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Federal government invests in small nuclear reactors to help it meet net-zero 2050 target – CBC.ca

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The federal government says it’s investing $20 million in the nuclear industry to help Canada meet its target of net-zero greenhouse gas emissions by 2050.

The investment in Oakville Ontario’s Terrestrial Energy is meant to help the firm bring small modular nuclear reactors to market.

“By helping to bring these small reactors to market, we are supporting significant environmental and economic benefits, including generating energy with reduced emissions, highly skilled job creation and Canadian intellectual property development,” said Innovation Minister Navdeep Bains in a media statement.

Small modular reactors — SMRs — are smaller than a conventional nuclear power plant and can be built in one location before being transported and assembled elsewhere.

Atomic Energy of Canada Limited says it sees three major uses for SMRs in Canada:

  • Helping utilities replace energy capacity lost to closures of coal fired power plants.
  • Providing power and heat to off-grid industrial projects such as mines and oilsands developments. 
  • Replacing diesel fuel as a source of energy and heat in remote communities.

Bains said nuclear energy is part of the energy mix Canada must have to reach its climate targets. 

Another part of that mix, Bains said, was the recently announced $590 million investment — split evenly between the Ontario and federal governments — to help the Ford Motor Company upgrade its assembly plant in Oakville and start making electric vehicles there.

Small modular nuclear reactors could replace diesel generating facilities in remote communities across Canada, like this one in Fort Providence, NWT. (Tracy Fuller/CBC)

Recycling nuclear waste

Natural Resources Minister Seamus O’Regan said the federal government is reviewing its radioactive waste program to ensure it adheres to the “highest international standards.”

“We do have to make sure that Canadians trust the power system,” O’Regan said. “SMR technology allows us to minimize the amount of waste and in some cases has the potential to recycle nuclear waste.”

The federal government says that Terrestrial Energy has committed to creating and maintaining 186 jobs and creating 52 co-op placements nationally.

The government says the company also has promised to undertake gender equity and diversity initiatives to, among other things, boost the number of women working in science, technology, engineering and mathematics fields.

How a nuclear reactor works (This diagram, which should be read clockwise from bottom left, shows how a nuclear reactor works.)

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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