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Transcript:
Host: Howdy folks and welcome back to the deep dive. You've tuned in to episode five of Nathan's podcast.
Co-host: That's right.
Host: And we're so glad you're here with us.
Co-host: Yeah.
Host: You know, for all you energy professionals out there and anybody really who's just curious about how we power our world,
Co-host: we've wrangled up a whole stack of news and insights fresh off the presses for 2025.
Host: Fresh.
Co-host: All focused on the ever evolving landscape of nuclear energy right here in the good old US of A.
Host: Yeah. Exciting times. We're going to unpack everything, you know, giving new life to these old plants. Got groundbreaking advancements in fuel. Absolutely.
Co-host: And even take a peek into the future with fusion.
Host: So, get ready for some real aha moments, folks.
Co-host: That's right. We're looking at a real confluence here. A confluence of developments that could significantly reshape the nation's energy portfolio.
Host: It is.
Co-host: We've got government initiatives, private sector innovation, and a renewed focus on nuclear as a key component of energy security and emissions reduction. all coming together.
Host: It is. So, let's dive in and see what these stories mean for you.
Co-host: All right. So, first up, let's head up north to Michigan where it sounds like the NRC, that's the Nuclear Regulatory Commission, right?
Host: Might just give the go-ahe ahead this summer to restart the whole Palisades plant.
Co-host: Interesting.
Host: Now, this is a single unit 800 megawatt reactor.
Co-host: It was shut down back in May of 2022.
Host: Yeah.
Co-host: And what's really catching my eye here is that we're potentially talking about bringing a nuclear plant back on online.
Host: Wow.
Co-host: After it's been retired, which could be a first for the US.
Host: That's a big deal.
Co-host: And the Department of Energy, the DOE.
Host: Yeah.
Co-host: They're putting their money where their mouth is with a $ 1.52 billion loan to get this thing up and running.
Host: Wow.
Co-host: And they're saying it could support or keep around 600 jobs up there, which is huge for that community.
Host: Absolutely.
Co-host: Holt thinks if they get the thumbs up, they could have the plant running before the end of the year.
Host: That's impressive.
Co-host: So, what does it tell you that we're making such a big investment to bring a plant like this back from mothballs, you know.
Host: Well, I think it really highlights the increasing value placed on existing nuclear infrastructure and its potential contribution to our clean energy goals. You know, instead of building a whole new plant from scratch, which takes a lot of time, a lot of money, a lot of resources. Yeah,
Co-host: we already have this infrastructure in place. It's just a matter of, you know, getting it back up to speed.
Host: Makes sense.
Co-host: And the fact that the DOE is providing this loan shows that the federal government is serious about seeing nuclear as a part of our energy future.
Host: Yeah. I mean 1.5 billion that's that's not chump change.
Co-host: No, it's a significant investment.
Host: Right. So it's not just Palisades either.
Co-host: Yeah, that's right. We're hearing that Constellation is in talks with the NRC about potentially restarting 3M Island unit one in Pennsylvania by 2028.
Host: Okay.
Co-host: And what's really interesting there is they're looking at potentially powering Microsoft data centers with that plant.
Host: So that tells you something about the demand for reliable clean power from these energyintensive tech companies.
Co-host: Yeah, it makes you wonder if we'll see more of these retired plants being looked at again.
Host: Yeah, it really does.
Co-host: Future.
Host: Now, let's switch gears a little bit and talk about what fuels these plants. Literally.
Co-host: Yeah, the fuel. The DOE is expected to finalize contracts this year with 10 companies.
Host: 10 companies. Wow.
Co-host: To really boost our domestic production of lowenriched uranium or LEU and highass lowenriched uranium. But alu
Host: Anlu,
Co-host: they're pumping $3.4 billion into this to expand our own production.
Host: That's great.
Co-host: I mean, it's about time, right? We need to be in control of our own fuel supply.
Host: Absolutely.
Co-host: Right now, over 20% of the enriched uranium we use comes from Russia.
Host: Yeah, that's a
Co-host: And that's not a position we want to be in. They're hoping to have these contracts signed by the summer.
Host: Okay.
Co-host: With production starting as early as 2027.
Host: That's ambitious.
Co-host: Now, this 8LEU stuff, I know it's a bit technical, but for folks at home. Why is this so important for the future of nuclear energy?
Host: Okay, so as EU, it's a more concentrated form of nuclear fuel. Think of it like higher octane gasoline for your car.
Co-host: Okay, I like that analogy.
Host: It allows certain advanced reactor designs to be smaller, more efficient, and operate for longer periods of time.
Co-host: So it's like uh super fuel.
Host: Exactly. And by building up our domestic hleu production Yeah.
Co-host: we're ensuring that we have a reliable fuel source. for these innovations right here at home. We're not reliant on anybody else.
Host: Exactly. We're reducing our reliance on foreign sources and supporting the growth of the US nuclear industry.
Co-host: Love it. All right. So, speaking of these new reactor designs, we're starting to see some real movement on small modular reactors or SMRs as they're called.
Host: Yeah, SMRs.
Co-host: The DOE's Office of Clean Energy Demonstrations is expected to select up to two projects by mid 2025 to actually demonstrate these advanced lightwater SMR systems and it sounds like they're really encouraging a team approach, you know, getting different companies and experts to collaborate.
Host: Yeah, that's a good strategy.
Co-host: The idea is to help get those orders lined up and build out that supply chain to make these SMRs more readily available.
Host: That makes sense.
Co-host: And these smaller reactors, they sound pretty slick.
Host: What's the big advantage here in going with these modular designs?
Co-host: Okay, so SMRs offer greater flexibility in terms of where they can be deployed.
Host: How so?
Co-host: Well, They can potentially fit onto sites that are not suitable for those large traditional nuclear plants.
Host: Okay.
Co-host: They might be able to replace aging fossil fuel plants.
Host: Oh, interesting.
Co-host: And because they're smaller, the initial cost can also be lower.
Host: Makes sense.
Co-host: And the construction times can potentially be shorter.
Host: So, it's about accessibility. Really?
Co-host: Yeah, exactly. It makes nuclear energy more accessible to a wider range of utilities and customers.
Host: Love it. All right, hold on to your hats, folks, because it's not just about new plants.
Co-host: Oh,
Host: some of our Existing nuclear powerhouses are getting a whole new lease on life.
Co-host: Interesting.
Host: The Monticello nuclear generating plant up in Minnesota. They just got the okay for another 20 years of operation.
Co-host: Wow.
Host: Which takes them up to 80 years.
Co-host: 80 years. That's amazing.
Host: That's the ninth commercial nuclear unit in the US to be cleared for such a long run.
Co-host: Wow.
Host: The NRC is also expected to rule on extending the operation of the VC summer plant down in South Carolina well into the 2050s. And we're also looking at decisions on initial license renewals for Perry unit one in Ohio and the Diablo Canyon units out in California potentially taking them from 40 to 60 years of operation.
Co-host: So what does this tell us about where nuclear stands today?
Host: Well, it indicates a recognition of the reliability and longevity of existing nuclear technology, especially with upgrades and careful oversight. You know, extending their lifespan is a cost effective way to make maintain our clean energy production.
Co-host: Keep those plants humming.
Host: Exactly.
Co-host: Now, this next development, this is pretty fascinating. We're talking about making clean hydrogen using nuclear power.
Host: Really?
Co-host: Sounds like we could see two demonstration projects firing up this year.
Host: Okay.
Co-host: District Corporation. They're working on electrolysis system at their Davis Best nuclear power station in Ohio. They're envisioning this hydrogen could be used by local industries, even to power transportation, you know, buses, things like that.
Host: Interesting.
Co-host: Then over in Minnesota, Excel Energy at their Prairie Island plant Okay,
Host: they're looking at using high temperature electrolysis to make clean hydrogen as well.
Co-host: Okay,
Host: both these projects are getting a little help from the DOE to try to bring the cost down and figure out how to scale this up.
Co-host: That's great.
Host: Hydrogen from nuclear. That's not a combo you hear every day.
Co-host: No, it's not.
Host: How could this change the energy landscape?
Co-host: Well, it could create a significant synergy utilizing the constant energy output of nuclear plants to produce clean hydrogen, which is a fuel with diverse applications across industries and transportation.
Host: So, it's about leverage really.
Co-host: Yeah. Leveraging the strengths of nuclear to produce another clean energy carrier.
Host: Okay. Yeah,
Co-host: I like it. I like it. All right.
Host: Let's zoom out now and look at the big picture goals here.
Co-host: Okay.
Host: The US has set some ambitious targets to triple our nuclear energy capacity by 2050. The interim goal is to add 35 gawatts of new capacity by 2035. And then really ramp up at pace to 15 gawatts per year by 2040. This aligns with global goals to triple nuclear capacity worldwide and also to secure a non-Russian fuel supply chain.
Co-host: Yeah, that's important. Triple in our capacity in that time frame. That's a huge undertaking.
Co-host: It is.
Host: What do you see as the biggest hurdles?
Co-host: Well, scaling up manufacturing is going to be key. We need to develop a skilled workforce, streamline the regulatory process, and ensure public acceptance. And of course, we have to address the issue of nuclear waste. So, there are challenges, but the potential is certainly there.
Host: Yeah, public acceptance is huge.
Co-host: It is. There is a lot of potential.
Host: Now, let's shift gears to some real cutting edge research.
Co-host: Okay.
Host: The US and Japan, they recently teamed up at the Idaho National Laboratory, the INL,
Co-host: right,
Host: to conduct the first safety test on high burnup fast reactor fuel in over 20 years. They're working together to develop and qualify the fuels that'll power these fast reactor So basically they're putting these fuels through the ringer to understand their limits and use that knowledge to design even safer and more efficient reactors. This is a renewed collaboration between our two countries after some previous tests back in the 80s.
Co-host: Really, That's great.
Co-host: So why are fast reactors and these safety tests so important for the future of nuclear?
Host: Fast reactors represent a really promising direction for nuclear energy. They can extract much more energy from uranium compared to conventional reactors. And some designs can even recycle used nuclear fuel, which could potentially reduce the amount of longlived waste.
Co-host: Okay. So they're more efficient. Much more efficient. Okay. So it's about sustainability, too.
Host: Absolutely. And these safety tests are essential to ensure that these advanced designs are reliable and safe, right?
Co-host: We want to make sure that we're pushing the boundaries of technology, of course, but doing so responsibly.
Host: Makes sense.
Co-host: Yeah.
Host: All right, let's step into what feels like science fiction for some folks. Fusion Energy.
Co-host: Yeah, Fusion.
Host: Helium Energy. They just secured a massive $425 million in series F funding, which puts their company valuation at over $5 billion. They've raised over $582 million in total so far. And here's the kicker. They've partnered with Microsoft.
Co-host: Microsoft. Wow.
Host: To supply them with electricity generated by Fusion by 2028. We're talking 50 megawatt. Helium's goal is to achieve net electricity production from fusion within the next few years. They're using a mix of dutyium and helium 3, which they say can convert fusion energy directly into electricity.
Co-host: That's Amazing. That's a lot of power. Ambitious. Interesting. Fusion power by 2028. That's a bold claim. Could this finally be the breakthrough?
Host: Well, it's certainly a significant development. The amount of investment that Helen has secured and the partnership with Microsoft shows that there's a lot of confidence in their technology.
Co-host: Achieving practical fusion power is still a huge challenge, but this progress suggests that we're moving in the right direction.
Host: Fingers crossed. All right, finally, let's head down south to Tennessee where the Tennessee Valley Authority, the TGA,
Co-host: right,
Host: has named the contractors Begal Sergeant and Lundy and GE Hitachi for the initial planning of a potential small modular reactor project at their Clinch River site.
Co-host: I'm sure.
Host: Sounds like they're taking a real team approach to keep this project on track and on budget. it.
Co-host: Yeah,
Host: they're working closely with GE Hitachi, who designed the BWRX300 SMR. Now, here's what's interesting. TVA actually received an early site permit from the NRC back in 2019 for this location. While the TVA board hasn't officially given the go-ahehead for the SMR yet, they put a good chunk of change into the planning stages. And they've also applied for some substantial DOE funding to try to accelerate construction, potentially getting this SMR operational by 2033.
Co-host: That's That's it. right? They're serious. Wow.
Co-host: if they get the support. It seems like they're pretty serious about this. They do.
Host: What makes the Clinch River site so special?
Co-host: Well, that early site permit is a big deal.
Host: How so?
Co-host: It means that the NRC has already reviewed the site and determined that it's suitable for a nuclear power plant from a safety and environmental perspective. So, they're ahead of the game.
Host: Exactly. They've already cleared a major hurdle which could potentially save them a lot of time and money.
Co-host: Smart moving.
Host: Hey, All right. So, as you can see, the nuclear energy landscape in the US, it's anything but stagnant. We're seeing investment in existing plants. Efforts to secure our fuel supply. Innovation in reactor technology. And even the pursuit of fusion power, the future is bright. It's clear that nuclear power is being recognized as a vital part of our clean energy future.
Co-host: It's dynamic. Yeah. Absolutely. It's an exciting time. It is.
Host: And it's inspiring to see American ingenuity at the forefront of these advancements.
Co-host: Couldn't agree more.
Host: Hopefully, this deep dive has given you a clearer picture of what's on the horizon.
Co-host: I think it has.
Host: If you're looking for even more insights and analysis on the energy markets, be sure to connect with Nathan over at nathanhammer.substack.com.
Co-host: He's the expert. He's always got his finger on the pulse.
Host: Always.
Co-host: Until next time, keep that curiosity charged up.
Host: Stay curious, folks.
Co-host: We'll see you next time.
Host: See you later.
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