Canada must prepare for a nuclear renaissance to help meet its sustainable energy goals and as electricity demand surges, a new report from business consultancy EY says.

The report suggested Canada focus on three key areas to help it successfully deploy more nuclear power stations, including small modular reactors (SMRs). The three areas are addressing nuclear energy misconceptions, reinforcing nuclear energy expertise and tackling market inefficiencies.

EY said that electricity demand was projected to double to over 1,200 TWh by 2050 as the country strives to meet a net-zero emissions goal by that time. And even without advances towards net zero, the Canada energy regulator forecasts a 62% increase in electricity demand.