Part 1 of 2 Parts
According to the climate experts, time is running out with respect to our opportunity to decarbonize the energy sector. Doing so is critical to preventing some of the most alarming consequences of climate change including rising sea levels, droughts, fires, extreme weather events, ocean acidification and other undesirable effects. These concerns have generated fresh interest in the potential for nuclear power to allow people to rely less on carbon emitting electricity sources such as coal, natural gas and oil. In recent years, advanced nuclear reactor designs have been the focus of intense interest and support from both private investors such as Bill Gates and national governments such as that of the U.S.
Advocates for nuclear power hope that this renewed interest will yield technological progress and lower costs. However, when it comes to averting the imminent effects of climate change, even the cutting edge of nuclear technology will be too little, too late. The economic trends for existing plants and those currently under construction indicate that nuclear power cannot have a major impact on climate change in the next ten years or more. There are long lead times required to develop and construct full-scale prototypes of new reactor designs. Time is also required to build a manufacturing base and a customer base to make nuclear power more economically competitive. It is unlikely that nuclear power will begin to significantly reduce our carbon energy footprint even in twenty years. No country has developed this technology to the point where it could be widely and successfully deployed.
Currently, nuclear power provides about twenty percent of the electricity generated in the U.S. The nuclear industry has struggled for decades to remain economically competitive in the energy marketplace. Twelve U.S. nuclear reactors have been permanently shut down since 2013. Seven more U.S. reactors are scheduled to be closed by 2025.
A 2020 analysis by Lazard showed that in the U.S., capital costs for nuclear power are higher than for almost any other energy-generating alternative. There are multiple efforts underway to make nuclear reactors more efficient and more competitive with other forms of energy generation that can reduce carbon emissions. Each of these designs faces its own set of logistical and regulatory requirements.
The power reactors currently in operation or under constructions in France, Japan, the U.S. and other countries are all variations on the light water reactor. These reactors are powered by a low-enriched uranium fuel which is cooled and moderated by water. Canada operates reactors that use slightly enriched uranium fuel. They are cooled and moderated by heavy water. The U.K. operates one light-water reactor and some gas-cooled reactors. These reactors are all large and able to generate between six hundred and one thousand and two hundred megawatts of electricity.
New reactor makers propose smaller reactors that use different types of fuels, coolants and moderators. The NuScale reactor is one of these new designs. It is a small, light water reactor that generates seventy-seven megawatts of electricity and emphasize passive safety features. It is in the middle of the U.S. licensing process.
NuScale has shown that it is possible for makers of innovative new reactor designs to enter the licensing process. The Nuclear Regulator Commission is working on a new regulation to license some of the more exotic designs.
Please read Part 2 next