5 December, 2023
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The U.S.-U.A.E. Business Council hosted a panel discussion on nuclear energy’s potential as a zero-carbon energy source on 5 December 2023. Panelists discussed new technologies, policies, and trends that are transforming the traditional calculus related to nuclear energy, making it an attractive zero-carbon source of power for energy-intensive industries. The event took place at the Net Zero Nuclear Pavilion in the Green Zone of COP28.
Mr. David Durham, President of Energy Systems at Westinghouse Electric Company, discussed advances in next generation nuclear technology, including Small Modular Reactors (SMRs). He spoke about Westinghouse’s AP1000 nuclear reactor, of which the 6th is currently under construction. He also discussed Westinghouse’s AP300 small modular reactor (a 300-MW single-loop pressurized reactor that it launched in May 2023), as well as a new 5-MW eVince Microreactor that will become operational in 2027. He noted the strong demand for new reactor technology, and Westinghouse’s agreement with one of the biggest data center providers in this regard. He suggested expanding nuclear adoption by “flexing” existing U.S. public financing tools such as Ex-Im Bank and the Development Finance Corporation.
Ms. Michelle Brechtelsbauer, VP of Strategy at Last Energy, expressed her excitement about shifts in the civil nuclear conversation from just large reactors to SMRs and microreactors as well. She detailed Last Energy’s 20MW microreactor technology and its modular design that can be scaled and tailored based on the specific needs of the client. She spoke of the potential of SMRs and microreactors to be more cost effective, environmentally friendly, and safer than large reactors, while mitigating the common risks of cost overruns and construction delays. She touted the unique benefit of these microreactors in getting power to manufacturers without the use of the grid. She sees a future where one can build a nuclear reactor for less than $100 million.
Mr. Lamine Selmane, Dell’s Energy Chief Technology Officer, saw great value in increased collaboration between technology companies and nuclear energy suppliers. He envisioned a future of SMRs co-located with data centers, facilitating the use of clean nuclear energy for the technology sector, particularly for energy-intensive technologies such as generative AI, data centers, and bitcoin. The tech sector accounts for an ever-increasing percentage of global energy consumption, straining current grid capacities. The opportunity to utilize dedicated SMRs and large reactors that provide steady, reliable, clean energy could be a game-changer for the sector, he argued. Mr. Selmane also said he would like to see more synergy between the tech and nuclear energy industries writ large, remarking that advances in digital technology including the deployment of data and AI applications can drive efficiency, safety, and production of nuclear power plants, and in the use of energy.
Mr. Jeremy Harrell, Chief Strategy Officer at Clearpath, underscored the momentum toward adoption of nuclear energy at COP28, where countries have launched a declaration to triple global nuclear energy capacity by 2050. He noted it is near impossible to get to net zero by 2050 without “immense scaleup” of nuclear power. He lauded the versatility of nuclear energy and the immense demand for heat, steam, and electricity that it can satisfy. He predicted that nuclear energy would become an energy source for a wide range of sectors, including data centers and the chemical processing and manufacturing fields. He credited the Biden Administration for championing nuclear energy as a critical part of the clean energy mix needed to achieve net zero goals.
Mr. Costa Samaras, Principal Assistant Director for Energy and Chief Advisor for the Clean Energy Transition at the U.S. Office of Science and Technology Policy within the White House, spoke of the Biden Administration’s commitment to nuclear energy, noting that recent Administration decisions affirm recognition at the senior-most levels of the critical role nuclear energy must play in reaching global net zero goals. He noted U.S. support for the pledge to triple global nuclear energy by 2050. He spoke of the importance of clean nuclear power to the U.S.-U.A.E. Partnership for Accelerating Clean Energy (PACE), which seeks to catalyze $100 billion in financing, investment, and other support to deploy 100GW of clean power by 2035. Mr. Samaras also highlighted Administration policy measures included in the Inflation Reduction Act, including support for $2.5 billion for advanced demonstration reactor projects, keeping existing nuclear power plants online, bringing new nuclear technology to market through investment tax credits, and bridging the gap of commercial finance on nuclear energy.
For more information on this event or the Business Council’s COP28 programming, please contact Graham Reitman at greitman@usuaebusiness.org or click here.
