Industry

On the margins of the COP28 climate conference in Dubai, UAE, this week, Barakah nuclear plant owner Emirates Nuclear Energy Corporation (ENEC) signed its first commercial uranium fuel supply contract with Kazatomprom, in addition to memorandums of understanding with two U.S.-based advanced reactor developers—TerraPower and GE Hitachi Nuclear Energy (GEH).

Westinghouse Electric Company and Ontario Power Generation have signed a memorandum of understanding establishing a framework to identify potential areas of cooperation for the deployment of nuclear technologies in Canada, the companies jointly announced this morning. (While based in Cranberry Township, Pa., Westinghouse is owned by Canadian firms Brookfield Asset Management and Cameco.)

Saskatchewan premier Scott Moe yesterday announced C$80 million (about $59 million) for the Saskatchewan Research Council (SRC) to pursue demonstration of Westinghouse Electric Company’s eVinci microreactor technology.

The United Kingdom has announced a new partnership with South Korea to accelerate the clean energy transition by strengthening cooperation on low-carbon technologies, domestic climate policies, and civil nuclear energy.

Signed November 22 in London by British energy security and net zero secretary Claire Coutinho and South Korean minister for trade, industry, and energy Moon Kyu Bang, the partnership promotes U.K.-South Korean business collaboration, addressing barriers to trade and encouraging mutual development of the two nations’ energy sectors.

Here is a recap of industry happenings from the recent past:

ADVANCED REACTOR MARKETPLACE

Centrus-Oklo partnership expands

Oklo, a California-based developer of next-generation fission reactors, has expanded its partnership with Centrus Energy, a Maryland-based supplier of nuclear fuel and services. The two companies have been cooperating since 2021 on the development of Centrus’s American Centrifuge Plant in Piketon, Ohio, to produce high-assay low-enriched uranium (HALEU) fuel. According to the companies’ new memorandum of understanding, Centrus will manufacture certain components for Oklo’s Aurora “powerhouse” reactor, a fast neutron reactor designed to generate up to 15 MW of power and operate for at least 10 years without refueling. The Aurora is also designed to produce usable heat. Centrus also has agreed to purchase electricity generated by the Aurora reactors, while Oklo has agreed to purchase HALEU fuel from the Piketon facility. The facility is expected to begin fuel production before the end of the year.

Dustin Duncan, Saskatchewan’s minister responsible for SaskPower (from left), and Todd Smith, Ontario’s minister of energy, at the master services agreement announcement in Regina, Saskatchewan. (Photo: OPG)

Ontario Power Generation and its Laurentis Energy Partners (LEP) subsidiary have announced details of a master services agreement with SaskPower to further Saskatchewan’s plans for small modular reactor deployment.

The agreement, announced on November 20, runs for up to five years and serves as a foundation for a long-term strategic partnership to streamline SMR development in the province. LEP is tasked in the agreement with program management, licensing, and operational readiness activities.

Ultra Safe Nuclear has signed a cooperative agreement with the Manila Electric Company (Meralco)—the Philippines’ largest electric distribution utility—to study the potential deployment of one or more of the company’s high-temperature, gas-cooled microreactors in the Philippines. The agreement, signed November 15, builds on a partnership between the two companies that was announced in August.

Halden, Norway, known in nuclear circles for its long-running (1958–2018) research reactor, is partnering with Norsk Kjernekraft (aka Norwegian Nuclear Power) and Østfold Energi, a hydro, wind, and heat energy provider, to explore the idea of siting a small modular reactor plant in the municipality, located in southeastern Norway, near the border with Sweden.

AtkinsRéalis subsidiary Candu Energy and the Canadian Commercial Corporation, a federal crown entity, have announced the receipt of an award letter from Romania’s Nuclearelectrica for the provision of engineering, technology, and procurement of tooling and reactor components in support of the Cernavoda Unit 1 life-extension project.

Cameco, the front-end uranium mining, milling, and conversion company headquartered in Saskatchewan, Canada, is now officially a co-owner of Westinghouse Electric Company—alongside Brookfield Asset Management, its publicly listed affiliate Brookfield Renewable Partners, and its institutional partners.

A team of experts from the International Atomic Energy Agency recently concluded an eight-day mission to Estonia, finding that the Baltic state has developed a comprehensive assessment of its nuclear infrastructure development needs, enabling the government to make an informed decision on whether to pursue a nuclear power program.

Constellation Energy announced last week that it has completed its acquisition of NRG Energy’s 44 percent ownership stake in the South Texas Project nuclear power plant.

Hanson

The U.S. Nuclear Regulatory Commission is in a difficult position. The commission must manage competing pressures from those who think it overburdens the nuclear industry and needs to move more quickly to respond to the changing regulatory landscape, and from those who think it is too cozy with the industry it’s tasked with regulating. This is a common theme all regulators face, and was one theme of the discussion with the NRC chair, Christopher Hanson.

Hanson was designated chair of the NRC in January 2021 by President Joe Biden and has since wrestled with this dilemma as the person responsible for conducting the administrative, organizational, long-range planning, and budgetary functions of the agency.

X-energy, the Rockville, Md.–based small modular reactor/nuclear fuel developer, and Ares Acquisition Corporation (AAC), a publicly traded special-purpose acquisition company, have agreed to terminate their business combination agreement, effective immediately, the companies announced this week.

Elektrárna Dukovany II (EDU II), a subsidiary of Czech utility ČEZ, has received final bids for the construction of a fifth reactor at the Dukovany plant, as well as nonbinding bids for three additional units to be sited at Dukovany and at Temelín, the Czech Republic’s other nuclear power facility. (Dukovany currently houses four Russian VVER-440/V213 pressurized water reactors, while Temelín is home to two VVER-1000/V320s.)

Here is a recap of industry happenings over the past month:

ADVANCED REACTOR MARKETPLACE

TerraPower signs contracts to advance Natrium

TerraPower and Centrus Energy have signed a memorandum of understanding to expand their collaboration in the development of commercial-scale production of high-assay low-enriched uranium (HALEU) to fuel TerraPower’s Natrium sodium-cooled fast reactor, which is designed with a molten salt–based energy storage system. TerraPower is planning its Natrium demonstration project for a site in Kemmerer, Wyo., with a target operational date of 2030. Centrus plans to produce as much as 20 kilograms of fuel by the end of 2023 at its production facility in Piketon, Ohio, and to further scale up production with additional centrifugal cascades.

The Department of Energy has awarded a new small business contract to Inomedic Health Applications, Inc. (IHA) to provide continued occupational medical services to Hanford Site employees. According to the DOE, IHA is a small, disadvantaged, woman-owned business located in Hampton, Va.

One of the privileges of being president of the American Nuclear Society is awarding presidential citations to individuals who have demonstrated outstanding effort in some manner for the benefit of ANS or the nuclear community. Citations are conferred twice each year, at the Annual and Winter Meetings. ANS President Kenneth Petersen has named this season’s recipients, who will receive recognition at the upcoming Winter Conference and Expo in Washington, D.C.

ANS also announces the winners of awards presented by the Society’s professional divisions. These awards will be mailed to the recipients, and the divisions will recognize honorees at various division functions and meetings this fall. The 19 professional divisions of ANS are constituent units and represent a vast array of nuclear science and technology disciplines.

Texas-based Vistra Corporation was hoping to get the go-ahead from the Federal Energy Regulatory Commission this month for its proposed acquisition of Energy Harbor’s nuclear assets, but on October 13, the agency issued an order extending its review of the deal (called “tolling the time” in bureaucratese) to April 11, 2024. Currently down one seat, the four-member FERC voted 3–1 for the time extension, with the lone dissent coming from commissioner James Danly.

Hall

Nuclear energy stocks “have become far more compelling to many investors in recent years,” and “there are good reasons to support this carbon-free source of energy,” according to investment entrepreneur and financial lecturer Jason Hall. In an article recently published by The Motley Fool, Hall discusses the opportunities and risks of investing in nuclear energy companies and offers his perspective on three top nuclear energy stocks.

Nuclear basics and new innovations: Hall started at the beginning, describing the most basic aspects of nuclear energy: the production of heat through fission, the generation of electricity via turbines, and the mining and enrichment of uranium for fuel. He noted that there “are only a small handful of companies with the expertise and financial strength to deal with nuclear reactors, and almost all are either private, state-owned, or the subsidiary operation of a large industrial conglomerate.”