- Capital Power Corp. has signed an agreement with Ontario Power Generation to assess and deploy nuclear energy in Alberta
- The two companies will look to examine the feasibility of developing grid-scale small modular reactors (SMRs) in Alberta
- While continuing to work on the next stages of SMR development, both companies intend to complete the feasibility assessment within two years
- Capital Power stock opened trading at C$36.40 per share
Capital Power Corp. (TSX:CPX) has signed an agreement with Ontario Power Generation to assess and deploy nuclear energy in Alberta.
The Edmonton-based power generator is assessing the development of grid-scale small modular reactors (SMRs). The two companies will look to examine the feasibility of developing SMRs in Alberta, including possible ownership and operating structures. SMRs are being pursued by jurisdictions in Canada and around the world. While continuing to work on the next stages of SMR development, both companies intend to complete the feasibility assessment within two years.
The team said this agreement advances a unified strategy announced by the governments of Alberta, Ontario, Saskatchewan and New Brunswick in 2022 to deploy SMRs.
Ontario Power Generation is building North America’s first fleet of SMRs at its Darlington New Nuclear site in Ontario. The construction of the first of four SMRs is scheduled to be completed by the end of 2028, and the unit will be online by the end of 2029.
“We are at the forefront of electrification which will drive continual growth in demand for power. The deployment of SMR technology will provide an important source of safe, reliable, flexible, affordable and clean base load electricity in Alberta in the future,” Avik Dey, president and CEO of Capital Power explained in a news release.
“SMRs are a critical component of the clean power generation supply mix and hold promise for the oil sands,” Brian Jean, Minister of Energy and Minerals, Government of Alberta, said in a statement.
Ontario Power Generation invests in local economies and is engaged in the development of new clean technologies, refurbishment of existing assets and electrification initiatives.
Capital Power Corp. is narrowed in on being a growth-oriented North American wholesale power producer with a strategic focus on sustainable energy. The company owns approximately 7,700 megawatts (MW) of power generation capacity at 30 facilities across North America.
Capital Power stock opened 1.05 per cent higher trading at C$36.40 per share.
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