Decouple2 Jul 2025

Small Reactor, Big Price

We have an unusual episode today. One, because of its length (1 hour 40 minutes), and two, because I’m the guest. Joined by Aidan Morrison as acting host, I talk about a topic of intense interest to me: the Darlington SMR project in Ontario, Canada. I’ve been critical of this SMR project, which recently received its final investment decision, by calling for a pivot to CANDU reactors at the site.

I use this episode to break down all my reasons for being critical, and to concede ground to this bold SMR project where earned. This is not the first place I’ve shared my reasoning (media interview here, LinkedIn post there), but it is the most in-depth.

If you have time to listen to the full thing, I promise you will leave quite knowledgeable about the ambitious and capable Ontario nuclear sector, which I’ve studied and engaged with for years.

Prompting this episode was the OPG’s final investment decision on the SMR and the revelation of its eye-watering cost estimates. I break down the $4.5 billion price tag for the first unit, the expected learning that will take place, and share why this represents not just a technical and economic challenge, but a strategic mistake that could undermine Canada’s competitive advantage in nuclear power. From the massive excavation challenges of burying a reactor ten stories underground to the national security risks of abandoning proven CANDU technology for American designs, I hope to share some of the hard truths behind the SMR hype.

Read extended shownotes on Substack.

Watch now on YouTube.

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