The 2024 edition of Climate Change and Nuclear Power has been released by the International Atomic Energy Agency. The 99-page report focuses on the need for a significant increase in investment to achieve goals for expanding nuclear power.

The report: According to the IAEA, the report delves into the financing of nuclear projects as ambitious climate targets draw nearer. It also explores the imperative for financial frameworks to help nuclear energy become a cornerstone of global decarbonization efforts and highlights the challenges and best practices in financing nuclear projects.

Duke Energy announced agreements yesterday with Amazon, Google, Microsoft, and Nucor to accelerate clean energy deployments in the Carolinas through a new rate structure proposal.

The company signed memoradums of understanding this month that include proposed Accelerating Clean Energy (ACE) tariffs that would help offset the long-term costs of investing in clean energy technologies, such as new nuclear and energy storage, through early commitments. Duke announced its partnership with the tech and utility giants at this week’s White House Summit on Domestic Nuclear Deployment aimed at strengthening the U.S. nuclear industry.

The Canadian government has announced up to C$50 million ($36.8 million) in funding for predevelopment work to study the feasibility of building 4,800 megawatts of new generating capacity at the Bruce nuclear power plant in Ontario.

A new report from the Emirates Nuclear Energy Corporation (ENEC) and the Electric Power Research Institute (EPRI) describes the use of nuclear energy to decarbonize some activities normally powered by oil and gas.

Decarbonization Strategies for Upstream Oil and Gas Operations with Advanced Nuclear Technologies, prepared by the Massachusetts Institute of Technology under contract to EPRI, was intended to “inform broader discussions around decarbonization [oil and gas] operations” at COP28, held in Dubai, United Arab Emirates, from November 30 to December 12.

DUBAI, UNITED ARAB EMIRATES — Statement from American Nuclear Society (ANS) Executive Director and CEO Craig Piercy on the launching of the “Declaration to Triple Nuclear Energy” by the United States and twenty-one other countries during the World Climate Action Summit of the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC):

We’re failing.

We’re failing to decarbonize the world in any significant way. Global greenhouse gas emissions are still rising and appear on track to continue rising until at least 2040—the result of energizing the developing world.

The European Commission intends to establish early next year an industrial alliance focused on small modular reactors, EC energy commissioner Kadri Simson announced last week.

Bruce Power, operator of Ontario’s eight-unit Bruce nuclear plant, has notified Canadian regulators of its intent to launch an impact assessment (IA) for Bruce C—the company’s name for potential new nuclear generation at the site.

Standard Power, a provider of infrastructure as a service to advanced data processing companies, has chosen NuScale Power as the technology provider for its plans to develop two small modular reactor–powered facilities in Ohio and Pennsylvania to run nearby data centers, the Portland, Ore.-based SMR developer announced on October 3.

Just one week after inking a consortium agreement to partner on the design and construction of Poland’s first nuclear power plant, Westinghouse Electric Company and Bechtel joined state-owned Polish utility Polskie Elektrownie Jądrowe (PEJ) in Warsaw on Wednesday for the signing of the project’s engineering services contract.

Westinghouse Electric Company and engineering, construction, and project management firm Bechtel on September 20 announced the signing of a consortium agreement to partner on the design and construction of Poland’s first nuclear power plant.

It has been said that the nuclear provisions in the Biden administration’s Inflation Reduction Act are strong enough to be stand-alone bills. The IRA contains various tax incentives for nuclear, to the point where it seems that few in Congress are questioning the importance of nuclear energy to the nation’s power grid and climate goals.

Six companies—NuScale Power, Romania’s nuclear plant operator Nuclearelectrica, E-Infra, Nova Power & Gas, Fluor Enterprises, and Samsung C&T Corporation—signed a memorandum of understanding on June 13 to collaborate on the deployment of NuScale’s VOYGR small modular reactor plants in Central and Eastern Europe, starting with Romania.

The Breakthrough Institute, a nuclear-friendly environmental research center based in Berkeley, Calif., has announced the launch of mobilization efforts for its Build Nuclear Now project, in partnership with the similarly minded groups Stand Up for Nuclear, Generation Atomic, Mothers for Nuclear, Nuclear New York, and Campaign for a Green Nuclear Deal.

Nuclearelectrica, operator of the Cernavoda plant—Romania’s sole nuclear power facility—has announced the signing of a support agreement with the Romanian government for further development of the project to complete construction of Cernavoda-3 and -4.

The Emirates Nuclear Energy Corporation (ENEC) announced on June 8 that Barakah-4, the fourth and final Korean-designed APR-1400 reactor to be built at the United Arab Emirates’ Barakah nuclear power plant, has commenced the testing necessary to demonstrate its readiness for an operating license from the UAE’s Federal Authority for Nuclear Regulation.

Representatives of Westinghouse and Fortum sign MOUs in Helsinki, Finland, on June 7. From left are Laurent Leveugle, vice president of new nuclear at Fortum; Petra Lundström, executive vice president of nuclear generation at Fortum; Elias Gedeon, senior vice president of commercial operations at Westinghouse; and Roman Romanowski, vice president of new plant market development at Westinghouse. (Photo: Westinghouse).

Looking to add Finland and Sweden to its growing list of potential reactor customers in Europe, Westinghouse Electric Company on June 7 announced the signing of memoranda of understanding with Finnish state-owned energy company Fortum—operator of the two-unit Loviisa nuclear plant—to explore the possibilities of developing and deploying AP1000 and AP300 reactor projects in the two Nordic nations. The MOUs, according to Westinghouse, establish a framework of collaboration for detailed technical and commercial discussions.

Nucleation Capital is a new venture fund focused on investing in next-generation nuclear energy and deep decarbonization. We are pleased to introduce ourselves to the broader nuclear community under the ANS theme “Invested in Nuclear.” Investing is always a forward-looking endeavor and, from what seemed to be an uncertain future, we’re delighted to see the industry anticipating substantial new growth and working to support it.

Bolstering this new outlook are important trends that are worth highlighting. We’re all seeing amazing shifts in how nuclear power is discussed. In the last few years, Nuclear has garnered surprise support from Democratic governors seeking to protect existing plants and Republican governors repealing old nuclear bans and vying to get next-gen plants sited in their states. In key pieces of federal climate legislation, nuclear has seen equal treatment under ITCs and PTCs and billions allocated to help save older plants and accelerate commercialization of new plants.

On the sidelines of the G7 summit in Hiroshima, Japan, over the weekend, the Biden administration and partners Japan, South Korea, and the United Arab Emirates announced a public-private commitment of up to $275 million to support the advancement of NuScale Power’s small modular reactor project in Romania.

Nuclear energy could provide the European Union with “up to 150 GW of electricity capacity by 2050” through the safe operation of existing nuclear facilities, the deployment of 30 to 45 new large reactors, and the development of small modular reactors, according to a statement issued last week by Europe’s Nuclear Alliance, following a meeting in Paris with European commissioner for energy Kadri Simson. Currently, nuclear energy provides the EU with about 100 GW of installed capacity.