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NuScale Power, UAMPS agree to terminate nuclear project

Reuters, November 9, 2023

– NuScale Power (SMR.N) said on Wednesday it has mutually agreed with Utah Associated Municipal Power Systems (UAMPS) to terminate the company’s small modular reactors project, sending shares sliding 20% in extended trading.

The six-reactor, 462 megawatt Carbon Free Power Project was expected to be the first small modular reactor (SMR) design certified by the Nuclear Regulatory Commission in January. But NuScale said it appeared unlikely the project will have enough subscription to continue toward deployment.

NuScale said in January the target price for power from the plant is $89 per megawatt hour, up 53% from the previous estimate of $58 per MWh, a jump that raised concerns about whether customers would be willing to pay.

SMRs are meant to fit new applications such as replacing shut coal plants and being located in more remote communities.

So far, the design for only NuScale Power Corp’s SMR had been approved by U.S. regulators.

NuScale had previously said the project will be fully running in 2030.

Reporting by Manas Mishra in Bengaluru; Editing by Shounak Dasgupta and Krishna Chandra Eluri #nuclear #antinuclear #nuclearfree #NoNukes

November 9, 2023 - Posted by Christina Macpherson | business and costs, USA