Saskatchewan Energy Minister Bill Boyd says he welcomes the possibility of his uranium-rich province, and not Alberta, being home to Western Canada's first nuclear power plant.

With roughly one-third of the world's uranium reserves, Saskatchewan would be a natural choice for such a project, said Boyd, who was speaking in Calgary Tuesday to a group of oil and gas business people from Canada and the United States.

Ontario-based Bruce Power has proposed a nuclear plant near Peace River, Alta., but the CEO of a major shareholder in the company, Calgary's TransCanada, recently suggested Saskatchewan might be a better bet.

Boyd said Saskatchewan is certainly interested in exploring the reactor idea.

"It certainly makes sense for us to look at the next stages of development — upgrading, refining and then through to generation, and that's what we're certainly prepared to do," he said.

Last month Bruce Power officials said the discussion about Saskatchewan is interesting, but the company is still focusing its attention on the Peace River site.

However, Boyd said he's had some positive indications in preliminary discussions with Bruce Power.

"They've indicated to us as well it may be more appropriate in our province," he said. "We're looking at it as a good development potential."

Bruce Power wants to have its nuclear power plant completed by 2017, whether it be in Alberta or in Saskatchewan.

Over the last several decades, proposals to expand the nuclear industry in Saskatchewan have been controversial.

Uranium mining was expanded under the former NDP government, but as premier, Lorne Calvert has not come out in support of nuclear reactors or waste dumps in the province.

The Saskatchewan Party said in its campaign platform last fall it wanted to "explore and identify value-added uranium opportunities."