SaskPower Establishes Nuclear Subsidiary SaskNuclear

September 10, 2024

Written By Luke Morrison, Jessica Kennedy, David Macaulay and Sharon Singh

SaskPower has created a nuclear subsidiary called SaskNuclear to advance the province’s small modular reactor (SMR) nuclear project from a business and regulatory standpoint. SaskPower is planning the development of its first SMR by the mid-2030s.

The subsidiary will be wholly owned by SaskPower and will share a President and CEO, as well as a Board of Directors. The utility is working towards reaching net-zero by 2050 or sooner. The provincial government says the work done at SaskNuclear will help support a final investment decision on whether to proceed with SMRs in 2029.

SaskPower's announcement is available here.

The establishment of SaskNuclear marks the latest step in Saskatchewan's nuclear development strategy, with a view to entering Canada’s robust regulatory process for greenfield nuclear developments.

In June 2024, SaskPower signed a memorandum of understanding (MOU) to explore reactor and fuel supply potential with Westinghouse Electric Company and Cameco Corporation. Earlier in the year, the utility signed an agreement with GE Hitachi to collaborate on project planning. SaskPower is evaluating the Estevan and Elbow areas for potential SMR sites.

In March 2022, Saskatchewan, Alberta, Ontario and New Brunswick agreed to collaborate on the advancement of SMRs as a clean energy option under the Strategic Plan for the Deployment of Small Modular Reactors. The Plan follows on work commenced by Saskatchewan, Ontario and New Brunswick under a SMR MOU signed in December 2019.

Saskatchewan is one of the top uranium producers in the world and in 2022-23, provincial exports of uranium increased by more than 1,500 percent.

Bennett Jones continues to track noteworthy developments in nuclear deployment that have the potential to affect Canadian businesses and other local stakeholders. To discuss developments in the Saskatchewan and Canadian nuclear industries, please contact one of the authors.

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