Thank you very much.
You touched on the GNEP. Let me be absolutely crystal clear. Canada under no uncertain circumstances will accept nuclear spent fuel or nuclear waste from any other country. We do not support that. The spent nuclear fuel we produce here in Canada, and that's everything from medical isotopes to the nuclear reactors that produce electricity—primarily in Ontario, but there are also reactors in Quebec and New Brunswick. Obviously, we are taking steps to deal with the safe storage and management of the spent nuclear fuel here in Canada. We will not under any circumstances accept having to deal with spent nuclear waste from another country. It would be their responsibility to look after that.
We're very clear on that principle. Hopefully I've been able to clear that issue up for you.
With respect to the waste, you're right—it's an issue. I said nuclear energy is clean. It produces no greenhouse gases and no pollution when it's producing, but there is the issue of the storage of the spent nuclear fuel. We acknowledge that. There is work being done on that by the Nuclear Waste Management Organization, and we've accepted their report.
I would stress that it's only one source of energy of many in Canada. We are blessed with a lot of hydro. We have a lot of potential for renewable energy. We're using coal-fired electricity production in Canada, and nuclear. It's the provinces' jurisdiction to decide on their energy mix, not the federal government's. We will respect that jurisdiction and not wade into what they want. But when they do decide—as in Ontario, which recognizes the importance of nuclear energy—we have to make sure that we're there to provide the right regulatory regime and that it's safe for all Canadians. That's our role and we take it very seriously.
With respect to the premiums, the industry understands that the current limits are woefully inadequate—$75 million. Yes, the premiums will go up. There will be a sixfold increase in premiums from what they're currently paying. They will be phased in over time—over four years, I believe. The liability insurance will go up, and the government will assist in the interim. The industry will, over four years, ramp up, or they'll be facing increased insurance premiums. They've accepted that and are generally supportive of this legislation because they understand it has to come up to the international standards. Where the costs are passed on or how they're passed on would obviously be up to the operator and the provinces. That would be their jurisdiction. It's not something we would deal with.
It's our responsibility to ensure that the Nuclear Liability and Compensation Act is meeting the standards of the day, and today it's not. That's why it's important we're doing this.
But there is no question, this will cause a sixfold increase in insurance premiums for the nuclear operator.