Further exploration is needed, including cost and economic studies, regulatory conditions, site evaluations and additional technology assessments
(Editor's note: The
This finding came following the first year of a small modular reactor and advanced reactor feasibility study into whether advanced nuclear technologies could power the university's
Electricity from nuclear power plants is a carbon-free source of energy that operates continuously 24 hours a day. Small modular reactors will typically produce up to 300 megawatts of clean energy, with some designs having higher generating capacities. They also have enhanced safety features and are simpler than traditional nuclear plants, making them easier, faster and more affordable to build.
"Our early findings show that advanced nuclear technology presents a potential path to zero emissions for our university, and we intend to continue our teamwork with Duke Energy in the next phase of the study," said
In the interim report, no technology has been selected and no decision to build a new nuclear plant has been made at
- Small modular reactors are a promising, carbon-free energy option for
- Because small modular reactors can operate continuously and their energy output can adjust to meet power demand, they complement other resources, such as renewable energy. This is important for reliable energy as wind and solar power becomes a larger percentage of the generation mix.
- Small modular reactor designs have enhanced safety features and are simpler than traditional nuclear plants, making them easier, faster and more affordable to build.
- First-of-a-kind small modular reactors are expected to be in service in the
- Small modular reactors offer many economic benefits, such as:
. Generating millions in taxes for local communities
. Creating thousands of temporary construction jobs and hundreds of permanent high-wage jobs
. Attracting private companies to locate and expand in
- Federal and state law supports advanced nuclear development, but the federal licensing process is complex and lengthy. Streamlined planning, design, construction and financing are needed.
"To reach a clean, carbon-free future, we need to explore a broad range of technologies, including advanced nuclear," said
The interim report also explored challenges - such as public acceptance, regulatory conditions, cost competitiveness, technology development, used fuel management and skilled workforce availability - and recommended these next steps:
- Advocate for federal and state policy and funding needs.
Federal policy recommendations:
- Federally backed funding insurance options
- More nuclear engineering and science workforce development programs
- A public-private advanced reactor development program
- A fuel availability program
-Maintaining federal tax credits
State policy recommendations:
- Additional support for initial planning and development activities for first movers considering advanced nuclear technology
- State tax credits for small modular reactors and advanced reactors
- Build on the successful stakeholder engagement to date to continue regional and national dialogue on nuclear energy.
- Conduct cost and economic studies, site evaluations and additional technology assessments. As first-of-a-kind projects progress through approvals and construction,
The process to site, permit, receive regulatory approval, build and bring online a new nuclear plant currently takes about 10 years to complete. If
"The more we learn about small modular reactors, the more potential we see for this technology to help our university achieve a sustainable energy future and eliminate our dependence on fossil fuels," said
The
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in
Duke Energy is executing an aggressive clean energy transition to achieve its goals of net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company has interim carbon emission targets of at least 50% reduction from electric generation by 2030, 50% for Scope 2 and certain Scope 3 upstream and downstream emissions by 2035, and 80% from electric generation by 2040. In addition, the company is investing in major electric grid enhancements and energy storage, and exploring zero-emission power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune's 2023 "World's Most Admired Companies" list and Forbes' "World's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
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