Canada is home to six nuclear power plants with around 19 reactors in Ontario, which need scheduled maintenance and repair to guarantee that the plants can efficiently supply power for another thirty or more years.
This blog post will help you understand the importance of OPG nuclear refurbishment and its impact on Canada in terms of the economy, employment, and environmental aspects.
Darlington Nuclear Generating Station Overview
Darlington nuclear plant is a four-unit facility that generates around 20% of Ontario's electricity. But after years of providing power to Ontario's residential and commercial buildings, the power plant's all four reactors will undergo a refurbishment project.
The 10-year OPG refurbishment is one of the Ontario Power Generation (OPG) projects. It is already in its halfway stages, with the completion of Unit 2 in June 2020. Unit 3 is in the Reassembly Stage, waiting for feeder installation. The Darlington OPG shut down Unit 1 in the first quarter of 2022. and will be disassembled after running all the nuclear safety tests. However, the Unit 4 reactor will stay up and running until the third quarter of 2023. By 2026, the remaining reactors will be running entirely without issues.
Importance of the Darlington Nuclear Refurbishment Project
The Darlington Refurbishment costs the company around CAD14.4 billion. But what makes this Darlington nuclear plantclosing project important to Canada? Why do they spend years and millions to overhaul the power plant? Here is Canada's vision for the country's status in the next thirty years.
- More Economic Benefits
Investors always consider recession and inflation the most common factors, as they can cause the host country's economy to plummet, adversely affecting their businesses. Canada must prevent these from happening to attract investors.
The country needs to create projects that give businesses a bigger chance of generating a higher investment return. One way to attract local, national, and international investors are by guaranteeing that their production costs stay reasonably low.
Although coal is more economically attractive than nuclear power plants, the latter is relatively cheap to run and offers many benefits to potential investors. Overhauling the four reactor units to ensure a smooth run for another 30 years will enable a competitive market with lesser risks and costs. Utilizing nuclear energy as a power source helps businesses lessen their production costs more than those relying on costly fuel-based electric companies.
The agreement to continue Darlington's power plant is a smart move. Though there are other aspects that you need to consider, the electricity price is one of the reasons why the company's production cost rises and falls. There must also be a constant supply of power all year round to prevent disruptions in everyday business, which will cause the company to lose potential customers and sales.
- Generate More Jobs
The maintenance and repair of the 4-unit nuclear power plant involve complex stages that only experts can do. With that, the company needs professionals, skilled workers, and craftsmanship to revamp nuclear reactors successfully and on time. Reports say the project can create at least 14,000 jobs annually, resulting in a quick boost in annual personal income and the province's GDP.
These numbers will increase over the years as more investors capitalize and advance in putting more businesses in Ontario.
- Lesser Carbon Footprint
Canada pushes for a green and healthy environment and a healthy economy. Darlington OPG refurbishing the four reactors will extend the plant's life to another 30 years providing clean energy to Ontario’s residents. It also cleans the air and slows down the impact of global warming. By doing this, Canada will significantly contribute to fighting climate-related health issues as it continues to reduce its greenhouse gas emissions and protect the public from the harmful effects of waste products.
Canada's Key to Massive Economic Growth
The simultaneous nuclear power refurbishment in preparation for a better and greener Canada will positively impact the country's economy over the years. After completing the refurbishment stages, the operation will extend to 2030, opening countless opportunities to investors, employers, employees, and job hunters while attaining Canada's goal of having a green and healthy environment and massive economic growth.
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