Released June 19, 2024 | SUGAR LAND
en
Written by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Nearly $1 billion in federal funds will go to support the development of small modular nuclear reactors (SMRs) in the country, the U.S. Department of Energy said.
Industrial Info is tracking more than 20 projects related to SMRs in the United States, with an estimated value of $56 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
Up to $900 million is now available to support the deployment of the next generation of SMRs. President Joe Biden's signature Inflation Reduction Act also includes investment tax credits (ITCs) for advanced nuclear plants, including a 10% credit for SMRs attached to retired coal-power plants.
"The path to greater energy security and more climate solutions runs through investments like these, being made at historic scale by President Biden," Ali Zaidi, the national climate advisor, said Monday.
Nuclear power only makes up a small fraction of the energy on the grid. The Energy Department estimates nuclear power will account for about 19% of total power in the country by 2025, unchanged from levels achieved last year.
An outlook from the U.S. Energy Information Administration (EIA), the statistical arm of the Energy Department, finds nuclear power capacity could actually decline by 20% from current levels to reach 76,000 megawatts (MW), or 76 gigawatts (GW), by 2040.
For the U.S. economy to achieve net-zero emissions by 2050, however, the Energy Department estimates the grid will need at least 700 GW of alternative forms of energy, be it geothermal energy, wind power or SMRs.
"Today's announcement will support early movers in the nuclear sector as we seek to scale up nuclear power and reassert American leadership in this critical energy industry," Secretary of Energy Jennifer Granholm said.
SMRs are essentially small-scale, modular nuclear power facilities that could in theory see a strong rollout due to their versatility and smaller footprint. The industry, however, has seen its challenges.
NuScale Power Corporation (NYSE:SMR) (Portland, Oregon) cancelled its project in the United States earlier this year, and the technology in general is largely untested.
That said, SMRs are increasingly seen as an important route to lower carbon emissions and long-term energy security, all with a significantly lower price point and faster rollout than traditional nuclear power plants. And the top national developers--Canada, Poland, South Korea, the United Kingdom and the United States--account for about 58% of the proposed projects globally.
Unit 4 at the Alvin W. Vogtle Nuclear Power Station entered commercial operations in April, becoming the first new facility of its kind in more than three decades.
All four of the plant's nuclear-fired units now are in operation. The plant is operated by Southern Company (NYSE:SO) (Atlanta, Georgia) on behalf of its subsidiary Georgia Power Company (Atlanta, Georgia) and three other co-owners. Georgia Power owns about 45.7% of Unit 4, which will have about 1,117 MW of generating capacity. The utility owns the same percentage of Vogtle Unit 3, which began commercial operations last summer with the same capacity.
The project's capital cost of $32 billion, however, was far over budget. For more information, see August 2, 2023, article - Years Late and Over Budget, Vogtle Unit 3 Begins Commercial Operations.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Industrial Info is tracking more than 20 projects related to SMRs in the United States, with an estimated value of $56 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.
Up to $900 million is now available to support the deployment of the next generation of SMRs. President Joe Biden's signature Inflation Reduction Act also includes investment tax credits (ITCs) for advanced nuclear plants, including a 10% credit for SMRs attached to retired coal-power plants.
"The path to greater energy security and more climate solutions runs through investments like these, being made at historic scale by President Biden," Ali Zaidi, the national climate advisor, said Monday.
Nuclear power only makes up a small fraction of the energy on the grid. The Energy Department estimates nuclear power will account for about 19% of total power in the country by 2025, unchanged from levels achieved last year.
An outlook from the U.S. Energy Information Administration (EIA), the statistical arm of the Energy Department, finds nuclear power capacity could actually decline by 20% from current levels to reach 76,000 megawatts (MW), or 76 gigawatts (GW), by 2040.
For the U.S. economy to achieve net-zero emissions by 2050, however, the Energy Department estimates the grid will need at least 700 GW of alternative forms of energy, be it geothermal energy, wind power or SMRs.
"Today's announcement will support early movers in the nuclear sector as we seek to scale up nuclear power and reassert American leadership in this critical energy industry," Secretary of Energy Jennifer Granholm said.
SMRs are essentially small-scale, modular nuclear power facilities that could in theory see a strong rollout due to their versatility and smaller footprint. The industry, however, has seen its challenges.
NuScale Power Corporation (NYSE:SMR) (Portland, Oregon) cancelled its project in the United States earlier this year, and the technology in general is largely untested.
That said, SMRs are increasingly seen as an important route to lower carbon emissions and long-term energy security, all with a significantly lower price point and faster rollout than traditional nuclear power plants. And the top national developers--Canada, Poland, South Korea, the United Kingdom and the United States--account for about 58% of the proposed projects globally.
Unit 4 at the Alvin W. Vogtle Nuclear Power Station entered commercial operations in April, becoming the first new facility of its kind in more than three decades.
All four of the plant's nuclear-fired units now are in operation. The plant is operated by Southern Company (NYSE:SO) (Atlanta, Georgia) on behalf of its subsidiary Georgia Power Company (Atlanta, Georgia) and three other co-owners. Georgia Power owns about 45.7% of Unit 4, which will have about 1,117 MW of generating capacity. The utility owns the same percentage of Vogtle Unit 3, which began commercial operations last summer with the same capacity.
The project's capital cost of $32 billion, however, was far over budget. For more information, see August 2, 2023, article - Years Late and Over Budget, Vogtle Unit 3 Begins Commercial Operations.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
