October 22nd, 2026 | 05:41 CEST
Beyond Coal: Cameco, GE Vernova and NU E Power in Canada's Nuclear Energy Transition
Created and published on behalf of NU E Power Corp.
The Canadian province of Saskatchewan is planning a fundamental restructuring of its energy supply. A government plan presented by Premier Scott Moe at the end of September envisages generating at least 2,600 megawatts (MW) of electricity from nuclear power plants by 2050. Saskatchewan, historically heavily dependent on coal- and gas-fired power generation, cites supply security and affordable electricity as reasons for its shift toward nuclear power. The plan comprises two technical development stages. First, provincial utility SaskPower plans to build small modular reactors (SMRs) near Estevan at the Rafferty Reservoir. Second, large, conventional nuclear reactors with a capacity of over 2,000 MW are to be built in the northwest of the province, with the first potentially coming online in 2042. Established companies such as Cameco and GE Vernova are active in this evolving energy landscape, alongside specialised project developers such as NU E Power.
time to read: 3 minutes | Author: Nico Popp
ISIN: NU E Power Corp | CA6699882065 , CAMECO CORP. | CA13321L1085 , US36828A1016
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Author
Nico Popp
At home in Southern Germany, the passionate stock exchange expert has been accompanying the capital markets for about twenty years. With a soft spot for smaller companies, he is constantly on the lookout for exciting investment stories.
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Cameco: A Key Pillar of Canada's Nuclear Supply Chain
Based in Saskatoon, Saskatchewan, Cameco is one of the world's largest uranium producers and a key player in the global fuel cycle. In the second quarter of 2026, the company generated CAD 814 million in revenue and benefited from an average realised selling price of CAD 93.13 per pound of uranium. Since June 2024, Cameco, together with SaskPower and Westinghouse, in which Cameco holds a 49% stake, has been examining the potential deployment of large and small Westinghouse reactors in the province, along with a fuel supply chain from Saskatchewan. The company raised its outlook for full-year 2026 and now expects consolidated revenue of CAD 3.32 to 3.57 billion.
GE Vernova: Providing the SMR Technology
GE Vernova is regarded worldwide as a giant in electrification and energy technology. In the second quarter of 2026, the group recorded organic growth in order intake of 88% to a total of USD 24.2 billion, bringing the total order backlog to USD 176 billion. The joint venture GE Vernova Hitachi is the key technology supplier for the Canadian SMR programme. The utility Ontario Power Generation is currently building the first BWRX-300 Small Modular Reactor in Darlington, Ontario, and SaskPower has officially selected exactly this reactor type for Saskatchewan. Using the same technology is intended to reduce licensing, construction and operating costs. A first BWRX-300 in Saskatchewan could come online in the mid-2030s; the final investment decision is scheduled for 2029.
NU E Power: Positioning Itself for the SMR Market
NU E Power has been positioning itself as a developer of solar, storage and gas-fired power plants in Canada. In Alberta, the company has a net stake of 251.75 MWac of planned capacity in solar and storage projects in Lethbridge and Hanna; the projects remain under development. In early August 2026, NU E Power announced a non-binding letter of intent (LOI) to purchase nearly 12 hectares of land in the Regina area. The land has not yet been developed or zoned for industrial use. The proposed acquisition is contingent on several conditions, including satisfactory due diligence, financing and the necessary permits. Exclusivity runs through the end of October. To support its Advanced Energy and SMR strategy, NU E Power appointed former Canadian Industry Minister Hon. Tony Clement to its board of directors effective October 14, 2026. Clement also serves as Chair of the SMR Forum's Advisory Board.
A Pioneer Focused on Project Development
Operationally, NU E Power remains in the early stages of development. In the second quarter of 2026, the company generated no revenue; its CAD 611,902 first-quarter revenue came from a subsidiary whose acquisition it has since reversed. The company currently has no formal involvement in a nuclear power or small modular reactor (SMR) project. NU E Power's strategy is to gain a foothold as an early-stage SMR project developer, relying on new board member Clement's network to secure future project acquisitions. The company's focus is on securing suitable sites and working with technology providers. Because NU E Power intends to develop projects and then sell them rather than build them itself, the company can establish positions early without having to bear the high construction costs itself.
A Strategic Window in the Energy Market
The planned establishment of a nuclear industry in Saskatchewan could create a new ecosystem for energy companies. While companies such as Cameco and GE Vernova provide raw material supply and reactor technology, an environment for specialist project developers is taking shape. NU E Power has taken initial personnel and strategic steps toward entering this emerging market segment. Successful development of a site for a future energy project would mark a significant milestone for NU E Power and could provide a basis for pursuing additional project opportunities.
Conflict of interest
Pursuant to §85 of the German Securities Trading Act (WpHG), we point out that Apaton Finance GmbH as well as partners, authors or employees of Apaton Finance GmbH (hereinafter referred to as "Relevant Persons") may hold shares or other financial instruments of the aforementioned companies in the future or may bet on rising or falling prices and thus a conflict of interest may arise in the future. The Relevant Persons reserve the right to buy or sell shares or other financial instruments of the Company at any time (hereinafter each a "Transaction"). Transactions may, under certain circumstances, influence the respective price of the shares or other financial instruments of the Company.
In addition, Apaton Finance GmbH is active in the context of the preparation and publication of the reporting in paid contractual relationships.
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