FCU:CC - US Nuclear Industry Is Making a Comeback as Public and Private Money Pours in
The nuclear industry in the US considers 2022 an “inflection point,” with surging private investment and unprecedented government support reviving a sector that had fallen out of favor in recent decades.
According to industry estimates, new federal legislation enacted in the last 18 months will pump about $40 billion into the sector over the next decade, while roughly $5 billion in private funds has flowed into companies designing new types of reactors in the last year alone.
The infusion of funds comes as nuclear power, which has long suffered from investor apprehension over costs and negative public sentiment, has re-emerged as a critical component in the fight against climate change.
Nuclear power can provide a baseload of carbon-free power at scale 24 hours a day, seven days a week, regardless of weather, making it far more reliable than intermittent renewable sources like wind and solar.
The US currently has the world’s largest nuclear fleet, with 93 reactors in operation. That fleet provides roughly 20% of America’s energy and is responsible for generating half of the country’s carbon-free power.
In August, Congress passed the Inflation Reduction Act (IRA), which has the potential to stimulate significant investment in the nuclear industry. The IRA contains several key provisions reinforcing a wide range of new and existing nuclear industry activities. It also provides numerous technology-neutral credits aimed at low- or zero-carbon energy sources, including nuclear, in addition to new production tax credits for existing nuclear plants (which will strengthen the economic case for license renewals and continued operation of those facilities).
Private funds are also pouring into the sector rapidly as companies seek to develop new types of reactors that are more agile, smaller, cheaper, and safer than traditional large-scale nuclear.
Japan and the US recently announced that they intend to collaborate on designing and constructing next-generation advanced reactors, such as small modular reactors.
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