SaskPower, Westinghouse, Cameco Sign MOU to Explore Reactor and Fuel Supply

Saskatchewan Power Corporation (SaskPower), Westinghouse Electric Company (Westinghouse), and Cameco Corporation (Cameco) (TSX: CCO; NYSE: CCJ) have signed a memorandum of understanding (MOU) to evaluate Westinghouse’s nuclear reactor technology and the associated nuclear fuel supply chain for Saskatchewan’s future clean power needs. The MOU aims to explore pathways to deploy Westinghouse’s AP1000® reactor and AP300™ small modular reactor (SMR) for long-term electricity supply. It includes evaluating a Saskatchewan-based nuclear supply chain and opportunities for collaboration on nuclear research, development, and workforce training with local post-secondary institutions.

SaskPower plans to make its final investment decision in 2029 regarding the construction of Saskatchewan’s first SMR facility, intending to use Saskatchewan uranium in any reactors built in the province.

“Leveraging knowledge from organizations with significant nuclear expertise is critical for making informed decisions about our power future,” said Rupen Pandya, President and CEO of SaskPower. “Collaborating on nuclear fuel supply and evaluating various technologies will enhance our SMR development work and workforce planning.”

The AP1000 reactor is operational in the U.S. and China and has been chosen for nuclear programs in Poland, Ukraine, and Bulgaria, with consideration at other sites in Central and Eastern Europe, the UK, India, and North America. The AP300 SMR, based on the advanced Generation III+ reactor, is targeting design certification by 2027, with first construction by 2030 and operation in the early 2030s. It has been selected by the UK’s Great British Nuclear program and is under consideration in Europe and North America.

“Westinghouse is proud to support SaskPower with our industry-leading nuclear technology for the province’s clean energy needs,” said Patrick Fragman, President and CEO of Westinghouse. “Our advanced AP1000 reactor offers superior economic performance and availability, and our AP300 SMR is based on proven technology. We look forward to helping SaskPower provide carbon-free electricity to Saskatchewan for generations.”

“Cameco has a significant presence in Saskatchewan, with world-class uranium operations, a large workforce, and partnerships with northern Indigenous communities,” said Tim Gitzel, President and CEO of Cameco. “We look forward to assessing the role Cameco and Westinghouse could play in decarbonizing Saskatchewan’s power grid, an important goal for the province’s future.”

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