Investors have drawn NuScale, a Portland-based nuclear power company, into federal court. They claim that the company misled them about a major project promised to usher in a new age of nuclear power.
     NuScale canceled a partnership earlier this mouth with Utah Associated Municipal Power Systems that would have been the first small modular reactors (SMRs) constructed in the U.S. The project called for six NuScale SMRs to be constructed at the U.S. Department of Energy’s Idaho National Laboratory. The partnership collapsed earlier this month under the weight of rising interest rates and inflation, according to NuScale. The project would have delivered nuclear power to sixteen states.
     In a class-action filed on November 15th, investors said that NuScale “made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects.” The litigants are seeking unspecified monetary damages to recoup their losses plus interest.
     There are a number of U.S. companies trying to perfect SMR technology. However, only NuScale has a SMR design approved by the U.S. Nuclear Regulatory Commission. SMRs are supposed to be cheaper to build and operate. It is claimed that they are safer than traditional nuclear power plants because emergencies would be easier to contain.
     SMRs have capacities up to three hundred megawatts. This is less than half the capacity of current big nuclear power reactors. SMRs are constructed at central locations then shipped to their final destination. Their modular design means that additional SMRs can be added as power demand grows.
     The lawsuit claims NuScale withheld from investors the fact that the proposed Idaho project was not financially viable after it failed to attract enough customers. Over the course of investor calls in 2023, NuScale executives told investors that progress acquiring the required customer base was “looking pretty good” and that “we continue to make progress.
     Iceberg Research is a short-selling firm specializing in revealing “substantial earnings misrepresentation and accounting irregularities.” They published research in October that contradicted the NuScale narrative, claiming no new customers had agreed to buy power generated by the NuScale project since March.
     The same report suggested that a second planned NuScale project to supply nuclear power to two Standard Power data centers in Ohio and Pennsylvania had little chance of success. NuScale claimed that that project would include twenty-four SMRs producing one thousand eight hundred and forty eight megawatts of electricity.
     Clayton Scott is the Chief Commercial Officer of NuScale. He told investors in October that “They need the power like last year. These guys are building data centers. They need it now. We’re going to start work right away.”
     Iceberg claimed that “This contract has zero chance of being executed as Standard Power clearly does not have the means to support contracts of this size.”
     Based on statements on Standard Power’s website, the Iceberg report said that Standard Power demand for electricity was dramatically lower than what NuScale said it would be delivering.
     Diane Hughes is the Vice President of Marketing and Communication at NuScale. She called the plaintiffs in the lawsuit “serial litigants”. She added that “repeating false and misleading claims does not make them true. NuScale will vigorously defend itself in the proper forum.”
NuScale’s stock has dropped sixty percent since last August.

Ambient office = 171 nanosieverts per hour

Ambient outside = 148 nanosieverts per hour

Soil exposed to rain water = 144 nanosieverts per hour

Purple onion from Central Market = 108 nanosieverts per hour

Tap water = 87 nanosieverts per hour

Filter water = 73 nanosieverts per hour

Ambient office = 81 nanosieverts per hour

Ambient outside = 97 nanosieverts per hour

Soil exposed to rain water = 97 nanosieverts per hour

Nectarine from Central Market = 108 nanosieverts per hour

Tap water = 119 nanosieverts per hour

Filter water = 112 nanosieverts per hour

Ambient office = 75 nanosieverts per hour

Ambient outside = 133 nanosieverts per hour

Soil exposed to rain water = 125 nanosieverts per hour

Mini cuke from Central Market = 154 nanosieverts per hour

Tap water = 104 nanosieverts per hour

Filter water = 96 nanosieverts per hour

Dover Sole from Central = 98 nanosieverts per hour

     Ontario Power Generation (OPG) subsidiary Laurentis Energy Partners (LEP) and Saskatchewan utility SaskPower have just announced details of their Master Services Agreement. The agreement is for collaboration to advance the deployment of small modular reactors (SMRs) in Saskatchewan.
     The LEP-SaskPower agreement will run for up to five years. It will serve as a foundation for a long-term strategic partnership to streamline SMR development in Saskatchewan. The agreement will see LEP focus on program management, licensing, and operational readiness activities. LEP has offices in New Brunswick and Saskatchewan as well as Ontario.
     The new agreement is the latest activity in the ongoing collaboration between Ontario Power Generation and SaskPower. In 2022, SaskPower selected GE Hitachi Nuclear Energy’s BWRX-300 SMR for potential deployment in Saskatchewan in the mid-2030s. This is the same technology that OPG has already selected for deployment at its Darlington New Nuclear Project. The first of four SMRs is to be completed by the end of 2028. It is scheduled to be online by the end of 2029.
     Earlier this year, SaskPower and OPG renewed an agreement to continue to collaborate on new nuclear development, including SMRs, in both provinces. They will provide mutual support by sharing lessons learned, technical resources and expertise, best practices, and operating experience. They will also consider opportunities for future collaboration in areas including project development and plant operations.  
     Ken Hartwick is the President and CEO of OPG. He said that the company’s long experience in building, operating and maintaining nuclear power plants will assist Saskatchewan in adding nuclear power to its own generation mix. He also said, “Through these agreements, we are using a fleet-style approach, which will increase efficiency and decrease costs as we deploy much-needed new nuclear generation in both provinces.”
     Rupen Pandya is the President and CEO of SaskPower.  He said that OPG and LEP’s decades of combined experience with be very valuable for SaskPower’s SMR project. He went on to say, “SaskPower’s clean energy transition is part of a global transformation to a sustainable future – and the best path forward on this journey is through collaboration.”
     Last year, Ontario, Saskatchewan, New Brunswick and Alberta released a joint strategic plan for the deployment of SMRs. The BWRX-300 is being advanced for deployment in other countries including Estonia, Polan and the Czech Republic.
     Todd Smith is the Minister of Energy for Ontario. He said that the world is watching Ontario as it works to deploy the world’s first grid-scale SMR. He added that “Ontario is ready to support partners across Canada – like Saskatchewan – and around the world, leveraging the expertise of our world-class nuclear operators and supply chain to support their deployment of small modular reactors as a clean and reliable source of electricity.”
     SaskPower is working to identify possible sites for the deployment of SMRs in the mid-2030s. This will be subject to a decision to build that is expected in 2029. Dustin Ducan is the Saskatchewan Minister Responsible for SaskPower. He said that the strategic partnership between SaskPower, OPG and Laurentis is an excellent example of ongoing collaboration between the two provinces across many sectors and industries. He added that “Today’s agreement is not only good for Saskatchewan and Ontario, but will protect sustainable energy security in Canada for decades to come.”

Ambient office = 65 nanosieverts per hour

Ambient outside = 86 nanosieverts per hour

Soil exposed to rain water = 89 nanosieverts per hour

Jalapeno from Central Market = 122 nanosieverts per hour

Tap water = 123 nanosieverts per hour

Filter water = 113 nanosieverts per hour