Dominion Energy and Amazon to explore advancement of Small Modular Reactor (SMR) nuclear development in Virginia
Dominion Energy Virginia and Amazon have signed a Memorandum of Understanding (MOU) to explore innovative development structures for potential Small Modular Reactor (SMR) nuclear development in Virginia. This collaboration aims to address the unprecedented 5% annual power demand growth in Virginia, expected to double in the next 15 years. SMRs could play a important role in Dominion Energy's 'all-of-the-above' energy mix in the 2030s, offering carbon-free power with a smaller footprint and lower upfront costs than traditional nuclear plants.
The agreement seeks to advance SMR development and financing while mitigating risks for customers and capital providers. It aligns with Dominion Energy's commitment to credit and risk profile objectives from its recent business review. The collaboration is supported by Virginia Governor Glenn Youngkin and U.S. Senators Mark Warner and Tim Kaine, who view it as a significant step towards meeting future power needs and positioning Virginia as a nuclear innovation hub.
Dominion Energy Virginia e Amazon hanno firmato un Memorandum of Understanding (MOU) per esplorare strutture di sviluppo innovative per il potenziale sviluppo di reattori nucleari modulari piccoli (SMR) in Virginia. Questa collaborazione mira ad affrontare la crescita della domanda di energia del 5% annuale senza precedenti in Virginia, che si prevede raddoppierà nei prossimi 15 anni. Gli SMR potrebbero svolgere un ruolo importante nella 'strategia energetica globale' di Dominion Energy negli anni '30, offrendo energia senza carbonio con una minore impronta ecologica e costi iniziali inferiori rispetto alle tradizionali centrali nucleari.
L'accordo mira a promuovere lo sviluppo e il finanziamento degli SMR, riducendo al contempo i rischi per i clienti e i fornitori di capitali. Si allinea con l'impegno di Dominion Energy verso obiettivi di credito e profilo di rischio emersi dalla sua recente revisione aziendale. La collaborazione è sostenuta dal Governatore della Virginia Glenn Youngkin e dai Senatori americani Mark Warner e Tim Kaine, che la considerano un passo significativo verso la soddisfazione delle future esigenze energetiche e il posizionamento della Virginia come hub di innovazione nucleare.
Dominion Energy Virginia y Amazon han firmado un Memorando de Entendimiento (MOU) para explorar estructuras de desarrollo innovadoras para el potencial desarrollo de Reactores Modulares Pequeños (SMR) en Virginia. Esta colaboración tiene como objetivo abordar el crecimiento anual de la demanda de energía del 5% sin precedentes en Virginia, que se espera se duplique en los próximos 15 años. Los SMR podrían desempeñar un papel importante en la combinación energética 'todo lo anterior' de Dominion Energy en la década de 2030, ofreciendo energía libre de carbono con una huella más pequeña y menores costos iniciales que las centrales nucleares tradicionales.
El acuerdo busca avanzar en el desarrollo y financiamiento de SMR mientras mitiga los riesgos para los clientes y proveedores de capital. Está alineado con el compromiso de Dominion Energy hacia los objetivos de perfil de crédito y riesgo desde su reciente revisión empresarial. La colaboración cuenta con el apoyo del Gobernador de Virginia Glenn Youngkin y de los senadores estadounidenses Mark Warner y Tim Kaine, quienes lo ven como un paso significativo hacia el cumplimiento de las necesidades energéticas futuras y el posicionamiento de Virginia como un centro de innovación nuclear.
도미니언 에너지 버지니아(Dominion Energy Virginia)와 아마존(Amazon)은 버지니아에서 소형 모듈 원자로(SMR) 개발을 위한 혁신적인 개발 구조를 탐색하기 위해 양해각서(MOU)에 서명했습니다. 이 협력은 버지니아에서 연간 전력 수요 성장률 5%이 전례 없이 증가하고 있으며, 향후 15년 내에 두 배로 증가할 것으로 예상되는 문제를 해결하는 것을 목표로 합니다. SMR은 2030년대 도미니언 에너지의 '모두 다 포함' 에너지 믹스에서 중요한 역할을 할 수 있으며, 전통적인 원자력 발전소보다 탄소 없는 전력을 제공하며, 더 작은 공간과 낮은 초기 비용으로 제공할 수 있습니다.
이 협약은 고객과 자본 제공자를 위한 위험을 완화하면서 SMR 개발 및 자금 조달을 추진하는 것을 목표로 하고 있습니다. 이는 도미니언 에너지가 최근 사업 검토에서 설정한 신용 및 위험 프로필 목표와 일치합니다. 이 협력은 글렌 영킨(Glenn Youngkin) 버지니아 주지사와 마크 워너(Mark Warner) 및 팀 케인(Tim Kaine) 미국 상원의원의 지지를 받아, 미래의 전력 수요 충족과 버지니아를 원자력 혁신 허브로 만들기 위한 중요한 단계로 여겨지고 있습니다.
Dominion Energy Virginia et Amazon ont signé un Memorandum of Understanding (MOU) pour explorer des structures de développement innovantes pour le potentiel développement de réacteurs modulaires petits (SMR) en Virginie. Cette collaboration vise à répondre à la croissance sans précédent de la demande d'énergie de 5% par an en Virginie, qui devrait doubler dans les 15 prochaines années. Les SMR pourraient jouer un rôle important dans le mélange énergétique 'tout compris' de Dominion Energy dans les années 2030, offrant une énergie sans carbone avec une empreinte réduite et des coûts initiaux plus bas que les centrales nucléaires traditionnelles.
Cette accord cherche à faire avancer le développement et le financement des SMR tout en atténuant les risques pour les clients et les fournisseurs de capitaux. Il s'aligne avec l'engagement de Dominion Energy envers les objectifs de profil credit et de risque issus de son récent examen commercial. La collaboration est soutenue par le gouverneur de Virginie, Glenn Youngkin, et les sénateurs américains Mark Warner et Tim Kaine, qui la considèrent comme un pas significatif vers la satisfaction des besoins énergétiques futurs et le positionnement de la Virginie comme un hub d'innovation nucléaire.
Dominion Energy Virginia und Amazon haben ein Memorandum of Understanding (MOU) unterzeichnet, um innovative Entwicklungsstrukturen für potenzielle kleine modulare Reaktoren (SMR) in Virginia zu erkunden. Diese Zusammenarbeit zielt darauf ab, das unprecedented Wachstum der Stromnachfrage von 5% pro Jahr in Virginia anzugehen, das sich in den nächsten 15 Jahren verdoppeln wird. SMRs könnten eine wichtige Rolle im 'alles-inklusive' Energie-Mix von Dominion Energy in den 2030er Jahren spielen und kohlestromfreie Energie mit einem kleineren ökologischen Fußabdruck und geringeren Anfangskosten im Vergleich zu herkömmlichen Kernkraftwerken bieten.
Das Abkommen verfolgt das Ziel, die Entwicklung und Finanzierung von SMRs voranzutreiben und gleichzeitig die Risiken für Kunden und Kapitalanbieter zu mindern. Es steht im Einklang mit dem Engagement von Dominion Energy für Kredit- und Risikoattributsziele aus seiner aktuellen Geschäftsüberprüfung. Die Zusammenarbeit wird vom Gouverneur von Virginia, Glenn Youngkin, sowie den US-Senatoren Mark Warner und Tim Kaine unterstützt, die dies als einen bedeutenden Schritt zur Deckung zukünftiger Energiebedarfe und zur Positionierung Virginias als Kernkraft-Innovationszentrum betrachten.
- Potential for SMRs to provide reliable, carbon-free power to meet growing demand
- Collaboration with Amazon could accelerate SMR development with minimal rate impacts for residential customers
- Alignment with Virginia's energy plan and potential to position the state as a nuclear innovation hub
- Support from key political figures, including the Governor and U.S. Senators
- Significant upfront capital costs associated with SMR development
- Potential risks in developing new nuclear technology
- Long-term timeline with SMRs not expected to play a role until the 2030s
Insights
This MOU between Dominion Energy and Amazon marks a significant step towards advancing Small Modular Reactor (SMR) technology in Virginia. The collaboration addresses several key points:
- Virginia's rapidly growing power demand, projected to double in 15 years, necessitates innovative energy solutions.
- SMRs offer carbon-free, reliable power with smaller footprints and lower upfront costs compared to traditional nuclear plants.
- The partnership aims to explore new development and financing structures, potentially mitigating risks for customers and investors.
- This aligns with Virginia's "All-American, All-of-the-Above" energy plan, positioning the state as a nuclear innovation hub.
The move could accelerate the adoption of SMRs, diversifying Virginia's energy mix and supporting the transition to cleaner energy sources. However, the success of this initiative will depend on overcoming regulatory hurdles, addressing public concerns about nuclear safety and demonstrating cost-effectiveness compared to other clean energy alternatives.
This partnership between Dominion Energy and Amazon presents intriguing financial implications:
- It could potentially reduce development risks and minimize rate impacts for residential customers, addressing key investor concerns about nuclear projects.
- The collaboration may unlock innovative financing structures, potentially making SMR projects more attractive to capital providers.
- Dominion Energy's commitment to maintaining its credit and risk profile objectives is reassuring for investors concerned about the financial impact of large-scale nuclear projects.
- Amazon's involvement could provide a stable, long-term customer base for the energy produced, enhancing project viability.
While the financial details are not disclosed, this MOU signals a potential shift in how nuclear projects are funded and developed. It could create a model for future public-private partnerships in the energy sector, potentially de-risking investments in advanced nuclear technologies.
- SMR development could play a pivotal role in an 'all-of-the-above' energy solution to meet robust electricity demand growth
- Agreement will explore innovative commercial and financing structures to advance a potential project
- Dominion Energy committed to the credit and risk profile objectives of the recently concluded business review
As power demand grows at an unprecedented pace in
Power demand in
In the 2030s, SMRs could play a pivotal role in this 'all-of-the-above' energy mix. Like traditional nuclear, SMRs generate around-the-clock, carbon-free power, but with a significantly smaller footprint and lower upfront capital costs.
The MOU between Dominion Energy Virginia and Amazon documents the companies' efforts to jointly explore innovative ways to advance SMR development and financing while also mitigating potential cost and development risks for customers and capital providers. Dominion Energy remains committed to the credit and risk profile objectives of the recently concluded business review.
"This agreement builds on our longstanding partnership with Amazon and other leading tech companies to accelerate the development of carbon-free power generation in
"Bringing new sources of carbon-free energy to the grid is an important part of Amazon's commitment to serve our customers and achieve net-zero carbon across our operations by 2040," said Kevin Miller, Amazon's Vice President of Global Data Centers. "Nuclear energy is safe, reliable, and can help meet the energy needs of our customers for decades to come. We're excited to innovate alongside Dominion to explore the opportunities that Small Modular Reactors can bring to
"In alignment with our All-American, All-of-the-Above energy plan, small modular nuclear reactors will play a critical role in positioning
"The world around us is changing very quickly," said
"I'm glad Dominion and Amazon have come to this exciting agreement to diversify our clean energy options," said
In July, Dominion Energy announced a Request for Proposals (RFP) from leading SMR nuclear technology companies to evaluate the feasibility of developing an SMR at the company's North Anna Power Station in
About Dominion Energy
Dominion Energy (NYSE: D), headquartered in
About Amazon
Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth's Most Customer-Centric Company, Earth's Best Employer, and Earth's Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.
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SOURCE Dominion Energy
FAQ
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