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Researched by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Xcel Energy Incorporated (NASDAQ:XEL) (Minneapolis, Minnesota) can now move forward with plans to expand storage for spent fuel at its Monticello power plant in Minnesota. Amid something of a nuclear revival, Xcel hopes to expand the plant's life.
The Minnesota Public Utilities Commission signed off on a request for the certification necessary to expand the capacity to store spent nuclear fuel at the plant. The request came as a result of Xcel's plans to extend the plant's operating life by 10 years, from 2030 to 2040. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant Database can learn more from a detailed plant profile.
"The Monticello plant operates a single-unit boiling water reactor, powered by nuclear fuel," the state regulator said. "The Monticello plant, along with Prairie Island's nuclear plant, makes up approximately 24% of the electricity generated in Minnesota."
With the global economy looking for ways to wean itself off of fossil fuels, established nuclear technology such as the Monticello plant is seeing renewed interest more than a decade after the meltdown at the Fukushima facility in Japan.
Triggered by a tsunami, the meltdown prompted major economies to rethink their nuclear plans. Germany in 2011, the year of the disaster, opted to phase out its nuclear energy program. By April, utility operators had scheduled the closure of the last power plants--Isar 2 plant in Bavaria, the Emsland plant in Lower Saxony and the Neckarwestheim 2 plant in Baden-Württemberg--ending 62 years of nuclear power in Germany.
In the U.S. economy, the world's largest, the third unit at the Vogtle nuclear power plant in Georgia entered into service last month with 1,100 megawatts of electricity, enough to meet the demands of a half million customers.
There are about 55 commercial-scale nuclear power plants running across 28 U.S. states, though most of those were constructed between 1970 and 1990. Vogtle is among the modern standouts in terms of age. Last year, the White House unveiled a $6 billion spending effort to keep aging plants in working order.
This year, President Joe Biden put another $1.2 billion on the table to extend the life of nuclear power plants. The Biden administration has lofty goals for clean energy, believing nuclear power could be central to efforts to create a grid that runs entirely on clean energy by 2035.
"(This) funding will allow even more nuclear facilities the opportunity to continue operating as economic drivers in local communities that benefit from cheap, clean and reliable power," Energy Secretary Jennifer Granholm said.
Costs and safety are obvious concerns for nuclear power. Research from the Cato Institute finds that while natural gas prices may be volatile, the returns are not, which may be a bit supportive on the cost-efficiency side of the argument. The new unit at the Vogtle plant in Georgia came online seven years late and $17 billion over budget.
Elsewhere, while nuclear accidents are severe and the subsequent dangers are long-lasting, accidents are rare. The same study from Cato finds there have been only 12 meltdowns in the 18,000 reactor-years of global activity.
More energy may be necessary in general, given emerging climate trends. Hot temperatures in July pushed domestic electricity demand to near-record levels, and some regions have yet to see any relief. Parts of Texas can expect the heat index to linger around 110 degrees Fahrenheit this week. With low winds and intermittent solar power, grid operator ERCOT--the Electricity Reliability Council of Texas--was forced to ask its customers to conserve power.
Energy is changing, though fossil fuels still dominate the power sector. Renewable energy capacity, driven largely by solar power, is expected to account for 16% of the grid this year and 18% by the end of 2024.
Nuclear, meanwhile, remains stable. The addition of the new reactor in Georgia only did so much, according to the U.S. Energy Information Administration (EIA).
"(W)e forecast a slight increase in the amount of U.S. nuclear generation this year and a 2% increase in 2024, although the nuclear share of U.S. generation remains at 19%," the EIA's latest monthly market report read.
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) platform 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 more than 200,000 current and future projects worth $17.8 trillion (USD).
The Minnesota Public Utilities Commission signed off on a request for the certification necessary to expand the capacity to store spent nuclear fuel at the plant. The request came as a result of Xcel's plans to extend the plant's operating life by 10 years, from 2030 to 2040. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant Database can learn more from a detailed plant profile.
"The Monticello plant operates a single-unit boiling water reactor, powered by nuclear fuel," the state regulator said. "The Monticello plant, along with Prairie Island's nuclear plant, makes up approximately 24% of the electricity generated in Minnesota."
With the global economy looking for ways to wean itself off of fossil fuels, established nuclear technology such as the Monticello plant is seeing renewed interest more than a decade after the meltdown at the Fukushima facility in Japan.
Triggered by a tsunami, the meltdown prompted major economies to rethink their nuclear plans. Germany in 2011, the year of the disaster, opted to phase out its nuclear energy program. By April, utility operators had scheduled the closure of the last power plants--Isar 2 plant in Bavaria, the Emsland plant in Lower Saxony and the Neckarwestheim 2 plant in Baden-Württemberg--ending 62 years of nuclear power in Germany.
In the U.S. economy, the world's largest, the third unit at the Vogtle nuclear power plant in Georgia entered into service last month with 1,100 megawatts of electricity, enough to meet the demands of a half million customers.
There are about 55 commercial-scale nuclear power plants running across 28 U.S. states, though most of those were constructed between 1970 and 1990. Vogtle is among the modern standouts in terms of age. Last year, the White House unveiled a $6 billion spending effort to keep aging plants in working order.
This year, President Joe Biden put another $1.2 billion on the table to extend the life of nuclear power plants. The Biden administration has lofty goals for clean energy, believing nuclear power could be central to efforts to create a grid that runs entirely on clean energy by 2035.
"(This) funding will allow even more nuclear facilities the opportunity to continue operating as economic drivers in local communities that benefit from cheap, clean and reliable power," Energy Secretary Jennifer Granholm said.
Costs and safety are obvious concerns for nuclear power. Research from the Cato Institute finds that while natural gas prices may be volatile, the returns are not, which may be a bit supportive on the cost-efficiency side of the argument. The new unit at the Vogtle plant in Georgia came online seven years late and $17 billion over budget.
Elsewhere, while nuclear accidents are severe and the subsequent dangers are long-lasting, accidents are rare. The same study from Cato finds there have been only 12 meltdowns in the 18,000 reactor-years of global activity.
More energy may be necessary in general, given emerging climate trends. Hot temperatures in July pushed domestic electricity demand to near-record levels, and some regions have yet to see any relief. Parts of Texas can expect the heat index to linger around 110 degrees Fahrenheit this week. With low winds and intermittent solar power, grid operator ERCOT--the Electricity Reliability Council of Texas--was forced to ask its customers to conserve power.
Energy is changing, though fossil fuels still dominate the power sector. Renewable energy capacity, driven largely by solar power, is expected to account for 16% of the grid this year and 18% by the end of 2024.
Nuclear, meanwhile, remains stable. The addition of the new reactor in Georgia only did so much, according to the U.S. Energy Information Administration (EIA).
"(W)e forecast a slight increase in the amount of U.S. nuclear generation this year and a 2% increase in 2024, although the nuclear share of U.S. generation remains at 19%," the EIA's latest monthly market report read.
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) platform 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 more than 200,000 current and future projects worth $17.8 trillion (USD).
