Cameco bets big on Westinghouse to shape Canada’s nuclear future
Canada’s nuclear sector stands at a defining moment, with Cameco—the nation’s largest uranium producer—taking a bold step by acquiring a 49% share in Westinghouse Electric, a U.S. nuclear technology leader. This move forces the Saskatoon-based firm to reconcile its identity as a Canadian energy provider with deepening ties to an American company central to Washington’s geopolitical energy strategy.
Tim Gitzel, Cameco’s CEO, frequently cites the names of mining giants Canada has lost—Inco, Falconbridge, Noranda—to highlight the risks of missteps. Yet when the company purchased its stake in Westinghouse for $8.2 billion in 2023, public reaction was subdued. Gitzel rejects that view, saying, “Now we hear, ‘Well, you know, it’s American technology. You shouldn’t build it in Canada.’ He adds, ‘I think that’s garbage, personally.’”
Westinghouse, once a dominant U.S. nuclear firm, filed for bankruptcy in 2017 due to cost overruns on its AP1000 reactor design. Its revival began in 2018 when Brookfield, a Toronto-based private equity firm, acquired the company from Toshiba. Today, Cameco and Brookfield Renewable Partners jointly own Westinghouse, with Cameco holding the smaller share. The AP1000, a pressurized water reactor, now sits at the heart of a global nuclear resurgence, with 91 reactor units under development worldwide.
From Crown Corporation to Global Tech Player
Cameco’s evolution from a government-backed uranium miner into a player in advanced nuclear technology mirrors broader industry changes. Established in 1988 through the merger of two Crown corporations, the company now operates mines in Canada and Kazakhstan, refineries in Ontario, and fuel production facilities across the province. Its market value has surged to $58 billion, a stark contrast to its origins as a joint venture between Saskatchewan and the federal government.
The company’s leadership has remained unusually stable. Gitzel, now 64, is the third CEO since Cameco went public in 1991, following Gerald Grandey and Bernard Michel. The three executives, now in their 60s, 70s, and 80s, represent 35 years of continuous leadership, an uncommon consistency in corporate Canada. Their enduring connection was evident at a gathering in Montreal’s Fairmont The Queen Elizabeth in early August, where they shared stories of walleye fishing and past colleagues. Michel, who led the company from 1991 to 2003, built a reputation for integrity, workplace safety, and Indigenous hiring practices that still define Cameco’s values today.
Yet the company’s future depends on more than tradition. With the U.S. government committing $17.5 billion in conditional loans for Westinghouse reactor purchases, Cameco faces a clash between Canadian and American energy priorities. The Trump administration views Westinghouse as essential to its push for energy independence, particularly as AI-driven data centers demand vast power supplies.
Gitzel argues the partnership strengthens Canada’s position. “We’ve got the fuel services and now we’ve got the technology,” he says, even if Cameco is not the only one with something to offer on that front. However, proving this advantage is difficult, especially against Canada’s homegrown Candu Monark reactor, a heavy-water design backed by federal policy. The national nuclear strategy released in June 2025 mentions Westinghouse just three times, while Candu appears 42 times. The rivalry extends beyond technology into political influence.
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Why AI and Climate Are Driving Nuclear’s Revival
Grandey, who led Cameco from 2003 to 2009, recalls the industry’s last major revival, only for it to stall after the Fukushima disaster in 2011. Uranium prices collapsed, and Cameco’s Saskatchewan workforce was cut in half. This time, demand stems from AI, climate policy, and energy security rather than environmental concerns alone. “It really has been driven by the industry promises that appeared OK but I think were completely unreasonable in terms of cost and deliverability. This time is different, he says, because digital giants like Amazon, Meta, and Google are now turning back to nuclear.”
The U.S. government’s nuclear revival initiative has created both opportunity and tension for Cameco. In May 2025, President Donald Trump signed four executive orders to accelerate reactor construction, aiming for 10 new large-scale reactors by 2030. These orders included streamlined licensing and financial incentives, positioning Westinghouse’s AP1000 as a key component. The U.S. Department of Energy later announced up to $17.5 billion in conditional loans for Westinghouse reactor purchases, a move Gitzel called a way to “jumpstart utility decisions.” The loans target projects capable of producing 1.1-gigawatt reactors each, aligning with AI data centers’ need for reliable power.
This push coincides with broader energy market shifts. Russia’s 2022 invasion of Ukraine disrupted global uranium supplies, and the U.S. ban on Russian low-enriched uranium imports in 2024 widened the supply gap. Gerald Grandey warned of an impending “crisis point” for the U.S., which consumed nearly 47 million pounds of uranium in 2025 while producing only 2.1 million pounds domestically. The shortage has driven utilities to seek alternatives, including Canadian uranium and advanced reactors like the AP1000. Cameco’s stake in Westinghouse places it at the center of this transition, though it must balance U.S. energy goals with its Canadian identity.
U.S. Loans, Canadian Concerns Over Westinghouse Stake
The U.S. government’s potential equity stake in Westinghouse adds complexity. If the company’s value reaches $30 billion by January 2029, Washington could force a public offering and claim up to 20% of future profits. Cameco and Brookfield would first need to recover $17.5 billion in initial investments before the U.S. share applies. Concerns about foreign control over a Canadian asset have arisen, though Gitzel insists the partnership enhances Canada’s global influence. “We’ve got the fuel services and now we’ve got the technology,” he says, even if Cameco is not the only one with something to offer on that front.
Westinghouse’s Regulatory and Market Challenges in Canada
The AP1000 reactor, Westinghouse’s flagship design, operates under U.S. regulatory oversight, including licensing and safety approvals. This creates complications for deployment in Canada, where the Candu Monark, though not yet operational, holds a stronger political and industry presence. The Candu’s heavy-water technology is deeply embedded in Canada’s nuclear strategy, as seen in federal documents that reference it far more frequently than Westinghouse.
Proving the Business Model
Cameco’s success depends on rebuilding supply chains and workforce capacity. After suspending operations at key sites, including the world’s largest uranium mine, McArthur River, and the historic Rabbit Lake, during the post-Fukushima downturn, the company halved its Saskatchewan workforce by 2019, leaving northern communities economically strained. Gitzel acknowledges the challenges of rapid expansion, noting that “the first of a kind will be complicated and then we’ll get better.” However, he points to Cameco’s past resilience, including its role in stabilizing global uranium markets during the Megatons to Megawatts program in the 1990s. Grandey, who helped negotiate that program, credited Cameco’s low-cost operations with keeping the company viable when the U.S. industry collapsed.
