CCO: Canadian Nuclear Energy Strategy supportive for Westinghouse deployment

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CCO: Canadian Nuclear Energy Strategy supportive for Westinghouse deployment

(only large-reactor technology that has signed an MoU with SaskPower), and in Alberta for the Peace River

project (~4.8 GW). We see a path to deploying both the Westinghouse AP1000 and CANDU reactor designs in Canada.

Nuclear export ambitions look to capitalize on global Westinghouse AP1000 interest: The policy is targeting for Canadian

supply-chain participation in at least five international non-CANDU large reactor and SMR projects by 2040, and noting Canada's

manufacturing and engineering capabilities in serving the Westinghouse AP1000 market. We think this strategy makes sense given

>60 potential Westinghouse AP1000 reactor deployments are being considered globally and Canada's ability to capture business

in this growing export market would be enhanced by also building the AP1000 domestically.

Enhancing nuclear fuel capabilities, both upstream and downstream, and cracking the door to enrichment: Canada is targeting

doubling uranium production exports by 2035 with new mine production as well as "expanding downstream capabilities

selectively." Canada will also work to secure downstream nuclear fuel requirements, including enrichment, with and from allied

nations. We view the potential supply risk of requiring enrichment in the case of expanding light-water reactor capacity (such

as the BWRX-300 and AP1000) as modest, given ally countries (France, US) have extensive enrichment capacity and these same

ally countries also rely on Canada for uranium. Therefore, the nuclear fuel cycles are reliant on each other, and there would be

little reason/advantage for one country to hold back supply/services from another. The policy also notes that if the domestic non-