now seriously considering incorporating more nuclear energy in their energy mix. Further, the global energy transition is in full swing, and many experts are coming to the realization that the world needs more nuclear power to meet our climate goals. Indeed, according to the International Energy Agency , the world needs to double the annual rate of nuclear capacity additions in order to reach the 2050 net-zero target.
Scores of governments, including the U.S. government, have begun incentivizing SMRs by making them more attractive for lenders and utilities. You simply must have some form of reliable, baseload power because you can’t get there with assets that operate the time. A nuclear power plant is more costly upfront, but it is an asset that operates for 80 years. If you compare that to wind and solar, they generally have 20-year lifetimes and batteries of around eight years.
” Jeff Merrifield, partner, Pillsbury Winthrop Shaw Pittman, and a former Nuclear Regulatory Commissioner, said during a recent nuclear energy virtual press conference hosted by the. Merrifield pointed to West Virginia, Idaho, Wyoming, as some of the states where SMRs would be suitable, noting that they all lack nuclear plants but have enacted legislation that allows small modular reactors to develop.
Back in 2020, the U.S. Department of Commerce launched a Small Modular Reactor Working Group that looks to