Canada has announced a national strategy meant to speed the deployment of nuclear power, with the federal government outlining goals that could result in as many as 10 new large-scale reactors.
Natural Resources Minister Tim Hodgson introduced the plan on Monday, saying the strategy sets explicit milestones: two new nuclear reactors should be under construction by 2035, and an additional five projects should be either planned or under development by 2040. The wider aim is a phased expansion that could reach up to 10 new large-scale reactors in total.
Notably, the strategy does not come with new funding commitments. The government said it will publish a policy by April 2027 that will define the conditions under which Ottawa would provide support and will describe the financing instruments that would be available for future nuclear projects.
As part of the energy mix today, nuclear generation accounts for about 13% of Canada’s electricity supply. The country also occupies an important position in the global uranium market, ranking as the world’s second-largest producer of uranium and hosting the largest known deposits of high-grade uranium.
The federal strategy targets both an acceleration of approvals for future nuclear projects and clearer parameters for any eventual federal participation in financing. However, since the plan does not include immediate funding, developers and investors face a period of policy development and uncertainty until the government releases its April 2027 policy outlining potential federal support and financing tools.
Implications at a glance
- The strategy sets concrete construction and development targets for the next decade and beyond, creating a timeline for potential industry activity.
- No new funding was announced, leaving the final shape of federal support and financing arrangements to the forthcoming policy due in April 2027.
- Canada's existing role in uranium production and its high-grade deposits remain central to the strategy's feasibility and resource security considerations.
Context and next steps
With targets and a commitment to streamline approvals, the strategy frames a multi-year effort to expand nuclear capacity. The absence of immediate financial commitments means the detailed mechanisms for support - whether direct investment, loan guarantees, or other tools - will be clarified only after the government issues its policy by April 2027. Until then, stakeholders will be assessing the implications for project planning, capital allocation and supply chains tied to reactor construction and uranium production.