To accelerate the exploration of new nuclear technologies, Duke Energy joins industry group vying for DOE grant

Rhea-AI Summary

Duke Energy (DUK) has announced its participation in a multi-joint public-private application for the Department of Energy's U.S. Gen III+ small modular reactor (SMR) technology grant, led by Tennessee Valley Authority (TVA). The initiative aims to advance standard technology design and licensing while reducing costs and risks.

The company has also entered into an agreement with GE Hitachi to invest in activities advancing the standard design and licensing of their BWRX-300 SMR technology. This collaboration, combined with the potential U.S. SMR coalition participation, will facilitate knowledge exchange with TVA and other partners.

The strategy aligns with Duke Energy's long-term 'all of the above' generation approach and supports their clean energy transition goals, including achieving net-zero methane emissions from natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.

Positive

• Partnership with TVA and GE Hitachi reduces technology development costs and risks
• Potential DOE grant funding could support nuclear technology advancement
• Strategic alignment with company's clean energy transition goals
• Access to industry best practices and knowledge sharing through coalition participation

Negative

• Significant investment required in new nuclear technology development
• Success dependent on DOE grant approval
• Long-term implementation risks associated with new nuclear technologies

• Ensures nuclear energy remains core to its 'all of the above' energy generation strategy
• Aligns with Duke Energy's focus on reducing costs and risks for its customers, investors and operations while supporting long-term regional economic development
• Includes agreement to invest in activities to advance standard design and licensing of GE Hitachi's small modular reactor technology while gathering industry learnings and best practices

CHARLOTTE, N.C., Jan. 17, 2025 /PRNewswire/ -- Duke Energy today announced its participation in a multi-joint public-private application for the Department of Energy's (DOE) U.S. Gen III+ small modular reactor (SMR) technology grant.

If awarded by the DOE, the grant, which is being led by Tennessee Valley Authority (TVA), will support Duke Energy's new nuclear strategy by joining with other utilities and technology providers to more cost effectively advance a standard technology design and license, while learning best practices from others in the industry who are also pursuing new nuclear technologies. The goal is to continue to reduce technology risks and costs for the benefit of our customers, communities and investors. 

"Our participation in this grant reflects our commitment to nuclear energy's role in our long-term 'all of the above' generation strategy by supporting the rigorous evaluation of future technologies, such as small modular reactors," said Harry Sideris, the company's president. "Public-private partnerships such as this accelerate technology development and increase our access to industry learnings and best practices, so we can deliver the best value for our customers, communities and investors."

As outlined in the DOE grant application, Duke Energy will participate as a member of a proposed U.S. coalition on SMRs. This includes working as a collective group to assess risks and foster U.S. heavy manufacturing and supply chain capabilities that could result in cost reductions and collaboration across deployments. The coalition will also seek input from local communities, including those impacted by retired fossil plants.

For more information regarding the coalition's DOE grant application, please see the TVA press release here.

Collaboration with GE Hitachi

In addition, Duke Energy has entered into an agreement with GE Hitachi to invest in activities to advance the standard design and licensing for GE Hitachi's BWRX-300 SMR technology. This agreement, along with participation in the potential U.S. SMR coalition, will provide another avenue for Duke Energy to exchange valuable insight and best practices with TVA and other collaborators as they implement GE Hitachi's SMR technology. This work will help inform Duke Energy's near-term evaluation and early development activities for new nuclear, which supports the company's energy transition and will deliver value to its customers and communities.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. 

Duke Energy is executing an ambitious clean energy transition, keeping reliability, affordability and accessibility at the forefront as the company works toward net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050. The company is investing in major electric grid upgrades and cleaner generation, including expanded energy storage, renewables, natural gas and nuclear.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

Contact: Jennifer Garber
24-hour media line: 800.559.3853

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SOURCE Duke Energy

FAQ

What is Duke Energy's (DUK) role in the DOE's SMR technology grant application?

Duke Energy is participating in a multi-joint public-private application for the DOE's Gen III+ SMR technology grant, led by TVA, to advance standard technology design and licensing while sharing industry best practices.

What is the partnership between Duke Energy (DUK) and GE Hitachi for SMR development?

Duke Energy has entered an agreement with GE Hitachi to invest in advancing the standard design and licensing of GE Hitachi's BWRX-300 SMR technology.

What are Duke Energy's (DUK) clean energy transition goals mentioned in the announcement?

Duke Energy aims to achieve net-zero methane emissions from its natural gas business by 2030 and net-zero carbon emissions from electricity generation by 2050.

How will the DOE grant benefit Duke Energy (DUK) shareholders and customers?

The grant would help reduce technology risks and costs through public-private partnerships, delivering better value for customers, communities, and investors while supporting long-term regional economic development.

What is the scope of Duke Energy's (DUK) participation in the U.S. SMR coalition?

Duke Energy will work with the coalition to assess risks, foster U.S. manufacturing capabilities, seek cost reductions, enable collaboration across deployments, and gather community input.