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- Why is China’s Nuclear Build So Fast? // Hyundai and Holtec Partner on Nuclear // Minnesota Nuclear Plant Applies for Life Extension
Why is China’s Nuclear Build So Fast? // Hyundai and Holtec Partner on Nuclear // Minnesota Nuclear Plant Applies for Life Extension
Welcome to Grid Brief! Here’s what we’re looking at today: what makes China so good at building nuclear reactors, Hyundai and Holtec partner on an SMR, a Minnesota nuclear plant applies for a life extension, and more.
Why Is China’s Nuclear Build So Fast?
On the day America’s Vogtle Unit 3 reactor began feeding power to the grid, China announced six new reactors, projected to cost $17 billion. Vogtle 3 and 4 cost $30 billion. When Vogtle Unit 4 switches on, America will have finished three new reactors this millenium, while China is on track to build six to ten per year.
What makes China’s nuclear build out so much faster than America’s?
Three reasons:
China has better lending rates for nuclear. “According to the World Nuclear Association, the difference between a 1.4% rate and a 10% rate — the low end in China versus the high end in many developing nations — makes the difference between atomic generation being cheaper than coal and gas to being far more expensive than both,” reports Bloomberg.
China has built similar reactor types over and over again allowing them to drive down costs. America’s cornucopia of plants which has barred it from capitalizing on economies of repetition.
China doesn’t have to worry about environmental law.
If America wants to get in the game with nuclear power, then it may have to learn from its competition.
Hyundai and Holtec Partner on Nuclear
Korea’s Hyundai and America’s Holtec have agreed to partner on nuclear power plant construction. The companies plan to begin construction on a small modular reactor by 2026 and to finish construction by 2029.
“Globally recognized, Holtec holds over 100 patents in core areas of nuclear power plant design, materials, and manufacturing. Based on its technical expertise, the company is developing a 160 MW pressurized water SMR, the SMR-160,” reports Business Korea. “Hyundai E&C will be in charge of nuclear power plant construction.”
The SMR-160 is slated to be constructed at the Palisades nuclear plant in Michigan. Holtec is currently working with the Nuclear Regulatory Commission to keep Palisades running as is.
“We have always said that our decommissioning sites, specifically Oyster Creek and Palisades, would make good locations for future SMR-160 deployment,” Patrick O’Brien, Holtec’s head of Government Affairs and Communications, told Grid Brief. “We are currently focused on the repowering of Palisades Nuclear Plant and will look at future deployment of SMR-160 regardless of those efforts successful completion.”
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Minnesota Nuclear Plant Applies for Life Extension
Last Thursday, Minnesota’s Public Utilities Commission voted unanimously to let Xcel store more spent nuclear fuel on site at its Monticello Nuclear Generating Plant.
The PUC’s decision makes way for the plant to keep running through at least 2040.
“The plant’s current license allows it to operate until 2030, and Xcel has asked the U.S. Nuclear Regulatory Commission for a two-decade extension,” reports Utility Dive.
Xcel expects a decision from the NRC by late 2024.
Conversation Starters
Hawaii Electric claims its power lines were shut off hours before the Maui fires. “Hawaiian Electric's shares jumped more than 40% on Monday after the utility said its power lines in West Maui had been shut down for more than six hours before wildfires started in the area during the afternoon. The company's shares were trading at $13.55, after at least two trading halts since the markets opened on Monday. The stock has lost more than half its value since the Aug. 8 wildfires,” reports Reuters. “Hawaiian Electric said the lawsuit filed against it by the county of Maui was ‘factually and legally irresponsible,’ pointing to the county's responsibility in the Hawaii wildfires.”
Big River Steel has been fined by MISO. “Big River Steel will pay nearly $22 million to settle charges it failed to change its mill operations when the Midcontinent Independent System Operator accepted its demand response offers under an agreement approved last week by federal regulators,” reports Utility Dive. “Big River Steel, which owns a steel mill in Osceola, Arkansas, with 300-MW of peak load, agreed to return $15.9 million in demand response payments and pay a $6 million fine, according to the Aug. 21 decision by the Federal Energy Regulatory Commission.”
Equinor gained a stake in an American CCS project. “Norwegian oil and gas company Equinor said on Monday it has acquired a 25% stake in Bayou Bend CCS LLC, a U.S. project to capture and store carbon dioxide (CO2) emissions along the Gulf Coast in southeast Texas,” reports Reuters. “The acquisition adds to Equinor's ambition to develop net 15-30 million tonnes of CO2 transport and storage capacity by 2035. It is already developing several CO2 storage projects in Europe, including in Norway and Britain.”
Crom’s Blessing
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