NUSCALE POWER SETS OUT AMBITION AND OPPORTUNITY IN NEW UK PROSPECTUS
The ambition of NuScale Power to play a leading role in the British energy market was reiterated today with the publication of a UK Prospectus by the Small Modular Reactor (SMR) developer.
Headlined “A nuclear energy opportunity for the UK”, the UK Prospectus highlights the opportunity that exists for the British nuclear industry to grab a share in an emerging global SMR market estimated to be worth £400 billion by 2035.
NuScale Power is one of the world’s most advanced developers of SMRs and has the backing of its primary investor Fluor Corporation and the US Department of Energy. It is on track to submit its technology for design certification in the Unites States next year and expects to receive regulatory approval in the early 2020s, paving the way for deployment for its first customer in Idaho by late 2023.
NuScale Power Chairman and CEO John Hopkins commented on the launch of the UK Prospectus:
“Off the back of progress in the US, our presence in the UK market has been developing fast. We’re working closely with the government, building collaborative links with key players in the nuclear sector such as the Nuclear AMRC and National Nuclear Laboratory and are in talks with a range of potential partners.
“We see the UK as one of the most attractive places globally to do nuclear business. Britain has the opportunity to grab a share of the future high value global SMR market. Our vision is to see NuScale Power Modules generating low carbon electricity in the UK and providing opportunities in the UK.”
Deployment of the NuScale Power technology in the UK would mean significant opportunities for the UK nuclear supply chain, supporting jobs and wealth creation across the country including the Northern Powerhouse.
This vision is being spearheaded in the UK by NuScale Power’s Executive Vice President Tom Mundy who spoke at last month’s World Nuclear Association Symposium in London and will address this month’s SMR UK Summit, also in London. He is setting out the clear benefits of the technology to the UK market, in particular:
- Near term - It is on track for initial deployment in late 2023 for NuScale’s first customer in Idaho.
- Cost effective – it is competitive with large scale nuclear and other low carbon technologies.
- Flexible - It can be integrated well alongside intermittent renewables due to its load following capabilities.
- Scalable – 50MWe modules can be added incrementally up to a maximum of 12, reducing initial capital costs.
- Factory fabricated – Modules can be entirely fabricated in a manufacturing facility and transported to their destination by rail, road or barge.
- Safe - In an unlikely loss of power event, it can safely shut down and self-cool for an indefinite period with no operator action, no electrical power and no additional water.
Notes for editors
To download the new UK Prospectus and to find out more about NuScale Power in the UK visit:
To keep up to date on NuScale Power in the UK follow @NuScale_UK on Twitter.
NuScale Power UK opened its London office earlier this year:
About NuScale Power, LLC
NuScale Power, LLC is developing a new kind of nuclear plant; a safer, smaller, scalable version of pressurized water reactor technology, designed with natural safety features; a technology initially developed and tested at Oregon State University. Fluor Corporation (NYSE: FLR), a global engineering, procurement, and construction company with a 60-year history in commercial nuclear power, is the majority investor in NuScale. As the sole winner of the second round of the U.S. Department of Energy's (DOE) competitively-bid, cost-sharing program to develop nuclear small modular reactor (SMR) technology, NuScale's design offers the benefits of carbon-free nuclear power but takes away the issues presented by the cost of installing large capacity. A nuclear power plant using NuScale's technology is comprised of individual NuScale Power Modules™, each producing 50 megawatts of electricity (gross) with its own factory-built combined containment vessel and reactor vessel, and its own packaged turbine-generator set. A power plant can include as many as 12 NuScale Power Modules to produce as much as 600 MWe, gross (570 net, nominal, after house loads). The reactor coolant is driven by natural circulation and can be shut down safely with no operator action, no AC or DC power, and no external water supply. NuScale power plants are scalable - additional modules are added as customer demand for electricity increases. NuScale's technology also is ideally suited to supply energy for district heating, desalination, and other applications. NuScale is headquartered in Portland, Oregon and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; and London, UK.