The U.S. Senate had a huge 88-2 win this week, passing legislation to streamline licensing and regulation at the Nuclear Regulatory Commission (NRC) which will strengthen the U.S. nuclear energy industry. This win combined the bipartisan agreement of:
Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act of 2024 led by Sens. Shelley Moore Capito (R-WV) and Tom Carper (D-DE), and the
Atomic Energy Advancement Act (AEAA) led by Reps. Jeff Duncan (R-SC), Cathy McMorris Rodgers (R-WA), and Diana DeGette (D-CO).
What’s clear: “The U.S. is on the verge of a nuclear liftoff with dozens of advanced reactor designs expected to go through the NRC licensing process by the end of this decade. They need a modern approach,” said Jeremy Harrell, Chief Executive Officer, ClearPath Action.
The ADVANCE act passage is certainly timely as the Information Technology and Innovation Foundation just published what China has been up to on nuclear energy… They say China may be 10-15 years ahead of the U.S. in deploying new nuclear power:
China commenced operation of the world’s first fourth-generation nuclear power plant in December 2023;
Expects to build 6 to 8 new nuclear power plants each year for the foreseeable future, resulting in 150 new nuclear reactors between 2020 and 2035; and
Plans to export 30 reactors through the Belt and Road Initiative by 2030, which can create dependent relationships for the 60-100 year life of the plants.
What’s clear: China’s state-backed financing, supply chains and government direction encourage rapid deployment of these capital-intensive assets. To regain the advantage, America must develop a national strategy for deploying modern nuclear technology.
3. Putting all the Carbon Management Innovation
Pieces Together
Congress authorized a carbon capture demonstration program in the Energy Act of 2020 and funded the program through the Bipartisan Infrastructure Law in 2021. In December 2023, the DOE Office of Clean Energy Demonstrations (OCED) selected three projects totaling $890 million:
Baytown CCS Project in Texas,
Project Tundra in North Dakota, and
The Sutter Decarbonization Project in California.
What’s clear: From R&D, demonstrations, and transport, to the private sector incentives known as 45Q, Congress has put the pieces on the table to scale up CCUS. If we have the permitting piece, and put them all together, the U.S. can reduce emissions and continue leading the world.
BWX Technologies, Inc. (BWXT) is moving forward with their small-scale nuclear reactors in a partnership with Wyoming Energy Authority. BWXT has shown their engineering capabilities and defined requirements for nuclear applications of base heat and power. In this next phase BWXT will:
Complete the conceptual design of a lead microreactor unit;
Develop a regulatory engagement plan and microreactor fleet model; and
Demonstrate the Wyoming supply chain’s ability to manufacture nuclear components.
What’s clear: Wyoming has been on the cutting edge of a clean and reliable energy future. Recently, TerraPower broke ground on its new nuclear design in Wyoming, and this BWXT partnership shows the incredible potential for nuclear power in the state.
5. NEW op-ed: U.S. Development Finance helped rescue Europe from Russian energy
The Development Finance Corporation (DFC) is an independent federal agency that is uniquely positioned to ensure America’s geopolitical influence on the world stage as a provider of affordable, reliable, and clean energy security for decades to come. Solutions to streamline and add additional authority to the DFC include:
Fix the scoring of equity investments;
Expand and simplify country eligibility to include geopolitically important regions; and
Increase finance capacity from $60 billion to $100 billion.
What’s clear: Important allies rely on imported Russian and Chinese energy to maintain their economies. Supercharging the U.S. DFC will make it an effective tool for foreign policy that will have economic and security benefits.
Plug in: Read more in this opinion piece in the National Interest by Jeremy Harrell here.
6. ICYMI
Senate EPW Committee Ranking Member Shelley Moore Capito (R-WV) discusses her work on the ADVANCE Act.
7. Coming down the pipeline:
June 25, 2024 at 12:00pm: Join Rafae Ghani, ClearPath’s Policy Advisor for industrial decarbonization for an insightful webinar hosted by CarbonCure on “Constructing the Future: Mastering Performance-Based Specifications.” Register here.
8. We’re hiring!
ClearPath is adding a policy advisor to the Critical Minerals & Permitting team. This team member will:
Develop and expand ClearPath’s critical minerals portfolio ranging from supply chains, economics, and new innovative technologies impacting mineral extraction;
Support our existing federal permitting strategy; and
Engage with key audiences in government and industry.
