Nuclear Needed To Become Carbon Neutral: Moltex Energy

A British company developing small modular reactors in New Brunswick says there is no way to become carbon neutral without nuclear.

Moltex Energy, which also has an office in Saint John, was one of several companies to attend the Canada-UK Nuclear Energy Summit in London this past week.

It was a chance to explore collaboration and export opportunities for new build, waste management and future nuclear technologies.

Rory O’Sullivan, the North American CEO of Moltex, said Canada and the UK have a lot in common.

“They both have targets to fully decarbonize their energy markets by 2050, they both have very similar politics, and they both see that nuclear needs to be a part of that decarbonization plan,” said O’Sullivan.

Moltex Energy recently set up an office in Saint John as part of a nuclear research cluster created by the province.

The company is currently in the process of researching and developing small modular reactors, or SMRs.

O’Sullivan said the technology will be smaller and more cost-effective than traditional reactors.

“But the big advantage is we can actually take the spent nuclear fuel that’s currently sitting at Point Lepreau, put that into our waste conversion facility, we can create new fuel for our reactor and then we can get more clean energy from what was waste,” he said.

O’Sullivan said Canada has the lead on SMRs globally and New Brunswick is the epicentre.

But the technology — and New Brunswick’s decision to invest $10 million in the nuclear research cluster — have not come without controversy.

Green Party leader David Coon has said the money could have been used to health-care and to help offset rising electricity costs.

“We’re paying increasing costs for our power in New Brunswick because of the tremendous expense of the Point Lepreau nuclear power plant, so the last place you want to put money is down the nuclear rabbit hole,” said Coon in a July 2018 interview.

Some environmentalists have said the province should not be investing in “speculative technology” which will not be implemented soon enough to have an impact on climate change.

However, O’Sullivan said there is no way for a country to become carbon neutral without nuclear power.

“Renewables are part of the mix, but when you add storage costs onto a grid when you don’t have wind or sun, those electric storage cost a lot of money,” he said.

NB Power, the Government of New Brunswick and the University of New Brunswick also participated in the Canada-UK Nuclear Energy Summit.

During the conference, UNB signed a letter of intent with Bangor University in Wales to work together on the development of small modular reactors.

“The letter of intent identifies possible areas of collaboration based upon similarities between the two institutions. Both universities have demonstrated leadership in nuclear research and development in their respective regions,” said a news release from UNB.