Ontario Approves Pickering Nuclear Generating Station Reactor Refurbishments
The Ontario government has approved plans to refurbish four reactors at the Pickering Nuclear Generating Station.
The government states this decision will extend the plant’s operational life by up to 38 years, securing a long-term source of electricity it describes as clean, reliable, and affordable. The move reverses the previous government’s plan to shut the facility down.
Officials project the refurbishment project will have several economic and energy impacts, including:
- Creating approximately 37,000 jobs and contributing an estimated $41.6 billion to Canada’s GDP
- Generating 2,200 megawatts of power, enough to power 2.2 million homes
- Keeping an estimated 90% of project spending within Canada
- Securing the long-term production of Cobalt-60, a medical isotope used in healthcare
- Allocating over $100 million in commitments with Indigenous-owned companies
The government frames this decision as an investment in Canadian energy technology and the domestic supply chain.
Broader Interest in Nuclear Energy
Beyond government initiatives, growing attention from the technology sector is influencing the energy market. The development of advanced nuclear technologies and the significant computing power required for their design is drawing interest from artificial intelligence (AI) companies. This confluence of government and corporate focus is prompting some investors to take a closer look at the nuclear energy sector.
For individual investors, gaining exposure to this niche is primarily achieved through exchange-traded funds (ETFs) that hold a basket of related companies. Common examples include:
- Global X Uranium ETF (URA): Tracks a global index of companies involved in uranium mining and the nuclear component supply chain
- Sprott Uranium Miners ETF (URNM): Focuses on companies in the uranium industry, including miners, developers, and physical uranium holdings
- VanEck Uranium+Nuclear Energy ETF (NLR): Invests in companies involved in the nuclear energy sector, including utilities that operate nuclear power plants
The approval of the Pickering refurbishment is one of the largest energy decisions in the province’s recent history and is positioned as a key part of Ontario’s long-term electricity plan.