Independent Report Highlights Economic Benefits of Deployment of GE Hitachi’s Small Modular Reactor Technology in Canada
An independent report by PwC Canada, commissioned by GE Hitachi Nuclear Energy (GEH), estimates the potential economic benefits that would result from job creation, local supply chain development, manufacturing, construction, operation and tax revenue generated by the deployment of BWRX-300 small modular reactors in Canada and the potential export of this technology worldwide.
The independent report estimates that the construction and operation of the first BWRX-300 in Ontario is expected to generate approximately $2.3 billion in Gross Domestic Product (GDP), $1.9 billion in labour income and more than $750 million in federal, provincial and municipal tax revenue. The report estimates that each subsequent BWRX-300 deployed in Ontario and other provinces is expected to further generate more than $1.1 billion in GDP and more than $300 million in tax revenue.
“This report highlights that the deployment of our grid-scale SMR technology in Canada and future export activity would bring considerable and lasting economic benefits,” said Jay Wileman, President & CEO, GEH. “We are committed to helping Canada meet its decarbonization goals and become a global leader in SMR technology. With growing customer interest globally, we believe the BWRX-300 is ideally positioned to unlock significant export opportunities for Canadian companies.”
The report estimates that each BWRX-300 that is constructed globally is expected to generate approximately $98 million in GDP for Canada and more than $45 million in total tax revenue through the purchase of Canadian machinery and equipment.
“GE’s global market presence and reputation would be a key factor in promoting and developing Canada as an export base for SMRs around the world,” the report said.
In addition to assessing areas including jobs, GDP, labour income and tax revenue associated with this technology, the report examined the potential for broader benefits including contribution to Canada’s climate change commitments, promotion of diversity and inclusion, creation of opportunities for Indigenous communities, development of workers’ skills and enhancement of technical excellence.
The BWRX-300 is a 300 MWe water-cooled, natural circulation SMR with passive safety systems that leverages the design and licensing basis of GEH’s U.S. NRC-certified ESBWR. Through dramatic and innovative design simplification, GEH projects the BWRX-300 will require significantly less capital cost per MW when compared to other SMR designs.
By leveraging the existing ESBWR design certification, utilizing the licensed and proven GNF2 fuel design, and incorporating proven components and supply chain expertise the BWRX-300 can, GEH believes, become the lowest-risk, most cost-competitive and quickest to market SMR.