GE Vernova’s Ontario Nuclear Plant Is Facing Delays And Rising Costs

Key points

• Ontario Power Generation indicates the GE Vernova–Hitachi SMR project will exceed its initial budget and miss the October 2030 start date, highlighting delays and cost growth driving the setback.
• The 300-megawatt unit carries an estimated price tag around $5.4 billion, with about $4.3 billion allocated to the primary unit and the remainder to shared infrastructure for future reactors.
• On a per-kilowatt basis, direct expenses for the single unit exceed $14,000/kW, substantially higher than typical new natural gas plant costs near $2,500/kW, underscoring competitiveness challenges.
• GE Vernova attributes delays to ongoing engineering adjustments and compounding supply-chain disruptions, while noting factors like engineering, procurement and construction as well as evolving market conditions, including inflation and geopolitical risks.
• The project’s status contributes to a broader environment where other SMR developers such as Oklo, X-Energy and NuScale Power are navigating funding, regulatory, and technical hurdles.
• Following the delay news, GE Vernova stock price showed a modest uptick of around 2%, reflecting a nuanced investor reaction amid ongoing program uncertainty.
• Ontario Power Generation and GE Vernova each indicate a commitment to working through the issues to advance the project, though no revised timeline or definitive cost cap is provided.