Alberta
Alberta is getting serious about nuclear power
Image from CanadianMiningJournal.com
New funding to study small modular reactors
Alberta has approved funding for a multi-year study that will explore how small modular nuclear reactors could be safely, technically and economically deployed for oil sands operations.
Alberta is investing $7 million from the Technology Innovation and Emissions Reduction Fund to help Cenovus Energy study how small modular reactors could be used in northern Alberta, and what additional information might be needed to pursue regulatory approval in the future.
As outlined in the province’s Emissions Reduction and Energy Development Plan and A Strategic Plan for the Deployment of Small Modular Reactors, Alberta is committed to responsible and innovative energy development, and small modular reactors have the potential to provide zero-emissions energy and further reduce emissions from Alberta’s oil sands in the years to come.
“A few years ago, the idea of expanding nuclear energy use was on the back burner – that is no longer the case. In Alberta, small modular nuclear reactors have the potential to supply heat and power to the oil sands, simultaneously reducing emissions and supporting Alberta’s energy future. This funding is the foundation for that promising future. I want to thank Cenovus Energy and Emissions Reduction Alberta for their leadership in this work.”
Small modular reactor technology involves scalable and versatile nuclear reactors that could potentially supply non-emitting heat and power to the province’s oil sands. Provincial funding delivered through Emissions Reduction Alberta is supporting the work needed to determine how this technology could be effectively used in Alberta.
“Small modular reactors have great potential to supply non-emitting energy in many different applications, including the oil sands. Further studies like this are needed to see if the technology is suitable for those industrial applications. If so, it could be transformational for the in-situ oil sands sector and other sectors in Alberta.”
“This enabling study is a great example of the collaborative approach we’ll need to help us reach our ambition of net-zero emissions from our operations by 2050. We’re exploring multiple technologies that would help significantly reduce our emissions, and small modular reactors show potential. This study will help us understand if this possible solution is economical and technically viable.”
Cenovus Energy’s $26.7-million enabling study will look at whether small modular reactor technology could be applied to steam-assisted gravity drainage projects in the oil sands, which drill into the reservoir and inject steam to soften the oil. Alberta Innovates recently released a study on the feasibility of using small modular nuclear reactors in steam-assisted gravity drainage operations, which is an early step to see if this technology could be part of Alberta’s long-term solutions to reducing emissions from industry operations. While there is currently no project being planned, this study frames the discussion around what is possible in the years ahead.
“Building off the work previously supported by Alberta Innovates, the success of Cenovus’s small modular reactor ERA-funded enabling study could provide substantial economic and environmental advantages throughout Alberta’s industrial sector, helping to advance a clean energy future for Canada.”
Quick facts
- Funding for this project comes from Emissions Reduction Alberta’s Industrial Transformation Challenge.
- Any future adoption of small modular reactor technology in Alberta would require an extensive regulatory and engagement process. The province is currently working to ensure the regulatory framework is in place and ready should private industry pursue this technology.
- On Sept. 12, an Alberta-Ottawa working group on emissions reduction and energy development met for the first time. The working group agreed to commence the development of a regulatory framework for small modular reactor technology and continue work on federal and provincial incentives for CCUS, hydrogen and other emissions-reducing technologies.
- Alberta, Saskatchewan, Ontario and New Brunswick released A Strategic Plan for the Development of Small Modular Reactors in 2022. The plan commits the Alberta Utilities Commission and Alberta Energy Regulator to deliver findings on areas of overlap, uncertainty and duplication between the federal and provincial regulatory systems to Alberta’s government in 2023.
- The Canadian Nuclear Safety Commission regulates all stages of life of nuclear power plants in Canada, starting from the initial environmental assessment to decommissioning. The approval process takes several years and offers opportunities for public participation.
Alberta
Premier Smith says Auto Insurance reforms mean lower premiums and better services for Alberta drivers
Premier Smith says Auto Insurance reforms may still result in a publicly owned system
Better, faster, more affordable auto insurance
Alberta’s government is introducing a new auto insurance system that will provide better and faster services to Albertans while reducing auto insurance premiums.
After hearing from more than 16,000 Albertans through an online survey about their priorities for auto insurance policies, Alberta’s government is introducing a new privately delivered, care-focused auto insurance system.
Right now, insurance in the province is not affordable or care focused. Despite high premiums, Albertans injured in collisions do not get the timely medical care and income support they need in a system that is complex to navigate. When fully implemented, Alberta’s new auto insurance system will deliver better and faster care for those involved in collisions, and Albertans will see cost savings up to $400 per year.
“Albertans have been clear they need an auto insurance system that provides better, faster care and is more affordable. When it’s implemented, our new privately delivered, care-centred insurance system will put the focus on Albertans’ recovery, providing more effective support and will deliver lower rates.”
“High auto insurance rates put strain on Albertans. By shifting to a system that offers improved benefits and support, we are providing better and faster care to Albertans, with lower costs.”
Albertans who suffer injuries due to a collision currently wait months for a simple claim to be resolved and can wait years for claims related to more serious and life-changing injuries to addressed. Additionally, the medical and financial benefits they receive often expire before they’re fully recovered.
Under the new system, Albertans who suffer catastrophic injuries will receive treatment and care for the rest of their lives. Those who sustain serious injuries will receive treatment until they are fully recovered. These changes mirror and build upon the Saskatchewan insurance model, where at-fault drivers can be sued for pain and suffering damages if they are convicted of a criminal offence, such as impaired driving or dangerous driving, or conviction of certain offenses under the Traffic Safety Act.
Work on this new auto insurance system will require legislation in the spring of 2025. In order to reconfigure auto insurance policies for 3.4 million Albertans, auto insurance companies need time to create and implement the new system. Alberta’s government expects the new system to be fully implemented by January 2027.
In the interim, starting in January 2025, the good driver rate cap will be adjusted to a 7.5% increase due to high legal costs, increasing vehicle damage repair costs and natural disaster costs. This protects good drivers from significant rate increases while ensuring that auto insurance providers remain financially viable in Alberta.
Albertans have been clear that they still want premiums to be based on risk. Bad drivers will continue to pay higher premiums than good drivers.
By providing significantly enhanced medical, rehabilitation and income support benefits, this system supports Albertans injured in collisions while reducing the impact of litigation costs on the amount that Albertans pay for their insurance.
“Keeping more money in Albertans’ pockets is one of the best ways to address the rising cost of living. This shift to a care-first automobile insurance system will do just that by helping lower premiums for people across the province.”
Quick facts
- Alberta’s government commissioned two auto insurance reports, which showed that legal fees and litigation costs tied to the province’s current system significantly increase premiums.
- A 2023 report by MNP shows
Alberta maintains a balanced budget while ensuring pressures from population growth are being addressed.
Alberta faces rising risks, including ongoing resource volatility, geopolitical instability and rising pressures at home. With more than 450,000 people moving to Alberta in the last three years, the province has allocated hundreds of millions of dollars to address these pressures and ensure Albertans continue to be supported. Alberta’s government is determined to make every dollar go further with targeted and responsible spending on the priorities of Albertans.
The province is forecasting a $4.6 billion surplus at the end of 2024-25, up from the $2.9 billion first quarter forecast and $355 million from budget, due mainly to higher revenue from personal income taxes and non-renewable resources.
Given the current significant uncertainty in global geopolitics and energy markets, Alberta’s government must continue to make prudent choices to meet its responsibilities, including ongoing bargaining for thousands of public sector workers, fast-tracking school construction, cutting personal income taxes and ensuring Alberta’s surging population has access to high-quality health care, education and other public services.
“These are challenging times, but I believe Alberta is up to the challenge. By being intentional with every dollar, we can boost our prosperity and quality of life now and in the future.”
Midway through 2024-25, the province has stepped up to boost support to Albertans this fiscal year through key investments, including:
- $716 million to Health for physician compensation incentives and to help Alberta Health Services provide services to a growing and aging population.
- $125 million to address enrollment growth pressures in Alberta schools.
- $847 million for disaster and emergency assistance, including:
- $647 million to fight the Jasper wildfires
- $163 million for the Wildfire Disaster Recovery Program
- $5 million to support the municipality of Jasper (half to help with tourism recovery)
- $12 million to match donations to the Canadian Red Cross
- $20 million for emergency evacuation payments to evacuees in communities impacted by wildfires
- $240 million more for Seniors, Community and Social Services to support social support programs.
Looking forward, the province has adjusted its forecast for the price of oil to US$74 per barrel of West Texas Intermediate. It expects to earn more for its crude oil, with a narrowing of the light-heavy differential around US$14 per barrel, higher demand for heavier crude grades and a growing export capacity through the Trans Mountain pipeline. Despite these changes, Alberta still risks running a deficit in the coming fiscal year should oil prices continue to drop below $70 per barrel.
After a 4.4 per cent surge in the 2024 census year, Alberta’s population growth is expected to slow to 2.5 per cent in 2025, lower than the first quarter forecast of 3.2 per cent growth because of reduced immigration and non-permanent residents targets by the federal government.
Revenue
Revenue for 2024-25 is forecast at $77.9 billion, an increase of $4.4 billion from Budget 2024, including:
- $16.6 billion forecast from personal income taxes, up from $15.6 billion at budget.
- $20.3 billion forecast from non-renewable resource revenue, up from $17.3 billion at budget.
Expense
Expense for 2024-25 is forecast at $73.3 billion, an increase of $143 million from Budget 2024.
Surplus cash
After calculations and adjustments, $2.9 billion in surplus cash is forecast.
- $1.4 billion or half will pay debt coming due.
- The other half, or $1.4 billion, will be put into the Alberta Fund, which can be spent on further debt repayment, deposited into the Alberta Heritage Savings Trust Fund and/or spent on one-time initiatives.
Contingency
Of the $2 billion contingency included in Budget 2024, a preliminary allocation of $1.7 billion is forecast.
Alberta Heritage Savings Trust Fund
The Alberta Heritage Savings Trust Fund grew in the second quarter to a market value of $24.3 billion as of Sept. 30, 2024, up from $23.4 billion at the end of the first quarter.
- The fund earned a 3.7 per cent return from July to September with a net investment income of $616 million, up from the 2.1 per cent return during the first quarter.
Debt
Taxpayer-supported debt is forecast at $84 billion as of March 31, 2025, $3.8 billion less than estimated in the budget because the higher surplus has lowered borrowing requirements.
- Debt servicing costs are forecast at $3.2 billion, down $216 million from budget.
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