Thank you, Mr. Chair. I'm very pleased to be with you this afternoon.
At the Nuclear Innovation Institute, we provide a platform for accelerating the pace of innovation within the nuclear sector, while also serving as a connector and convenor of ideas and people to tackle the challenges we face today. Those challenges are many and they are significant.
Twenty-seven years, 250 days, that's how long we have until January 1, 2050. We're all aware of the pledges and promises made to get to net zero by 2050, but what is the scope of that challenge? Numerous reports have forecasted that Canada will need to triple its level of electrical power production from 500 terawatt hours to 1,500 terawatt hours.
What does adding this new generation look like in real terms? It's the equivalent of adding 115 new large hydroelectric reservoirs like Site C in British Columbia, or more than 19 new nuclear sites, as Chris mentioned. Using solely small modular reactors, SMRS, means adding 380 SMRs to our grid. For wind, it means adding tens of thousands of new turbines. Relying solely on solar would require solar panels to be installed on a geographic space roughly 2.5 times the size of Prince Edward Island.
All of this means that we need to use every low-carbon and decarbonization tool in the tool box, and we need to start now. Quite simply, the net-zero equation will never balance unless nuclear is a fixed variable. When it comes to creating a fair and equitable energy transformation as part of these efforts, Canada's nuclear sector has many clear benefits.
Canada's nuclear assets are already creating the kinds of economic opportunities that must be commonplace in a net-zero future. The phase-out of coal in Ontario, by using nuclear, is a prime example of a just transition in action, and it's working. One need look no further than the Clean Energy Frontier region of the Bruce, Grey and Huron counties in Ontario—a rural economy that has been given a monumental economic boost from the presence of the Bruce Power nuclear generating station. The major component replacement project at Bruce Power, which will extend the life of this clean electricity powerhouse until the year 2064, is injecting immense levels of investment and opportunity into the region through new businesses and literally thousands of jobs and new opportunities.
These opportunities have supported our indigenous communities, in terms of both employment and new ventures. Indigenous-owned businesses like Makwa-Tron and Makwa-Cahill have been created because of the MCR investment, and a partnership between the Saugeen Ojibway Nation and Bruce Power has been signed jointly to market medical isotopes. These are the kinds of opportunities we all think of when we envision a fair and equitable energy transformation in Canada.
As work is under way to replace major components at Bruce Power, we are also finding new opportunities to increase the site's contribution to fighting climate change. Project 2030 at Bruce Power will see the site initially increase power output so this clean energy asset can provide clean power to another quarter of a million homes. By 2030, it looks to increase that output up to 7,000 megawatts. Maintaining and maximizing our clean energy assets will be critical in the goal of reaching net zero by 2050.
These opportunities are supporting Ontario-based and Canadian-based supply chains. More than 90% of Bruce Power's total spending occurs within Ontario and 98% of that stays in Canada. This spending supports Canadian jobs at Canadian-based businesses. From uranium extraction in Saskatchewan to plant operations in Ontario and New Brunswick, nuclear is a true Canadian success story. Recent global events, from the pandemic to the war in Ukraine, have shown us the true value of homegrown supply chains.
Finally, when it comes to creating a hydrogen economy, nuclear will play a central role. Using targets in the “Hydrogen Strategy for Canada”, NII did the math on what it will take to meet those targets in terms of electricity production. It should be no surprise that we will need an incredible amount of new electricity generation—the equivalent of nine new nuclear sites, 196 SMRs, or 5,500 utility-scale solar farms. Nuclear must be a key contributor to creating this economy, and nuclear operators like Bruce Power are doing their part. Feasibility work announced as part of the Ontario government's hydrogen strategy is already under way to explore hydrogen production and end uses.
Governments can do more when it comes to workforce planning for a hydrogen economy. We will need a host of new skills and certifications across the country to enable our workers to work in a hydrogen economy. Positions like fuel cell retrofit installers and fuelling station managers need to be explored now. Pipeline construction workers and system safety inspectors will need new certifications and skills to work in a safe and effective hydrogen economy.
This is all highlighted in a 2021 report from the NII, which I will be happy to submit to the clerk for the committee's review as part of this study.
With that, I would like to thank the committee for the invitation to appear today, and I'll be happy to take any questions.