Canada Commits $3 Billion to Support Romanian Energy Security and Climate Action

Strategic Insights -

Canada and Romania are strengthening their long-standing relationship by investing in clean energy and reducing reliance on Russian energy. The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, and Sebastian Burduja, Minister of Energy of Romania, announced a $3 billion investment in export financing to support Romania's energy security and climate action. This investment will support the construction of two new Canada deuterium uranium (CANDU) nuclear reactors at the Cernavoda Nuclear Generating Station, which will add 1,400 megawatts of clean electricity production capacity to Romania's grid.

Key Takeaways:

  • Canada's investment of $3 billion will support the construction of two new CANDU nuclear reactors at the Cernavoda Nuclear Generating Station in Romania.
  • The new reactors will add 1,400 megawatts of clean electricity production capacity to Romania's grid, helping to drive down emissions and phase out coal power by 2032.
  • The Cernavoda Nuclear Generating Station will supply 36% of Romania's total electricity needs, up from the current 21%.
  • The construction of the new reactors will unlock Romania's potential to become a regional hub for secure energy in the face of Russian energy intimidation.
  • Canada has a long-standing nuclear energy relationship with Romania, dating back to the signing of the Canada-Romania Nuclear Cooperation Agreement (NCA) in 1977.
  • Nuclear cooperation has been a pillar of Canada's relationship with Romania for decades, with Romania choosing CANDU technology for its nuclear program in the 1970s.
  • The CANDU reactor remains one of the single largest research and development investments ever made by the Canadian government, with Canada exporting CANDU technology to several countries.

Statistics:

  • $3 billion: The investment in export financing to support Romania's energy security and climate action (Source: Natural Resources Canada)
  • 1,400 megawatts: The additional clean electricity production capacity that the new CANDU reactors will add to Romania's grid (Source: Natural Resources Canada)
  • 36%: The percentage of Romania's total electricity needs that the Cernavoda Nuclear Generating Station will supply (Source: Natural Resources Canada)
  • 2032: The target year for phasing out coal power in Romania (Source: Natural Resources Canada)
  • 1977: The year of signing the Canada-Romania Nuclear Cooperation Agreement (Source: Natural Resources Canada)

Sources:

  • Natural Resources Canada, "3 billion in federal export finance to support Canadian businesses while providing clean energy security for Romania", September 19, 2023
  • Joint Statement by Prime Minister Trudeau and President Biden, 2023 (Source: Natural Resources Canada)