NuScale ends Utah project, in blow to US nuclear power ambit

[Oscar]

NuScale ends Utah project, in blow to US nuclear power ambitions

[ https://www.reuters.com/business/energy ... 023-11-08/ ]

By Timothy Gardner and Manas Mishra November 8, 2023 REUTERS

NuScale Power (SMR.N) said on Wednesday it has agreed with a power group in Utah to terminate the company's small modular reactor project, dealing a blow to U.S. ambitions for a wave of nuclear energy to fight climate change and sending NuScale's shares down 20%.

In 2020, the Department of Energy approved $1.35 billion over 10 years for the plant, known as the Carbon Free Power Project, subject to congressional appropriations. NuScale has received about $600 million from the department since 2014 to support the design, licensing and siting of the project. . . .

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[Oscar]

UAMPS and NuScale Power Terminate SMR Nuclear Project

[ https://www.powermag.com/uamps-and-nusc ... r-project/ ]

Nov 8, 2023 by Aaron Larson

Utah Associated Municipal Power Systems (UAMPS) and NuScale Power Corp. (NuScale) have mutually agreed to terminate the Carbon Free Power Project (CFPP), a small modular reactor (SMR) project that was planned for construction on Idaho National Laboratory (INL) property near Idaho Falls, Idaho.

“Despite significant efforts by both parties to advance the CFPP, it appears unlikely that the project will have enough subscription to continue toward deployment. Therefore, UAMPS and NuScale have mutually determined that ending the project is the most prudent decision for both parties,” the developers said in an announcement issued on Nov. 8.

UAMPS is a political subdivision of the State of Utah that provides comprehensive wholesale electric-energy, transmission, and other energy services, on a nonprofit basis, to community-owned power systems throughout the Intermountain West, including in Utah, California, Idaho, Nevada, New Mexico, Oregon, and Wyoming. The CFPP was a major project for UAMPS. At one point in time, it was envisioned to be a 720-MWe power plant comprised of 12 NuScale SMR power modules. As time progressed and member subscriptions for plant production lagged expectations, the project was scaled back to six modules with a combined capacity of 462 MWe.

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[Oscar]

Portland nuclear power startup NuScale hit with investor lawsuit

[ https://www.opb.org/article/2023/11/22/ ... r-lawsuit/ ]

By Jonathan Levinson (OPB) Nov. 22, 2023

NuScale recently canceled a partnership with Utah power systems. Experts believe small modular nuclear reactors have a bright future, maybe.

QUOTE: "Investors have hauled a Portland-based nuclear power company into federal court claiming the company misled them about a major project promised to usher in a new age of nuclear power. . . . .

In a class-action lawsuit filed Nov. 15, investors say NuScale “made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects.” They are seeking unspecified monetary damages to recoup their losses plus interest. . . . "