workforce and supply chain locally, then export it,” says Dekker.
Canada’s independent Nuclear Safety Commission also gives the industry a unique advantage, with energy policy set primarily at the provincial level. “When we engage with our safety regulator, it’s a fact-based conversation, not a political one,” adds Scongnack. “Their focus is safety, while ours is economic and energy security. That balance creates a strong foundation for building energy infrastructure.”
