AtkinsRealis Group Inc., a Montreal-based nuclear engineering firm, has filed a notice of intent with the U.S. Nuclear Regulatory Commission (NRC) to obtain certification for its Enhanced Candu Six (EC6) nuclear reactor. The move aims to capitalize on soaring electricity demand from artificial intelligence data centres, which is projected to nearly triple U.S. data centre power requirements to over 100 gigawatts by 2035, according to a BloombergNEF report.
Regulatory changes speed up approvals
The NRC has recently implemented changes to reduce the application burden and accelerate approval timelines for new reactor designs, targeting a review period of 18 months. AtkinsRealis executives believe their proven design could clear the process in 12 to 14 months. “We are going to be the first one with a proven design, a licensed design, to go through that process, and we think we could get there probably in 12 to 14 months,” said Joe St. Julian, AtkinsRealis’ president of nuclear.
Chief executive Ian Edwards noted that the company has been in discussions with U.S. utilities and hyperscale data centre operators. “It’s becoming increasingly difficult to find energy on the grid, so they’re looking to develop power sources for themselves,” he said. “We need to be ahead of this in terms of getting the regulatory approval in place.”
Nuclear capacity growth forecasts
BloombergNEF projects that solar and wind will dominate global electricity production by 2050, but nuclear capacity will also expand. In the United States, cumulative installed nuclear capacity is expected to rise 58 per cent to 164 gigawatts by mid-century. U.S. President Donald Trump has set an even more ambitious target of 400 gigawatts by 2050, supported by measures to streamline licensing for advanced reactors.
AtkinsRealis’ EC6 reactor, a 700-megawatt unit, has already been constructed in China within five years, according to Edwards. “It’s become fairly competitive even with gas from a time perspective,” he said. “It’s very competitive on a price perspective too, because it’s not a first of a kind.” The Candu technology uses natural uranium rather than more expensive enriched uranium, offering cost advantages.
Company growth and government support
The company is also developing the Candu Monark, a 1,000-megawatt reactor model designed to compete with Westinghouse Electric Co.’s AP1000. AtkinsRealis’ nuclear unit generated $2.3 billion in revenue last year, representing slightly more than 20 per cent of total revenue, and is expected to reach up to $3 billion in 2027. “We can definitely see this evolving where it could be 40 per cent of the business,” Edwards said.
The Canadian government recently announced a strategy to enable construction of up to 10 large-scale nuclear reactors, including a commitment to modernize Candu reactor technology, for which AtkinsRealis holds the exclusive license. Shares of the company rose following the announcement.
