In 2022, we shared news that an NEI poll of member utilities showed a role for more than 90 gigawatts of nuclear power in support of their decarbonization goals. That translates to about 300 new small modular reactors, around 731.3 TWh of power per year, with the bulk coming online by 2050.
To put this huge need for new nuclear into perspective, the 731.3 TWh of electricity generated by these SMRs is equivalent to powering about half the homes in the U.S. or powering over 367 billion smartphones for a year. Additionally, the carbon emissions avoided by the power output of 300 new SMRs is equivalent to taking 100 million cars off the road or planting over 110 million trees each year.
Since this poll, significant actions at the federal and state levels have provided unprecedented support for existing nuclear, while also working to make it easier and more affordable than ever for customers to invest in advanced nuclear. At the federal level, for example, Congress passed the single most important piece of legislation for nuclear in decades—the Inflation Reduction Act. The legislation creates a level playing field for nuclear and all carbon-free energy sources. It includes a first-ever production tax credit to preserve existing nuclear, it supports new nuclear, and it fosters additional future opportunities for the industry with its promotion of projects like hydrogen production.
These new incentives have come at a time when remarkable leaps are already happening to expand nuclear programs, and a new, updated NEI poll shows how this support has led to an increase in interest, demand, and activity.
The new survey of 19 NEI member companies that currently operate 80 of the nuclear reactor facilities in the U.S. shows that the roughly 90 gigawatts of new nuclear power identified in 2022 has jumped to more than 100 gigawatts in just 8 months, with the bulk of that coming online by 2050. That translates to about 330 new small modular reactors in the next 25 years, which would more than double U.S. nuclear output today.
The NEI poll found that this increase is a direct result of current policy landscapes, as nearly two-thirds of respondents indicated that recent policy developments have led to greater interest in new nuclear within their company.
And this support goes well beyond new nuclear. For existing nuclear, the poll found that more than 90 percent of the 80 units surveyed anticipate submitting applications to operate for at least 80 years. This means that the vast majority of the current fleet will continue to provide reliable, carbon-free power to 2050 and beyond.
The poll also found strong interest in new applications for existing nuclear. 48 percent of sites are considering providing carbon-free energy to power-intensive data centers. And thanks to the tax credits in the Inflation Reduction Act that will provide up to $3/kg for hydrogen, 57 percent are considering carbon-free hydrogen generation. In addition, the survey found significant member interest in increasing the carbon-free output of existing reactors, with the initial interest totaling over 2 GW over the next 7 years alone—this does not account for significant future increases under consideration based on technology adoption and advanced fuel designs.
This all comes as the Department of Energy (DOE) launches the Pathways to Commercial Liftoff in an effort to accelerate the commercialization and deployment of key clean energy technologies, including nuclear. As part of the liftoff, DOE has found that U.S. domestic nuclear capacity has the potential to scale from almost 100 gigawatts in 2023 to approximately 300 gigawatts by 2050, driven by deployment of advanced nuclear technologies.
Interest in nuclear was big before, but now it’s bigger than ever. NEI’s latest survey shows how the benefits of new support and policy changes provide an even brighter future for nuclear, with significant enhancements planned for the current fleet and an increasing level of activity toward the deployment of new nuclear.
