US nuclear power set to boom, but industry calls for regulatory reform.

Investors Pour $5 Billion into US Nuclear Power Companies

Private fund managers and venture capitalists invested over $5 billion in nuclear power companies in the United States in 2022. The industry is set to build hundreds of new reactors, double its electrical output, and triple its workforce to meet a projected 50% increase in energy demand by 2050.

During a “State of the Industry” address at the Nuclear Energy Assembly, Nuclear Energy Institute (NEI) President and CEO Maria Korsnick said, “People want clean energy. Businesses are demanding versatile technologies while reducing their carbon footprint. State and congressional lawmakers and regulators want energy options … to decarbonize grid and strengthen energy security. And when you add all of that up, these demands all point to one place—nuclear carbon-free energy.”

Regulatory Morass Threatens Momentum

However, the industry’s momentum could be stalled by regulatory morass, Korsnick warned. License renewals take on average 18 to 22 months, and new plant proposals take at least 40,000 hours to secure site permits and break ground. “To meet demand, we’ll need a much faster regulatory process for advanced reactors without sacrificing safety,” Korsnick said. “If we’re serious about decarbonizing and meeting our climate goals, the Nuclear Regulatory Commission (NRC) must get serious about modernizing its processes because the road to a clean energy future rolls right through our regulator. It’s that simple.”

• Without regulatory reform, the nuclear industry will not be able to ramp up quickly enough to be an option in many areas of the country.
• The industry needs a modern streamlined regulatory process that maintains the gold standard of safety and paves the way for new builds at scale.

Supply Chain, Workforce Worries

The industry needs to affirm supply lines and build a workforce, Korsnick said. “It is critical that companies throughout the nuclear supply chain see the opportunity and believe in the opportunity. We need companies to prepare today for the manufacturing capabilities needed to meet this demand, which really can’t wait four, five years,” she said. The DOE estimates the industry will need a 375,000-person workforce by 2050.

• Companies need to move from consideration to commitment to contracts to signal confidence to the supply chain.
• The industry needs to prepare for the manufacturing capabilities needed to meet the demand.

Korsnick concluded, “There is no question that demand will last. The only question now is how long will it take us to meet it?”