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OTTAWA — As oil prices rise and energy uncertainty comes to the surface, the world is again looking to nuclear power as a long-term, emissions-free energy source.
The renewed attention comes as countries look for reliable electricity to meet growing demand from electrification, heavy industry and artificial intelligence, while also trying to reduce dependence on fossil fuels exposed to geopolitical shocks.
Canada is already one of the countries positioned to benefit from the shift. Nuclear power supplies about 15 per cent of Canada’s electricity, with four operating nuclear plants and 17 CANDU reactors in Ontario and New Brunswick. Ontario is also studying major expansion options, including a possible new large-scale nuclear station at Wesleyville, a potential Bruce C project on Lake Huron and a four-unit small modular reactor project at Darlington.
The economic stakes are significant. A report cited by Resource Works says Bruce C could contribute an estimated $238 billion in GDP, while a Conference Board of Canada report found building four CANDU units could generate more than $41 billion in GDP impact and support the equivalent of more than 20,000 jobs. It also estimated more than 324,000 person-years of employment and $50 billion in GDP impact during the operating phase.
Canada’s nuclear advantage is tied not only to reactors, but also to uranium. Canada is the second-largest producer and exporter of uranium in the world, accounting for about 24 per cent of global production. Kazakhstan leads with 44 per cent, while Namibia accounts for about 12 per cent.
Saskatchewan remains the centre of the Canadian uranium sector. About 90 per cent of the province’s uranium production is available for export, with shipments going to North and South America, Asia and Europe. In 2024, Canada supplied 33 per cent of the uranium purchased by U.S. nuclear reactors, making it the largest foreign supplier to the United States.
The sector is also expanding. Cameco recently signed a nine-year agreement to supply about $2.6 billion worth of uranium to India’s Department of Atomic Energy between 2027 and 2035, as India moves to grow its nuclear capacity.
New mining projects are moving ahead in northern Saskatchewan’s Athabasca Basin, which holds some of the world’s highest-grade uranium deposits. Denison Mines Corp.’s Wheeler River project and NexGen Energy Ltd.’s Rook I project have received federal approval, making them the first Canadian uranium mines approved for construction since 2004. Together, the projects represent an estimated $2.8 billion in investment, with more than 1,600 construction jobs and more than 700 operating jobs expected.
Exploration activity is also accelerating. Infini Resources has received Saskatchewan drill permits for its Reynolds Lake and Reitenbach Lake uranium projects, clearing the way for a maiden diamond drilling program of at least 2,500 metres in the eastern Athabasca Basin. The company is targeting electromagnetic conductors, magnetic features, geochemical anomalies and interpreted structural features near the Titus Prospect, where previous surface samples returned uranium grades of up to 1.90 per cent U3O8.
Purepoint Uranium Group Inc. said its winter 2026 drilling program at the Dorado joint venture project in northern Saskatchewan extended uranium mineralization at the Nova discovery, with six of nine drill holes intersecting uranium. The mineralized system now extends along a one-kilometre strike length and builds on earlier assay grades of up to 8.1 per cent U3O8.
The increased activity reflects a wider reassessment of nuclear power’s role in global energy security. Unlike wind and solar, nuclear plants can provide steady baseload electricity. Unlike coal and natural gas, they produce electricity without direct carbon emissions. And unlike oil markets, uranium supply chains are increasingly being viewed through the lens of long-term energy security.
For Canada, the shift could mean renewed interest in CANDU reactor technology, uranium exports, small modular reactors and new mine development. Supporters say the country has a combination of reactor expertise, fuel supply and stable institutions at a time when many countries are trying to secure cleaner and more reliable power.
The challenge will be turning that advantage into projects. New reactors and mines require long timelines, regulatory approvals, Indigenous consultation and major capital investment. But as oil prices climb and global energy insecurity deepens, Canada’s nuclear sector is again moving closer to the centre of the energy conversation.
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