The first nuclear power project in the U.S. featuring a small modular nuclear reactor has been canceled due to surging costs.
The first nuclear power project in the U.S. featuring a small modular reactor has been canceled after a 53% surge in costs. The company behind it, NuScale Power Corp., was building the reactor in partnership with the Utah Associated Municipal Power Systems.
“With higher interest rates to deal with and inflation pushing up the cost of steel, copper wire, and just about everything else that goes into building an SMR, we know that even the most promising projects are having to tell their investors and buyers that prices have risen substantially,” the director general of the International Atomic Energy Agency, Rafael Grossi said in June.
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