"Part of the pain was knowing that she, like many Canadians, is simply unaware of what is happening under our noses in the energy sector right now. A seismic shift is underway, and it changes the landscape with respect to what’s possible on climate change. Most exciting, these developments put Canada at the centre of a global energy revolution"
By Katherine Moshonas Cole
President, X-energy Canada
Two years ago, my 14-year-old daughter came home with some dispiriting news. She and a small group of students had been speaking with their teacher about climate change, and my daughter came away with a sinking feeling that there is no realistic way to avert the impending crisis.
The problem seemed too complex, the economic incentives seemed evidently lacking, and the global community seemed too fractured to coordinate any meaningful action. It was painful for me to hear her defeated tone and it was the final push I needed to leave retirement and join a company working on this precise issue.
Part of the pain was knowing that she, like many Canadians, is simply unaware of what is happening under our noses in the energy sector right now. A seismic shift is underway, and it changes the landscape with respect to what’s possible on climate change. Most exciting, these developments put Canada at the centre of a global energy revolution.
Let me explain.
As Bill Gates observed, humanity has five big rocks to move in materially reducing global carbon emissions: energy, agriculture, manufacturing, transportation, and buildings. Energy is the biggest rock of all, accounting for 25% of total greenhouse gases. While significant progress has been made with solar and wind, they haven’t yet come close to satisfying the massive energy demands of modern economies. Natural gas tends to fill the gap, creating a one-step-forward-and- two-steps-back conundrum. The world needs a cheap and scalable energy source, but also one that is consistent with our net-zero objectives.
Decades of innovation in the nuclear sector have finally culminated in a new, transformative technology, called Small Modular Reactors (SMRs). President Joe Biden and Canada’s former Minister of Natural Resources Seamus O’Regan both agree that SMRs are vital to meeting Paris Climate Agreement targets, and to achieving our global net-zero goals.
“I’m proud to be part of a company that is at the forefront of this energy revolution, and I’m thrilled that Canada is leading the way. ”
Katherine Moshonas Cole (President, X-energy Canada)
Why are SMRs such a game-changer? In basic terms, they can generate both electricity and steam without greenhouse gases or emissions. As well, they are “right-sized” for the need; are simpler to build and operate; have improved economics; offer flexible operation; and have ultra-safe characteristics. When it comes to our company, X-energy’s SMR designs use an incredibly robust fuel form (TRISO), which makes overheating accidents impossible in our reactor's design. Our reactors reduce risks to cost and schedule, and can be deployed in remote areas, solving ‘energy poverty’ needs in Canada and throughout the world – wherever needed.
I’m proud to be part of a company that is at the forefront of this energy revolution, and I’m thrilled that Canada is leading the way. In Saskatchewan, X-energy is considering to build a fuel fabrication facility that’s expected to create about $310 million in Gross Domestic Product (GDP) and 1,100 full-time equivalent jobs. Our partnerships in the province will not only help Saskatchewan maintain global leadership but will also support the province in meeting its Prairie Resilience Climate Plan.
In Ontario, where a safe, but aging, fleet of nuclear reactors has historically accounted for 60% of electricity production, we and a handful of Canadian partner companies are working to help the province define its energy future. Our SMR design would give the Ontario nuclear supply chain an immediate advantage, bolstering its position as a nuclear hub for the world and accelerating Ontario's economic recovery. We estimate that our first Xe- 100 SMR power plant in Ontario could generate $2.6 billion in GDP and create 3,300 total full-time equivalent jobs over its lifetime. X-energy is the only SMR developer being considered in Ontario with a project already underway, in the United States.
Finally, in Alberta, X-energy’s technology could revolutionize the province’s resource-intensive economy. Unlike other SMR designs, our reactor doesn’t have to be near water for cooling, meaning it can be used to provide emissions-free power in places like Canada’s oil sands, vastly reducing emissions at a time when taxes on such emissions are increasing. Further, our SMR has a unique by-product – superheated steam – that could be repurposed for hydrogen production, supporting the federal government’s Just Transition Plan.
Reaching net-zero will take an ‘all-hands- on-deck’ approach. We know that SMRs are only part of what is required to move forward as a global community. But we also believe that SMRs create a threshold- crossing moment for Canada and the world. We are poised to alter the energy mix in a fundamental way, driving toward a carbon-free future with the full participation of governments, communities, Indigenous groups, and businesses across Canada.
This is what I explained to my daughter, and today, two years later, she’s feeling more optimistic about the work that lies ahead. As Canadians, we have good reason to share her optimism.
The Future Is Now (Video)
Canada, like the rest of the world, is grappling with the urgent need to lower carbon emissions while meeting an increasing demand for energy. Watch this video to learn more about our vision for Canada's clean energy future.
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