The Future Economics of Nuclear Power in the Canadian Energy Industry

How Moltex Contributes to Canadian Nuclear Energy

Rachel: Michael, who is Moltex? What is it that you do?

Micheal: Moltex is a young, energetic company trying to save the world. Currently, Moltex is looking to progress three unique technologies in the Canadian nuclear power energy industry: SSR-W, the Watts Project, and Grid Reserve.

The Moltex salt reactor is the companion facility that looks to change the future paradigm regarding the safety and economics of nuclear power. The Moltex stable salt reactor waste burner (SSR-W) uses the outputs of the Watts process to power its reactive processes. The Watts uses old nuclear radioactive waste to fuel the SSR-W.

Grid reserve is an interesting technology we're working on; essentially, it uses thermal energy stored from the SSR-W to match supply and demand on the grid. So whenever the grid needs supply, we tap into the grid reserve capabilities of SSR-W and power the grid.

How Moltex Aims to Reach Net-Zero by 2050

Rachel: Where does Moltex fit within the energy transition as Canada works to reach net-zero by 2050?

Micheal: Clean energy is critical to meeting net-zero. I think the opportunity Canada has in front of it here is massive with small modular reactors, including our own. Really what we're looking at here is providing a stable base load resource for Canada.

Moltex is in stream two in Canada's small modular reactor (SMR) roadmap. Really what that means is we're looking at coming online in the 2030s. If we look at all of the radioactive waste disposal across Canada, that's several, if not many SSR-W reactors that can potentially power Canada in the future to meet its net-zero obligations and goals.

What Companies Need to Do to Meet Global Energy Demands

Rachel: The Global Energy Show believes all sources of energy need to work together to decarbonize and meet global energy demands. What are your thoughts on this collaboration? And in your opinion, what do companies need to do to get ready for this?

Micheal: The future of our world here is going to be balanced as far as its energy production. All of these resources can work together. We believe that nuclear has a place in that future and the SMR design.

What we can look forward to seeing is a deeper rollout of renewables and global nuclear power reactors. Those are intermittent power sources, and they are backstopped currently by hydrocarbons and natural gas.

Batteries and future quick resources to implement on the grid to backstop an intermittent supply are what the future also requires, which is where Moltex’s electricity generation comes in. As far as a base load and offering the grid reserve capability, peaking nuclear renewables, a 100% grid is the future.

What companies can do to prepare is to innovate. They need to start thinking about economics, particularly nuclear costs and the overall nuclear power industry.

Moltex’s Prediction of Canada’s Energy Mix in 2030

Rachel: In your opinion, Michael, what do you think Canada's energy mix will look like in 2030? How would it compare to the global market?

Micheal: That's an interesting question. I think that you probably pick 2030 strategically because we all know that the next decade in front of us is significant to our future. Over the next decade, you will probably see greater solar, wind energy efficiency and smart grid deployment.

Electrification of our economy is really our goal. And particular, SMRs have a really strong mix in that supply mix. You won't really see them deployed until the 2030s, as it does take time to deploy them. Compared to the rest of the world, Canada is definitely leading, as 80% of our electricity comes from clean sources, including new nuclear plants. Aggressively, Moltex and Canada are leading the world in the nuclear small modular reactor field.

Moltex Is Building The World’s First 300-Megawatt Facility

Rachel: Through Canada's strategic innovation fund, Moltex received 50.5 million in operating costs to build the world's first 300-megawatt, stable salt reactor waste burner, and waste to stable salt facility in New Brunswick. Can you tell us more about this project, the nuclear fuel cycle, and how it would impact the electricity grid in the 2030s?

Micheal: We aim to do most of the development work in the New Brunswick area. The world will have to descend on New Brunswick to build these reactors as well as design them. Obviously, this represents a giant stimulus for the province regarding jobs, GDP, future sales, and export opportunities.

To your second point in the question, the 300-megawatt reactor represents approximately 15% of New Brunswick's future electricity needs. The current nuclear power plant operating here, the Point Lepreau Nuclear Generating Station, will retire in the 2040s. Coal will eventually be phased out here, and the need for clean, safe, reliable nuclear power is definitely the vision in New Brunswick.

Learn More About the Future Economics of Nuclear Power

The need for clean energy increases daily, especially with Canada’s net-zero targets. Operating nuclear power plants and adapting their current nuclear power economics will play a crucial part in reaching Canada’s goals. 

Moltex Energy is an excellent example of a company paving the path in creating sustainable nuclear solutions and alternatives to fossil fuels as Canada aims to reach clean energy emissions by 2030. 

If you're interested in learning more about topics like nuclear power plants and their impact on Canadian energy from those actively changing the game in North America's energy industry, register for the next Global Energy Show today.