Demand for nuclear energy is unprecedented, with more and more reports predicting nuclear output will have to increase substantially to meet energy transition targets. And that new reality for nuclear was on full display at last week’s Nuclear Energy Assembly (NEA) in Washington, D.C.
This is the biggest moment for nuclear energy since the dawn of the atomic age.
Both Congress and the Biden administration have made moves to not only protect our existing fleet, but also to incentivize advanced nuclear and restore American leadership in the industry. During NEA, U.S. Rep. Cathy McMorris Rodgers addressed recent efforts to signal to markets that the U.S. is serious about establishing energy security and using nuclear to do it.
And it’s not just the federal government that’s itching for more nuclear—states, too, are joining the fray. Tennessee Gov. Bill Lee announced at NEA the launch of a Nuclear Energy Advisory Council. The task force’s main objectives will be to strengthen Tennessee’s existing nuclear industry, allocate $50 million of incentives, and attract private companies to the state.
Federal and state government officials realize the power of nuclear is not just in decarbonizing the grid. Nuclear can also provide long-lasting, good-paying jobs and reinvigorate communities in the process. NEI President and CEO Maria Korsnick spoke about how four coal communities in Wyoming competed for the chance to site TerraPower’s first Natrium reactor.
I think the communities are the biggest winners, honestly, in this adventure.
But excitement for nuclear energy isn’t contained to just government officials. Nuclear is taking Hollywood and Wall Street by storm! “Nuclear Now” documentary co-writer Joshua Goldstein spoke to NEA attendees about his own journey with nuclear power and answered questions on how to breakdown fear—and what it was like working with Oliver Stone on the film!
While Oliver Stone and Joshua Goldstein tackle public opinion, private investment is another crucial piece to realizing the 400 to 800 gigawatts of advanced nuclear that McKinsey predicts for the global energy transition.
And nuclear is starting to get the attention of investors—maybe because nuclear is the largest clean energy source available and the only clean energy source that has the power to decarbonize hard-to-abate sectors like the manufacturing and chemical industries.
Indeed, Pelican Energy Partners, a private equity firm that historically invested in oilfield services, recently announced a new fund strategy that centers nuclear energy.
The challenge before us isn’t demand—it’s meeting demand. And the industry must deliver. During NEA, Electric Power Research Institute (EPRI) and NEI released the first phase of their Advanced Reactor Roadmap, offering key strategies for deploying the hundreds of advanced reactors that the energy transition needs.
In a recent interview with Chuck Todd on Meet the Press, NEI President and CEO Maria Korsnick imagined a future where every town has a reactor. Because the world needs nuclear energy for what it provides: energy security, national security, and climate security. But the world also wants nuclear energy for what it provides: hydrogen production, process heat, nuclear medicine, high-paying jobs, reliable power, and more.
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