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Tuesday, February 11, 2025

Duke Energy part of team seeking $800 million grant for small modular reactor

Charlotte-based Duke Energy is participating with other utilities and nuclear companies to apply for an $800 million U.S. Department of Energy grant to build the nation’s first small modular reactor in the eastern Tennessee town of Oak Ridge, about 25 miles west of Knoxville.

The Tennessee Valley Authority is leading the effort to secure the grant. Building a small modular reactor supports Duke Energy’s nuclear strategy by joining other utilities and technology providers to advance a standard technology design and license cost-effectively, according to the utility.

“Our participation in this grant reflects our commitment to nuclear energy’s role in our long-term ‘all of the above’ generation strategy by supporting the rigorous evaluation of future technologies, such as small modular reactors,” said Duke Energy President Harry Sideris, who takes over the CEO role in April. “Public-private partnerships such as this accelerate technology development and increase our access to industry learnings and best practices, so we can deliver the best value for our customers, communities and investors.”

In 2024, Congress appropriated grant funding to spur the first “Generation III+ Small Modular Reactor” deployments in the U.S. to strengthen America’s domestic nuclear industry and help meet the growing demand for affordable and reliable clean power. Small modular reactors (SMRs) are advanced nuclear reactors that have a power capacity of up to 300 megawatts of electric energy per unit, which is about one-third of the generating capacity of traditional nuclear power reactors.

If the grant is awarded, TVA CEO Jeff Lyash says it would accelerate the construction of a small modular reactor at TVA’s Oak Ridge site by two years, with commercial operation planned for 2033.

“We believe advanced nuclear technologies will play a critical role in our region and nation’s drive toward greater energy security,” said Lyash in a release. “Enabling and accelerating this technology will take innovation and partnership, as well as discipline and hard work. Nuclear is the most reliable and efficient energy the world has ever known, and TVA is uniquely positioned to help drive this forward. We are committed to working with partners and this grant would expedite our work as we invest in America’s nuclear future.”

TVA is planning for the potential deployment of up to four SMRs at the Oak Ridge site.

Duke Energy will participate as a member of a proposed U.S. coalition on SMRs. This includes working as a collective group to assess risks and foster U.S. heavy manufacturing and supply chain capabilities that could result in cost reductions and collaboration across deployments. The coalition will also seek input from local communities, including those impacted by retired fossil plants.

Others participating in the coalition include Bechtel, BWX Technologies, Electric Power Research Institute, GE Hitachi Nuclear Energy, Indiana Michigan Power – an AEP Company, Oak Ridge Associated Universities, Sargent & Lundy, Scot Forge and North American Forgemasters, the state of Tennessee and other utilities and advanced nuclear project developers.

In 2023, Duke Energy announced it would shift its coal-fired Belews Creek Power Station in Stokes County to a nuclear reactor. Duke expects to make a decision later this year on an SMR technology for Belews Creek.

Collaboration with GE Hitachi

In addition, Duke Energy has partnered with Wilmington-based GE Hitachi to invest in activities to advance the standard design and licensing for GE Hitachi’s BWRX-300 SMR technology. BWR stands for Boiling Water Reactor and BWRX-300 is GE Hitachi’s design

This agreement provides Duke Energy with another avenue to exchange insight and best practices with TVA and other collaborators as they implement GE Hitachi’s SMR technology in Oak Ridge.

Duke is one of America’s largest energy companies, serving 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky. It collectively owns 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. 

Duke Energy is transitioning toward a net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.

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