Earlier this week, the US Senate approved the ADVANCE Act, which stands for Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy. This bill aims to make it easier for companies to build new nuclear power plants by streamlining the permitting process and offering incentives for utilizing advanced nuclear technologies. The bipartisan support for this bill in both the House and Senate suggests that it is likely to be signed into law by President Biden.
While the bill focuses on the Nuclear Regulatory Commission (NRC) and its role in licensing nuclear reactor technology, it also provides incentives for companies to develop new nuclear technologies. These incentives include lower licensing fees for companies developing advanced nuclear technologies and a “prize” incentive for the first companies to achieve certain milestones in the development of specific technologies.
One of the key features of the bill is the focus on advanced nuclear technology, which is defined broadly as technologies that provide additional safety features, lower costs, less waste, increased fuel utilization, enhanced reliability, and other benefits. The bill aims to encourage innovation in the nuclear power industry by rewarding companies that develop these advanced technologies.
NuScale, a company developing a small modular reactor design, is likely to be the first recipient of the prize for receiving a license from the NRC. However, there is no guarantee that they will be the first to fuel a reactor, as their first planned installation was cancelled due to rising costs. TerraPower, another company backed by Bill Gates, is also a frontrunner in the development of a reactor facility with integrated energy storage.
While many companies are focused on using small modular nuclear reactors for process heat, the prize for reprocessing spent fuel remains a challenge due to the high costs associated with this technology. Despite these challenges, the ADVANCE Act represents a step forward in promoting the development and deployment of advanced nuclear technologies for clean energy production.
Overall, the passage of this bill signals a commitment to advancing nuclear power technology in the United States and reducing barriers to innovation in the industry. By providing incentives for companies to develop advanced nuclear technologies, the government is taking steps to ensure that nuclear power remains a viable and sustainable source of clean energy for the future.
