Holtec advances its plan to build nuclear reactors; submits federal loan and signs Entergy MOU
Holtec is moving forward with a $7.4 billion plan to build up to four small modular reactors in New Jersey and an “oversize” reactor plant.
Why is this important: Holtec built a business demolishing nuclear power plants, supplying equipment and containers for nuclear waste – but it never built a nuclear reactor. Now he’s joined a handful of companies racing to build an advanced reactor.
Catch up fast: Small Modular Reactors generate up to 300 MWthat’s about a third of the electricity of a traditional nuclear power plant.
- They are small enough to be assembled in the factory and then transported.
- And they are seen as with fewer security risks and produce less waste.
What is happening: Holtec said yesterday that it is seeking a massive federal loan to build its planned SMRs, build a giant SMR plant, and expand a state-of-the-art manufacturing plant.
- Holtec also announced that it has signed a memorandum of understanding with the utility Entergy, which operates nuclear power plants at five sites, to assess the feasibility of deploying a Holtec SMR in Entergy’s service area.
- The Department of Energy’s Loan Programs Office approved Part I of the application in March. Holtec submitted Part II yesterday.
The plot: Electric utilities have traditionally been reluctant to announce they want to build new nuclear power plants, especially in the face of cheap renewables, low-cost natural gas and, more recently, falling battery storage prices. .
- The only two traditional reactors under construction in the United States, at Plant Vogtle in Georgia, are now almost seven years behind schedule and have seen their costs forecasted more than double at $30 billion.
- Nuclear power is also still hampered by concerns about safety and security.
To note : Holtec is the largest US exporter of nuclear power plant equipment.
And after: Holtec says its planned SMRs could be built at the Oyster Creek nuclear power plant in southern New Jersey, which close in 2018.
- But the location of its oversized SMR factory is still to be determined – and Holtec begins courting political leaders:
- “The precursor state will become the leader of the emerging small modular reactor industry with tens of thousands of new, high-paying jobs in manufacturing, reactor support services, nuclear power plant operations and related fields,” the company said. said in its output.