SaskPower announced the creation of a new subsidiary this morning.
SaskNuclear, created through an order-in-council and announced through a press release, will handle the advancement of the licensing and regulatory process for Saskatchewan’s small modular reactor project. The SMR, if SaskPower goes ahead with the project and it meets all the regulatory requirements, is slated to be located in southeast Saskatchewan.
“Canada’s nuclear industry is held to a very high standard, and establishing a subsidiary dedicated to nuclear power will help SaskPower meet Canada’s strict regulatory requirements,” said Dustin Duncan, Minister Responsible for SaskPower, in a written release. “The work done at SaskNuclear in the coming years will help support a final investment decision on whether to proceed with SMRs in 2029.”
The Canadian Nuclear Safety Commission regulates nuclear power in the country, and the standards and regulations that are unique to the nuclear industry are different from the ones that SaskPower follows for other generation sources such as natural gas, hydro, or coal. This new subsidiary will handle things such as a nuclear information management system and the establishment of a nuclear safety culture, both of which are necessary to becoming a licensed nuclear operator.
SaskNuclear will be wholly owned by SaskPower, and the two will share a president and CEO, as well as a board of directors.
“A key part of our planning and development work is to evaluate various business models that would advance our project as effectively as possible,” said Rupen Pandya, SaskPower and SaskNuclear President and CEO. “Establishing a nuclear subsidiary is the best option for a greenfield jurisdiction, like Saskatchewan.”
SaskPower is currently in the process of getting public consultation in the southeast, with the final site for a small modular reactor to be announced. While the announcement for whether or not a small modular reactor will be built is still five years away, SaskPower has stated they will continue to conduct public engagement events throughout the entire life of the SMR project.