Bill Gates-backed Terrapower Making Strides in Mini-Nuclear Power Plant Development
Terrapower, backed by Bill Gates, is advancing the development of a mini-nuclear power plant in Wyoming with a sodium-cooled Small Modular Reactor. Progress includes the acceptance of planning permits and collaboration with GE Hitachi to create job opportunities. This innovative project aims to reduce greenhouse gas emissions and align with environmental goals, contributing to the US target of achieving zero emissions by 2050.
Canada’s Shift Towards Small Modular Nuclear Reactors
Canada is embracing small modular nuclear reactors (SMRs) as a key solution for achieving a net-zero future. A report by the RBC Climate Action Institute outlines the need for Canada to invest in 85 SMRs, costing between $102 billion to $226 billion, to reach its emissions targets by 2050. With provinces like Ontario and Alberta actively exploring SMR integration, Canada has the opportunity to lead the global market in this innovative technology, driving economic growth and energy security. Industry experts emphasize the crucial role of SMRs in shaping a sustainable, low-emission future, highlighting the potential for nuclear power to significantly reduce emissions and enhance energy sustainability.
U.S. Department of Energy Announces $1.52 Billion Loan Guarantee for Palisades Nuclear Plant Restoration
The U.S. Department of Energy’s Loan Programs Office (LPO) has announced a conditional commitment of up to $1.52 billion for a loan guarantee to Holtec Palisades, LLC to finance the restoration and resumption of service of an 800-MW electric nuclear generating station in Covert Township, Michigan. The project aims to bring back online the Palisades Nuclear Plant, which ceased operations in May 2022, and upgrade it to produce baseload clean power until at least 2051, subject to U.S. Nuclear Regulatory Commission (NRC) licensing approvals. The project also highlights President Biden’s Investing in America agenda to support good-paying, high-quality job opportunities in communities across the country while also expanding access to affordable clean energy resources.