Canada Bets More Than $100 Billion on Nuclear Renaissance With 10 New Reactors by 2040
Ottawa is moving at speeds not seen in generations on nuclear power. The federal government launched a sweeping Nuclear Energy Strategy on Monday (2026-06-22), committing to build up to 10 large-scale reactors over the next 15 years at an estimated cost exceeding $100 billion, the most ambitious domestic nuclear expansion Canada has attempted in half a century.5,6
The strategy names India, Romania and South Korea among the partner countries for Canadian reactor exports and knowledge transfer, extending a push Ottawa describes as making Canada a "modern energy superpower."4 The announcement positions Canadian nuclear technology as a direct alternative to Russian Rosatom designs that have dominated international orders — Rosatom built ten reactors at five plants between 2008 and 2021, and at the start of this year was expecting to build four more in the European Union alone.2
The Darlington New Nuclear Project anchors the domestic build. The Canada Growth Fund is committing up to $2 billion and the Building Ontario Fund another $1 billion to back its construction.4 Ontario Premier Doug Ford endorsed the inclusion of Darlington on a federal list of nation-building projects, while Ontario and New York announced a separate nuclear energy cooperation agreement on Monday (2026-06-22).5 Bruce Power has also signed a memorandum of understanding with SaskPower to share its experience in large-scale reactor development.3
Canada's nuclear sector currently employs nearly 90,000 people and contributes $22 billion annually to the economy, figures Ottawa cited to frame the expansion as industrial policy alongside energy transition.6 The strategy also targets a doubling of uranium exports — Canada produced roughly 17% of the world's uranium in 2024, second only to Kazakhstan's Kazatomprom at 21%.1 Global uranium demand is forecast to climb about 28% by 2030 and more than 100% by 2040, according to the World Nuclear Association.1
The $100 billion price tag, which officials described as a minimum estimate at a technical briefing on Monday (2026-06-22), will require sustained capital commitment across multiple election cycles.6,5 The Canada Growth Fund and Building Ontario Fund contributions cover roughly $3 billion of that figure; the financing structure for the remainder has not been fully defined. Uranium ETF URA was trading at $46.58 on Tuesday (2026-06-23), off 0.50% on the day.
Not everyone is convinced the timelines are achievable. The National Observer reported the plan has drawn scepticism, with critics questioning whether the regulatory streamlining Ottawa promised will be sufficient to compress construction schedules that have historically run years beyond original targets.6 A build rate of 10 reactors over 15 years would require roughly one new unit every 18 months — a cadence Canada has never sustained, and that only China has matched in recent decades.2
The export dimension adds another layer of complexity. Canadian reactor designs competing in markets such as Romania face entrenched relationships with both Russian and French nuclear suppliers, while South Korean firms such as KEPCO have also been aggressive in pursuing overseas contracts. Ottawa's strategy signals intent; closing contracts in competitive markets is a separate task.
Prime Minister Carney referenced the nuclear buildout as early as September 2025.4 What has changed since then is the scale of the formal commitment and the explicit identification of international partners. The immediate test is whether approvals for Darlington, the only project with confirmed government financing, move fast enough to validate the broader ambition.5 Construction timelines for that project, and whether the regulatory reforms actually accelerate licensing for subsequent sites, will determine how much of the 10-reactor target is policy declaration and how much is a construction programme.