This puts the SMR wannabes on notice, they had better pick up the pace or bow out of the race.
From Bloomberg, May 8:
Canada’s most populous province greenlit a C$20.9 billion ($15 billion) plan to build a new, smaller kind of nuclear plant, a step forward for a nascent technology that’s been touted as a way to meet surging power demand from artificial intelligence.
Ontario Power Generation Inc. won approval to build the first of four small modular reactors designed by GE Vernova Inc. at a site outside of Toronto, the provincial government said in a statement Thursday. The Darlington project, as it’s known, is expected to be the first to be deployed in a Group of Seven country.
Interest in nuclear is soaring globally as technology companies and governments seek clean, stable energy to meet rising electricity use. Supporters say SMRs, which can be produced in factories and assembled on site, will eventually be cheaper and faster to build than their conventional counterparts. Amazon.com Inc. is among the companies that have inked deals with companies developing the next generation of nuclear technology to secure power for data centers.
But significant hurdles remain. SMRs remain expensive, produce less power than conventional reactors and have barely been deployed on a large scale. Only a handful are in commercial operation, all of them in Russia or China. Less than two years ago, NuScale Power Corp., the first company with US approval for a small reactor design, canceled its flagship project as costs rose.
The first unit at the Darlington site is expected to cost C$6.1 billion, and costs for the subsequent reactors are expected to decline as the company gains expertise, according to the statement Thursday....
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Joining (leading?) the general enthusiasm for equities the stock is up $19.24 (+4.82%) in pre-market trade, $418.50 last.
From GE Vernova, May 8:
Early site preparation completed, construction expected to begin soon
GE Vernova Hitachi Nuclear Energy (GVH) announced today approval from the Province of Ontario and Ontario Power Generation (OPG) to proceed with deployment of the first small modular reactor (SMR) in the Western world at the Darlington nuclear site in Ontario, Canada. This milestone marks a significant step forward in advancing nuclear innovation and reinforces GVH’s leadership position in scaling SMRs commercially.
The announcement in Canada has significant implications for other countries considering the deployment of SMRs. The BWRX-300 is built on a standard design and proven delivery model, offering a real, tangible solution to nations seeking to enhance their energy security, reduce carbon emissions, and meet rising energy demand. Countries such as the United States, United Kingdom, Poland and Sweden are already exploring the potential of SMRs like the BWRX-300 to meet their energy needs.
“This historic achievement in small modular reactor technology is more than a milestone, it’s a clear signal that we are ready to meet the moment. As we build toward a more holistic energy future, this achievement with the BWRX-300 shows how innovation in nuclear can deliver reliable, baseload, zero-carbon power generation,” said Scott Strazik, CEO, GE Vernova. “As we confront the challenges of increased demand, energy security and carbon intensity, this milestone reaffirms our commitment to innovation and a more sustainable energy future.”
As the first utility to commit to building a BWRX-300, OPG's experience will serve as a benchmark for other utilities considering SMR projects. Successful deployment at Darlington will demonstrate the feasibility and benefits of SMRs, encouraging broader adoption and investment in this transformative technology.
“The experience and efficiencies gained from deploying the first BWRX-300 at Darlington alongside OPG and our other partners will pave the way for subsequent SMR projects by establishing a proven model for construction and operation,” said Craig Ranson, President & CEO of GE Vernova Hitachi Nuclear Energy. “The standardized design and modular approach of the BWRX-300 enable economies of scale, making it easier and more cost-effective to replicate the construction process at other sites.”
GVH’s BWRX-300 SMR represents a cutting-edge technology designed to deliver reliable and carbon-free power with enhanced safety and efficiency. Each BWRX-300 will provide approximately 300 MW of electricity, enough to produce the equivalent electricity needed to power 300,000 homes while significantly reducing the complexity and cost associated with traditional nuclear reactors....
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