Saskatchewan to redirect carbon charges to nuclear energy investment fund

financialpost.com:

REGINA — The Saskatchewan government says the province’s electrical utility is to remit carbon charges into a nuclear energy investment fund.

The province says the fund would be used to help Saskatchewan deploy its first small modular reactor.

It also says carbon charges would go toward clean electricity operating costs to keep power rates affordable.

SaskPower, which is the province’s electricity utility, collects carbon charges from ratepayers, and the province has authority over how to invest the money.

The province says carbon charges from other heavy emitters are to be deposited into a technology fund for projects that reduce, sequester and capture emissions.

It says it’s to track carbon revenues and expenses from heavy emitters through the provincial budget.

Environment Minister Christine Tell says Saskatchewan plans to transition to net-zero electricity by 2050.

“The changes announced today will support clean electricity transition priorities while maintaining affordability and competitiveness for all Saskatchewan households, businesses, industry and farms,” she said in a news release Monday.

Last week, Saskatchewan announced it won’t collect carbon charges on electrical heat starting Jan. 1 following an announcement in late October that the province won’t remit the carbon charge on natural gas after Ottawa earlier exempted home heating oil.

The province said Monday those eligible are to see a 60 per cent reduction on the rate rider portion of their electricity bill, amounting to an average savings of $21 per month.

The government expects the savings will apply to 30,000 customers. It said it already knows which customers are eligible, but people can apply online for an exemption.

Premier Scott Moe has also said