I tell you what!
With Cameco recently buying 49% of Westinghouse and Provincial Conservatives fighting alleged climate with research funding into micro reactors for power or heat who needs whirlygigs, methane farting hydro reservoirs and heat pumps?
All amounts in Canadian dollars unless specified otherwise
Cameco (TSX: CCO; NYSE: CCJ) announced that the acquisition of Westinghouse Electric Company (Westinghouse) in a strategic partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable Partners (Brookfield) and institutional partners closed today.
Cameco now owns a 49% interest and Brookfield owns the remaining 51% in Westinghouse, one of the world’s largest nuclear services businesses.
“This is a historic day for Cameco as we join Brookfield to complete our purchase of Westinghouse,” said Tim Gitzel, president and CEO of Cameco. “Since first announcing this deal a year ago, we believe the business prospects for Westinghouse have significantly improved. The sustained and positive momentum for nuclear energy has been undeniable as countries and companies around the world strive to meet their net-zero commitments and growing energy needs through clean and secure supply.
“Cameco’s 35 years of experience in uranium mining and nuclear fuel production combined with Brookfield’s expertise in clean energy is expected to provide a solid foundation for Westinghouse’s continued success in the provision of nuclear plant technologies, products and services, and to create a powerful platform for strategic growth across the nuclear sector. The partners, together with Westinghouse, are well-positioned to provide global solutions for the increasing need for secure, reliable and emissions-free baseload power
CJME News
Nov 27, 2023 | 10:05 AM
Saskatchewan's first microreactor is expected to be operational by 2029, and will be used in an industrial application to lay the groundwork for more projects further down the road. (Shane Clausing/650 CKOM)
Saskatchewan is investing heavily in a nuclear-powered future for the province.
On Monday, Premier Scott Moe announced an investment of $80 million for the Saskatchewan Research Council to demonstrate microreactor technology in the province. The research council will then apply the knowledge gained after licensing and deploying an initial microreactor to support the province’s nuclear development and better understand the technology’s potential.
“This project has the opportunity to be transformative for our economy, industry and communities,” Moe said in a statement. “Microreactors provide a custom solution for Saskatchewan’s unique energy needs.”
READ MORE:
According to Westinghouse’s website, its eVinci reactor, the type which will be tested in Saskatchewan, can power “more than 3,000 homes.”
Mike Crabtree, the president and CEO of the Saskatchewan Research Council, said the first reactor is expected to be operational by 2029, and will be used in an industrial application to lay the groundwork for more projects further down the road.
“What we learn through this project will prepare SRC to assist communities and industries in future projects,” Crabtree said in a statement.
Crabtree explained what the future could hold for this type of technology.
“There have been microreactors since the ‘50s and ‘60s, but largely for military applications. This is the next generation – the ability to use safe, clean, reliable reactors for commercial and community use,” he said.
An eVinci microreactor, made by Westinghouse, is expected to be operational in Saskatchewan by 2029. (Saskatchewan Research Council/Submitted)
“These microreactors are going to be used in in combination with renewable technology. One of the challenges with wind and solar is having that base load that allows you to get that consistent power. It gives you an opportunity to be able to use a much broader green grid.”
The location for the reactor has not yet been decided, the province noted, as it depends on licensing and regulatory requirements. The small size of microreactors mean the infrastructure around the five-megawatt reactor will be “less than two-thirds the size of a hockey rink.”
Each reactor built is expected to run for eight to 10 years when used at full power, and they can be taken back to the factory to be repaired and refurbished so they can be reused, Crabtree added.
Moe said the new investment will bring real benefits to smaller communities around the province.
“There’s going to be renewables and there’s going to be nuclear power. What we’re going to see globally – and this will be discussed at COP28 – is the doubling or tripling of nuclear power that we have today in the world, and that’s going to involve large reactors and the microreactors for rural and remote communities,” the premier explained.
“You can think of northern and rural areas of Canada where you can utilize this technology. The opportunities for technologies like this to come on stream, I think, are great.”
Patrick Fragman, the president and CEO of Westinghouse Electric Company, said the company’s fully transportable technology is “the perfect fit” for the province.
“It also provides carbon-free electricity and heat, uses no water, and can be completely removed from site after operating continuously for eight years or more,” Fragman added in a statement.
Last week, Saskatchewan announced a new partnership between SaskPower and Ontario Power Generation to help advance the two provinces’ nuclear power goals through the development of small, modular reactors.
The federal government also contributed $74 million to SaskPower’s reactor development project earlier this year, though the amount came under criticism from provincial officials, who said it was too low.
Ottawa’s proposed clean electricity regulations have also come under recent criticism from the provincial government.
— With files from Shane Clausing.
— Editor’s Note: This story has been updated to correct an error regarding the federal government’s contribution to SaskPower.
With Cameco recently buying 49% of Westinghouse and Provincial Conservatives fighting alleged climate with research funding into micro reactors for power or heat who needs whirlygigs, methane farting hydro reservoirs and heat pumps?
Cameco and Brookfield Complete Acquisition of Westinghouse Electric Company
Cameco and Brookfield Complete Acquisition of Westinghouse Electric Company Creating a Powerful Platform for Strategic Growth
Saskatoon, Saskatchewan, Canada, November 7, 2023All amounts in Canadian dollars unless specified otherwise
Cameco (TSX: CCO; NYSE: CCJ) announced that the acquisition of Westinghouse Electric Company (Westinghouse) in a strategic partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable Partners (Brookfield) and institutional partners closed today.
Cameco now owns a 49% interest and Brookfield owns the remaining 51% in Westinghouse, one of the world’s largest nuclear services businesses.
“This is a historic day for Cameco as we join Brookfield to complete our purchase of Westinghouse,” said Tim Gitzel, president and CEO of Cameco. “Since first announcing this deal a year ago, we believe the business prospects for Westinghouse have significantly improved. The sustained and positive momentum for nuclear energy has been undeniable as countries and companies around the world strive to meet their net-zero commitments and growing energy needs through clean and secure supply.
“Cameco’s 35 years of experience in uranium mining and nuclear fuel production combined with Brookfield’s expertise in clean energy is expected to provide a solid foundation for Westinghouse’s continued success in the provision of nuclear plant technologies, products and services, and to create a powerful platform for strategic growth across the nuclear sector. The partners, together with Westinghouse, are well-positioned to provide global solutions for the increasing need for secure, reliable and emissions-free baseload power
Nuclear microreactor to come online in Sask. by 2029
Regina / 980 CJMECJME News
Nov 27, 2023 | 10:05 AM
Saskatchewan's first microreactor is expected to be operational by 2029, and will be used in an industrial application to lay the groundwork for more projects further down the road. (Shane Clausing/650 CKOM)
Saskatchewan is investing heavily in a nuclear-powered future for the province.
On Monday, Premier Scott Moe announced an investment of $80 million for the Saskatchewan Research Council to demonstrate microreactor technology in the province. The research council will then apply the knowledge gained after licensing and deploying an initial microreactor to support the province’s nuclear development and better understand the technology’s potential.
“This project has the opportunity to be transformative for our economy, industry and communities,” Moe said in a statement. “Microreactors provide a custom solution for Saskatchewan’s unique energy needs.”
READ MORE:
- Saskatchewan energy source to start powering Ukraine soon
- Sask. formalizes nuclear development partnership with New Brunswick
- Cameco announces $7.8 billion partnership to buy Westinghouse Electric
According to Westinghouse’s website, its eVinci reactor, the type which will be tested in Saskatchewan, can power “more than 3,000 homes.”
Mike Crabtree, the president and CEO of the Saskatchewan Research Council, said the first reactor is expected to be operational by 2029, and will be used in an industrial application to lay the groundwork for more projects further down the road.
“What we learn through this project will prepare SRC to assist communities and industries in future projects,” Crabtree said in a statement.
Crabtree explained what the future could hold for this type of technology.
“There have been microreactors since the ‘50s and ‘60s, but largely for military applications. This is the next generation – the ability to use safe, clean, reliable reactors for commercial and community use,” he said.
An eVinci microreactor, made by Westinghouse, is expected to be operational in Saskatchewan by 2029. (Saskatchewan Research Council/Submitted)
“These microreactors are going to be used in in combination with renewable technology. One of the challenges with wind and solar is having that base load that allows you to get that consistent power. It gives you an opportunity to be able to use a much broader green grid.”
The location for the reactor has not yet been decided, the province noted, as it depends on licensing and regulatory requirements. The small size of microreactors mean the infrastructure around the five-megawatt reactor will be “less than two-thirds the size of a hockey rink.”
Each reactor built is expected to run for eight to 10 years when used at full power, and they can be taken back to the factory to be repaired and refurbished so they can be reused, Crabtree added.
Moe said the new investment will bring real benefits to smaller communities around the province.
“There’s going to be renewables and there’s going to be nuclear power. What we’re going to see globally – and this will be discussed at COP28 – is the doubling or tripling of nuclear power that we have today in the world, and that’s going to involve large reactors and the microreactors for rural and remote communities,” the premier explained.
“You can think of northern and rural areas of Canada where you can utilize this technology. The opportunities for technologies like this to come on stream, I think, are great.”
Patrick Fragman, the president and CEO of Westinghouse Electric Company, said the company’s fully transportable technology is “the perfect fit” for the province.
“It also provides carbon-free electricity and heat, uses no water, and can be completely removed from site after operating continuously for eight years or more,” Fragman added in a statement.
Last week, Saskatchewan announced a new partnership between SaskPower and Ontario Power Generation to help advance the two provinces’ nuclear power goals through the development of small, modular reactors.
The federal government also contributed $74 million to SaskPower’s reactor development project earlier this year, though the amount came under criticism from provincial officials, who said it was too low.
Ottawa’s proposed clean electricity regulations have also come under recent criticism from the provincial government.
— With files from Shane Clausing.
— Editor’s Note: This story has been updated to correct an error regarding the federal government’s contribution to SaskPower.
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