Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

U.S. to extend nuclear reactor lifespans in bid to revive industry

Published 07/11/2019, 11:09 AM
Updated 07/11/2019, 11:11 AM
U.S. to extend nuclear reactor lifespans in bid to revive industry

By Geert De Clercq

PARIS (Reuters) - The United States plans to extend the lifespans of existing nuclear reactors and support new technologies as it seeks to revive an industry seen as crucial to its energy security, a senior U.S. official said on Thursday.

U.S. Deputy Secretary of Energy Dan Brouillette told an International Energy Agency conference on nuclear and hydrogen in Paris that both technologies were crucial for reducing carbon emissions and boosting energy security.

The U.S. nuclear industry has been in the doldrums for years because of competition from cheap natural gas and falling costs wind and solar power costs.

Several nuclear plants have closed while a project to build two reactors in South Carolina was abandoned in 2017 with the reactors half-built and billions of dollars in sunk costs.

"We believe strongly that a strong domestic nuclear energy (industry), enabled by our existing fleet and enhanced by game-changing advanced nuclear technologies is critical to our nation's energy security, our national security, our environmental sustainability...," Brouillete said.

The U.S. department of energy (DOE) agrees with the IEA that extending the life of existing reactors is perhaps the most competitive way to produce low-carbon electricity, he said. The DOE was working to help extend the license for the existing fleet out to eighty years, he added.

The United States has nearly 100 nuclear reactors in operation, which produced about 20% of total electrical output in 2018, World Nuclear Association data show.

Most U.S. reactors already have seen their license extended to 60 years from 40 years.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

LESS WASTE

In France, where state-controlled utility EDF (PA:EDF) is the world's largest nuclear operator with a fleet of 58 reactors, nuclear regulator ASN is looking into allowing reactor lifespan extensions but has not made a decision yet.

Brouillete said the U.S. industry was working on several new nuclear technologies and his department strongly supported the development of new technologies, in particular small modular reactors and micro-reactors.

"Looking forward to the next generation of nuclear power, there are nearly 50 innovative US companies that are actively working on new advanced reactor designs and we are excited about the potential that they bring to produce more energy with less waste," he said.

This year, the department has awarded over $125 million to public-private partnership projects for advanced nuclear reactor technologies.

Brouillette said the United States was also working on developing hydrogen technology, notably through its "H2@Scale" initiative, which explores the potential for large-scale production and use of hydrogen.

Government data show that the United States currently produces about 10 million metric tons of hydrogen per year, 95% of which is via energy-intensive steam reforming which takes hydrogen out of natural gas but produces carbon as waste.

Governments and companies worldwide are experimenting with producing hydrogen via electrolysis, which runs electric power through water to separate hydrogen from oxygen.

Hydrogen can be used to power cars and trucks, but so far most carmakers prefer electrical engines and batteries to hydrogen.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.