Capital Power and Ontario Power Generation partner to advance new nuclear in Alberta

Agreement to assess feasibility of small modular reactors for Alberta grid

EDMONTON, Alberta, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Capital Power Corporation (TSX: CPX) (“Capital Power”) and Ontario Power Generation (“OPG”) have entered into an agreement to jointly assess the development and deployment of grid-scale small modular reactors (SMRs) to provide clean, reliable nuclear energy for Alberta.

Through the agreement, the two companies will 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 to power the growing demand for clean electricity and energy security.

Capital Power and OPG will complete the feasibility assessment within two years, while continuing to work on the next stages of SMR development.

Key Facts

• OPG 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 will be completed by the end of 2028, and the unit will be online by the end of 2029.
• The governments of Alberta, Ontario, Saskatchewan, and New Brunswick jointly released a Strategic Plan in 2022 for the deployment of SMRs. The Commitment Agreement announced today advances the plan, placing the provinces at the forefront of nuclear innovation, clean energy, and emerging markets for SMRs across Canada and around the world.
• This agreement offers Capital Power a tremendous opportunity to elevate the company and Alberta on the world stage and marks a key milestone in its evolution to build a decarbonized power system and create real net-zero power solutions for customers.
  

Quotes

“We are excited to partner with and learn from OPG, a world-leader in nuclear power production,” said Avik Dey, President and CEO of Capital Power.” “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.”

“With decades of experience building, operating and maintaining clean, safe nuclear power generation, OPG is pleased to work with Capital Power as they explore adding nuclear to Alberta’s electricity supply mix,” said Ken Hartwick, OPG President and CEO. “Through collaborations like this, we will share expertise related to SMR development and deployment, to build energy security and economic growth in both provinces.”