Episode 159 | Simplified SMRs | Last Energy
Several companies have entered the race to put a Small Modular Reactor (SMR) in the field. As a smaller alternative to massive nuclear power plants, they promise greater project certainty.
One of the biggest challenges for SMRs is the regulatory process. Only one SMR design has achieved approval from the Nuclear Regulatory Commission (NRC) after years of work. Washington D.C.-based Last Energy plans to skip this process by focusing on projects outside the U.S.
“We found that the U.S. not only was not a great electricity market in general, but that due to the myriad of various bureaucratic permitting and licensing issues across this country, it just wasn’t a very attractive market at all,” says Bret Kugelmass, Last Energy Founder and CEO.
Bret developed the business plan for Last Energy after covering case studies and guests from his podcast. He believes those companies that did not succeed “[tried] to bite off too much newness.” The key, he believes, is to use proven designs, proven parts, and “really become a boring systems integration effort.”
The design is a modified version of a standard Pressurized Water Reactor (PWR). He says a Russian fleet of ice breakers have small reactors about this size, but unlike nuclear submarines, don’t use highly-enriched fuel. Last Energy’s design would be about 20 megawatts and incorporate an existing Western-friendly fuel vendor (Westinghouse, Framatome, Korean Nuclear Fuels). To avoid expensive cost overruns, Last Energy is making a conscious effort to use components that do not have an “N-stamp.”
“Quite frankly, [components from the chemical or oil and gas industry] have an even higher standard of quality than those that are specifically nuclear-qualified,” says Bret.
When it comes to site selection, Last Energy has announced their intent to build facilities in the UK, Poland and Romania. He lists several criteria that make one country an ideal candidate:
- A nuclear treaty with the United States
- A high energy need
- Clean energy policies
- High power prices
- Geopolitical stability
- Political support for nuclear
- Social support for nuclear
- Experienced nuclear industry
- Industrial country
Last Energy believes that they can have a working facility by 2025. In addition to these European countries, Bret believes Southeast Asia may be a potential market as well. And while the ideal country is just one part of the siting discussion, Bret believes the location in communities should say a lot about the need to destigmatize nuclear energy in the public’s imaginations.
“If the real estate wasn’t so expensive, I’d put this thing smack in the middle of downtown,” he says. “I think they should be right in the middle of population centers.”
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