H2R
1 month ago
From the CC, a couple of snippets from John Hopkins.
One way to understand SMR:
We're very, you know, we're -- one thing we've done is a lot of monies with the $1.8 billion that's been invested in NuScale, a lot of that monies was de-risk in our module in actually scaling up and modeling to where a lot of it's off the shelf. And as we mentioned before, our fuel comes from traditional conventional fuel. Also from a supply chain, we continue to build out, but I was just with, this is John Hopkins, with the CEO of Doosan, as I mentioned during the script, that they made significant progress, anticipating the future of modules. Because as you know, our model is predicated not just to do a one-off project. These are fungible assets. We're going to build them in a factory and ship them.
And so right now, we're pretty confident we'll keep up to demand as it comes in. But we're also very cognizant, we're not going to overextend our capacity to execute, which is very key. So, with our strategic partners, and the beauty of these strategic partners in Japan and Korea and the U.S., not only the suppliers or OEMs, but they're also investors. So they're taking a holistic view, not looking at a one-off, which affords us very competitive rates from that, because the way we operate is that these suppliers recognize they have to be commercially viable. It's just not viable. They're just not given that work will come that way.
So I was just with the CEO of Doosan, my team. We're just out in Japan. And we stay in regular contact. And we continue to build our supply chain out both locally within the U.S. and international.
On the market outlook:
Well, let me just say, you know, this time last year when we talked it was all about coal refurbishment working with utilities and it quickly became more process oriented where industrials are looking at clean energy for process heat or hydrogen ammonia. And now there's the big push on energy consumption for data centers and AI. Where I think near-term we could come from is the project we mentioned in RoPower. I'm hopeful that in April, we've pretty much, Florida is the prime on this with the subcontractor. Florida is operated under a limited notice to proceed. We're in the final negotiations of our limited notice to proceed, as well as our technology licensing agreement. So the timeline right now hopefully is by early April, we'll be doing a signing ceremony to kick off this project.
So that one could be first out of the chute or again as I said before, I don't want to set an early expectation, but our project with Standard Power still continues to proceed. So, and then I will say I've never seen anything like it. This whole data center, AI, with some of the Tier 1 alphas in that industry, they need energy. And we're in discussions with not only Tier 1, but others. So it's a timing's everything, but we're just seeing the market continue to build.
Best of luck with your investments!
GoldRu$$H
2 months ago
NuScale Power CEO John L. Hopkins has impressive career experience, and seems a formidable force of intelligence, drive and influence.
https://www.nuscalepower.com/en/about/leadership
https://www.uschamber.com/about/governance/board-of-directors
#27 on US Chamber of Commerce list of Board of Directors
John L. Hopkins
Chairman and Chief Executive Officer
NuScale Power Corporation
Portland, OR
& Past Chair
https://www.uschamber.com/about/governance
John L. Hopkins is President and Chief Executive Officer of NuScale Power Corporation and has served as a member of the board of directors since December 2012. He also served as NuScale LLC's Executive Chairman from December 2012 to December 2021. In addition, Mr. Hopkins serves on the U.S. Chamber of Commerce Board of Directors in Washington, D.C., and served as the Chairman from June 2016 to June 2017.
Mr. Hopkins started his career at Fluor Corporation in 1989, held numerous leadership positions in both global operations and business development and served as a corporate officer from 1999 until 2012. Mr. Hopkins is active in a variety of professional and business organizations, and currently serves on the Executive Committee, Audit Committee and Compensation Committee of the United States Chamber of Commerce, Washington, D.C. and is a member of the Nuclear Energy Institute Executive Committee and Energy Task Force Member, Atlantic Council and the International Atomic Energy Agency’s Group of Vienna.
Mr. Hopkins has previously served with the U.S. Department of Energy’s Nuclear Energy Advisory Committee, was a Senior Energy Policy Advisor of I Squared Capital, New York, and has also served as the Senior Executive Member of both the Fluor Netherlands and Fluor United Kingdom board of directors, Chairman of the Board for Savannah River Nuclear Solutions, LLC and as a Director of the Business Council for International Understanding.
Mr. Hopkins holds a Bachelor of Business Administration degree in finance from the University of Texas at Austin. He also completed advanced management programs at the University of California, Irvine, Thunderbird University’s international management program.
H2R
6 months ago
Utah Associated Municipal Power Systems (UAMPS) and NuScale Power Agree to Terminate the Carbon Free Power Project (CFPP)
Am I reading this right? ouch.
Despite significant efforts by both parties to advance the CFPP, it appears unlikely that the project will have enough subscription to continue toward deployment. Therefore, UAMPS and NuScale have mutually determined that ending the project is the most prudent decision for both parties.
"Through our work with UAMPS and our partnership with the U.S. Department of Energy, we have advanced our NuScale Power Modules™ to the point that utilities, governments and industrials can rely on a proven small modular reactor (SMR) technology that has regulatory approval and is in active production. Our work with CFPP over the past ten years has advanced NuScale technology to the stage of commercial deployment; reaching that milestone is a tremendous success which we will continue to build on with future customers," said NuScale President and Chief Executive Officer John Hopkins. "NuScale will continue with our other domestic and international customers to bring our American SMR technology to market and grow the U.S. nuclear manufacturing base, creating jobs across the U.S. We thank UAMPS for the collaboration that has enabled this advancement."
"This decision is very disappointing given the years of pioneering hard work put into the CFPP by UAMPS, CFPP LLC, NuScale, U.S. Department of Energy, and the UAMPS member communities that took the leadership role to launch the CFPP," said UAMPS Chief Executive Officer and General Manager Mason Baker. "Yet, this decision is the best course for the UAMPS members participating in the CFPP and doing what is best for those member communities will always be the guiding light in such decisions. We have learned many invaluable lessons during the development of the CFPP that we will carry forward in future development work to meet the future energy needs of the UAMPS member communities. We look forward to continuing to provide innovative and cost-effective new resource solutions to our members, and, at the same time, we hope NuScale is successful in deploying its technology."
H2R
9 months ago
LWA Submittal, an SMR First
https://www.powermag.com/two-big-nuclear-regulatory-milestones-for-idaho-nuscale-smr-project/
CFPP LLC—the entity UAMPS established to develop, build, and operate the first-of-a-kind SMR project at an INL site in Idaho Falls, Idaho—on Monday confirmed the project is still targeting an end-of-year 2029 commercial operation date. The company’s submittal of an LWA as the project’s first part of its COLA marks an “imperative” milestone, noted Mason Baker, CFPP LLC president. When approved, the LWA could “pave the way for the initiation of early-scope construction which is expected to start mid-2025,” CFPP said
“Commencing with construction activities allows for progress to continue on the CFPP site prior to the full authorization granted in the COL,” Baker explained on Monday. “It also marks a significant milestone as a major CFPP submittal to the NRC, and more broadly, the first application to the NRC for construction of a full-scale, commercial SMR.”
CFPP began work on its COLA in August 2021 with backing from engineering firm Fluor and NuScale. For now, it plans to submit the second part of the CFPP COLA in January 2024. If the NRC approves the COLA, construction of the project could begin in 2026, with the first VOYGR-6 module scheduled to be in service by December 2029. All modules are slated to be in service by November 2030.
CFPP, however, continues to grapple with the tough task of signing up project participants—subscribers who could eventually offtake portions of the project’s power. As of March 2023, 26 project participants lodged financial commitments to continue the CFPP in February, clearing the project’s second “off-ramp,” which was triggered by a Class 3 project cost estimate put forth by CFPP contractors Fluor and NuScale in December 2022. The entity confirmed to POWER no changes have occurred since March.
However, CFPP and NuScale continue to implement a subscription plan that includes several collaborative efforts to boost subscription levels to 370 MW—or about 80% of the project’s capacity—over the next six months, or at least by the time the full COLA is submitted to the NRC.
CFPP in March noted that while the current subscription represents just 26% of the CFPP’s gross 426-MWe, it marked an “overwhelming approval,” which was especially notable because NuScale and Fluor’s Class 3 project cost estimate failed to reach its levelized cost of electricity (LCOE) price target of $58/MWh (in 2020 dollars).
Under Fluor’s Class 3 estimations, the total CFPP project cost—which factors in updated owner’s costs, interest rate assumptions, the cost of acquisition and construction, and operating and maintenance costs—now hover at $9.24 billion. CFPP expects, however, that a 2020 cost-sharing agreement with the DOE will furnish the project with another $1.4 billion. Along with $9 million of prior cost-sharing payments from NuScale, that could reduce total costs to $7.972 billion. Further cost reductions could meanwhile come from the August 2022–enacted Inflation Reduction Act (IRA), it suggested. A preliminary CFPP analysis indicates that the project could reap about $2.8 billion in benefits, which could reduce net project costs to $5.1 billion.
In December 2022, meanwhile, as required by its Development Cost Reimbursement Agreement (DCRA) with CFPP, NuScale unveiled the results of an economic competitiveness test (ECT) to determine project LCOE. Factoring in findings from the Class 3 estimates, the DOE cost-sharing payments, estimated IRA benefits, and the owner’s cost estimate, NuScale projected LCOE had soared to $89/MWh (in July 2022 dollars).
Lots of work behind the scenes for this to happen.
Best of luck with your investments!
H2R
9 months ago
Reliability Threats & SMR Benefits
“NuScale Power’s VOYGR™ small modular reactor power plant features a wide variety of attributes well suited to provide reliable, carbon-free energy, even during extreme weather events,” John Hopkins, NuScale’s president and CEO, said via email.
https://www.publicpower.org/periodical/article/rising-reliability-threats-underscore-benefits-small-modular-reactors
As the threats to the resilience and reliability of the electric power grid caused by extreme weather events rise, the advantages of small modular reactors are becoming more apparent.
Those threats were underscored last month when a prolonged heat wave and deadly storms knocked out power for hundreds of millions of people in an area of the South stretching from Texas to Mississippi.
Those outages, unfortunately, are part of a wider trend. The average annual number of weather-related power outages increased by roughly 78 percent during 2011-2021, compared with 2000-2010, according to a 2022 report from Climate Central. Between 2000 and 2021, the report found, about 83 percent of reported major outages in the United States were attributed to weather-related events.
Power outages are not just an inconvenience, they are also costly, particularly for commercial and industrial customers. In a 2017 report, Lawrence Berkeley National Laboratory estimated that power interruptions cost $59 billion per year, an increase of more than 68 percent since its initial 2004 study. The study also showed that 13 percent of customers in the commercial and industrial classes accounted for more than 97 percent of the costs incurred by the outages.
Recognizing the need to protect critical federal facilities from even momentary interruptions of electric power, the Department of Energy in 2018 recommended federal facilities explore the development of small modular reactors.
“NuScale Power’s VOYGR™ small modular reactor power plant features a wide variety of attributes well suited to provide reliable, carbon-free energy, even during extreme weather events,” John Hopkins, NuScale’s president and CEO, said via email.
Those attributes include fuel security, flexibility, operational security, and independent operation. Small modular reactors, for example, can store up to two years’ worth of fuel on-site, allowing them to generate power when extreme events disrupt supplies of gas or coal to thermal generators. And, unlike large, traditional nuclear plants that must run at nearly full capacity around the clock, some small modular reactors, such as NuScale Power’s, have the flexibility to vary their output over days, hours and even minutes, allowing them to respond quickly to grid conditions.
In addition, at a time when regulators and grid operators are looking for ways to bolster resiliency, NuScale’s SMR design offers several advantages for reliable grid operation. NuScale’s SMR design has black start capability, meaning it can generate power from a cold start without an external grid connection.
NuScale’s VOYGR SMR plant design includes two backup generators that have the ability to start one SMR. Once a single module is running, it can supply the electrical power to start up the rest of the plant.
NuScale’s SMR design is unique in that it is the only design certified by the U.S. Nuclear Regulatory Commission (NRC) that does not require class 1E power, a safety standard for electrical equipment and systems that are essential to emergency reactor shutdown, containment isolation, reactor core cooling, and containment and reactor heat removal.
NuScale’s design also includes a unique passive safety system that does not require operator or computer actions to implement safety procedures in the event there is a total loss of power to the plant.
A VOYGR plant may include up to 12 power modules. Each incorporates a reactor pressure vessel, which includes the nuclear core, steam generator, and pressurizer, and a containment vessel that surrounds the reactor vessel.
During normal operation, each containment vessel is fully immersed in a water-filled, underground stainless steel-lined concrete pool. The pool is housed in a Seismic Category I building, a Nuclear Regulatory Commission standard for structures that can withstand maximum potential earthquake stresses, making it capable of withstanding a Fukushima type earthquake, as well as hurricanes and tornados.
The pool is large enough to provide 30 days of core and containment cooling without adding water. After 30 days, the core decay heat generation is so small that the natural convection heat transfer to air at the outside surface of the containment, coupled with thermal radiation heat transfer, is sufficient to remove the core decay heat for an unlimited period.
Even in the face of more malicious threats, a VOYGR plant is armed with safety features that could make it a key asset in a time of emergency. A NuScale nuclear plant is also resistant to an electromagnetic pulse event that could cripple more conventional generation assets on the electrical grid.
With its passive shut-down capability, ability to operate in steam bypass mode, its electrical isolation of safety equipment, and its multi-layered shielding and redundant fiber optic cabling, NuScale’s VOYGR SMR power plant design is still able to perform and even shut down safely even when the electric grid is crippled.
The combination of those attributes also gives a NuScale Power Module™, the company’s trademark SMR design, the ability to operate in island mode during an outage or an emergency, that is, a single SMR could supply all the electricity needs of the plant while continuing to provide power to a mission critical facility without external grid connection via a micro-grid connection.
“NuScale SMR design can support microgrid or remote installations for customers anywhere grid stability is less than desirable or nonexistent,” Hopkins said.
The ability to operate in isolation from the grid, also gives NuScale’s VOYGR™ power plants first responder status. When the transmission system goes down and a conventional nuclear plant loses its external power, it is designed to automatically shut down. A VOYGR plant, however, would remain online, ready to provide electricity to the grid when the transmission system comes back online.
In a scenario in which a catastrophe resulted in the loss of the electric grid and of transportation infrastructure, NuScale said its 12-module plant design would be able to provide 154 megawatts of electricity for 12 years to a microgrid of a mission-critical facility without the need for new fuel.
And even when refueling becomes necessary, NuScale’s scalable plant design permits staggered refueling of a single module while the other 11 modules continue providing 92 percent of the facility’s electrical output.
“In short, NuScale’s SMR design has fewer and simpler systems, resulting in enhancements to safety and resilience compared to traditional large nuclear plants,” Hopkins said.
“As energy demands rise, it makes sense that utilities, regulators and policymakers are looking closely at the unique features NuScale SMRs can provide to increase and safeguard the reliability of the electric grid,” Hopkins said.
Medium/Long Term Investment for me.
Best of luck with your Investments!
H2R
12 months ago
ISO 9001:2015 certification further demonstrates our commitment to a strong quality program that can satisfy global standards for quality. Achieving this critical milestone recognizes the maturity of our QMS, with processes that are scalable and repeatable. We look forward to utilizing the QMS to meet customer and regulatory requirements globally,” said Karin Feldman, Interim Chief Operating Officer/Chief Nuclear Officer.
PORTLAND, Ore. – Today, NuScale Power Corporation (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced nuclear small modular reactor (SMR) technology, announced that Orion Register Inc., a leading International Organization for Standardization (ISO) and industry-specific certification body, issued NuScale the highly regarded ISO 9001:2015 certification. Orion Register issued the certification after completing an evaluation of NuScale’s quality management system (QMS). The rigorous review process confirmed that NuScale has a strong quality system, which ensures consistent, high-quality work, with strong focus on customer feedback and improvement.
NuScale first received U.S. Nuclear Regulatory Commission approval of its quality assurance program under Title 10, Code of Federal Regulations, Appendix B / Nuclear Quality Assurance-1 (NQA-1) in 2011, and since 2019, NuScale has held an N Certificate of Authorization issued by the American Society of Mechanical Engineers (ASME). Both NQA-1 and the ASME N Certificate are considered hallmarks for nuclear quality programs.
Best of luck with your investments!
H2R
1 year ago
Doosan Enerbility & Export-Import Bank of Korea Agreement
Apr. 25, 2023 5:45 PM ET
During the President of the Republic of Korea’s visit to the United States, NuScale and its partners revealed a business development milestone, highlighting Global Supply Chain Development Opportunities
PORTLAND, Ore.--(BUSINESS WIRE)-- NuScale Power Corporation (SMR) announced today it has signed an memorandum of understanding (MOU) with Doosan Enerbility Co., Ltd. (Doosan) and Export-Import Bank of Korea (KEXIM) to strengthen collaboration among the three parties and support NuScale’s small modular reactor (SMR) deployment. This announcement leverages and bolsters an existing relationship between NuScale and Doosan, and it highlights the domestic and global manufacturing opportunities to build SMRs around the world.
The agreement outlines areas of cooperation, such as marketing, technical support, and further development of a global supply chain, and Doosan and NuScale commit to strengthening their cooperation to deploy NuScale VOYGR™ plants globally. Specifically, Doosan committed to helping establish a US-based supply chain for NuScale Power Module™ production through capacity expansion and manufacturing technology advancement.
“Today’s news underscores how our SMRs fill a unique global need: providing flexible, reliable and carbon-free energy while driving economic activity in manufacturing and supply chain development. With our Korean partners and their technical expertise, we are well-positioned to meet this ambitious goal,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “The momentum towards creating a domestic and global supply chain to deploy our SMR technology is accelerating.”
This announcement builds upon a longstanding collaboration between NuScale and Doosan. At the end of 2022, NuScale placed the first upper reactor pressure vessel long lead material production order with Doosan.
In March 2023, KEXIM and NuScale signed an MOU in which they agreed to financial cooperation in support of deploying NuScale VOYGR plants. KEXIM is the official export credit agency of Korea providing comprehensive export credit and guarantee programs to support Korean enterprises conducting overseas business. The organization continues to explore potential opportunities to provide credit facilities to NuScale and facilitate overseas business of Doosan in collaboration with NuScale. With KEXIM’s assistance, Doosan and NuScale will be able to deploy NuScale VOYGR plants worldwide and utilize a Korean supply chain when deploying NuScale plants in the Asian market.
H2R
1 year ago
UAMPS moves forward with NuScale
https://www.reuters.com/business/energy/western-us-cities-vote-move-ahead-with-novel-nuclear-power-plant-2023-02-28/
WASHINGTON, Feb 28 (Reuters) - Plans for the first U.S. small modular nuclear power reactor got a boost on Tuesday as some Western U.S. cities vowed to continue with the NuScale Power Corp (SMR.N) project despite a jump in projected costs.
NuScale plans to build a demonstration small modular reactor (SMR) power plant at the Idaho National Laboratory. If successful, the six-reactor, 462 megawatt Carbon Free Power Project will run in 2030.
NuScale said in January the target price for power from the plant is $89 per megawatt hour, up 53% from the previous estimate of $58 per MWh, a jump that raised concerns about whether customers would be willing to pay for the power it generates.
Register for free to Reuters and know the full story
But the consortium of cities in Utah, Idaho, New Mexico and Nevada called Utah Associated Municipal Power Systems, or UAMPS, greenlighted the project's budget and finance plan with 26 of 27 approving.
The consortium originally had 30 members but three dropped out starting in 2020 amid rising costs and delays.
The next step, an application to construct and operate the plant, is expected to be submitted to the U.S. Nuclear Regulatory Commission early next year.
Mason Baker, the UAMPS chief executive and general manager, said the cities felt the project remained viable because rising prices for steel, copper, and cable were not unique to NuScale.
"The project will support our decarbonization efforts, complement and enable more renewable energy, and keep the grid stable," Baker said. "It will produce steady, carbon-free energy for 40 years or longer.
Backers of next generation nuclear power technologies, including the Biden administration, believe small modular reactors can be built quickly once scaled and will be crucial in curbing climate change.
Critics say the technology is too expensive compared to renewable energy and energy storage and that the reactors will produce radioactive waste, a problem that has boosted costs for traditional nuclear plants.
The U.S. Department of Energy in 2020 approved $1.35 billion over 10 years for the project, subject to congressional appropriations.
Medium / Long Term Investment.
Best of luck with your investments!