The United States Senate just passed a bill that will streamline deployment of nuclear power infrastructure and give companies in the industry incentives for their work. It’s now making its way to Joe Biden’s desk for a signature.
Approved on Tuesday 88 votes to two after being introduced to the Senate in March, the Accelerating Deployment of Versatile Advanced Nuclear for Clean Energy (ADVANCE) Act would serve a variety of purposes. These include reducing regulatory costs for companies seeking licenses for nuclear tech, expedited permitting and even prizes for admirable operators.
“In a major victory for our climate and American energy security, the U.S. Senate has passed the ADVANCE Act with overwhelming, bipartisan support,” Delaware Senator Tom Carper said.
It would be particularly impactful for the Nuclear Regulatory Commission (NRC). The federal agency is now tasked with developing pathways to speed up micro-reactor licensing, creating streamlined licensing review processes for other technology, finding improved reactor construction techniques and more.
“It directs the NRC to more efficiently carry out its important regulatory mission and helps redevelop conventional energy sites for future nuclear projects,” West Virginia Senator Shelley Capito said.
The legislation could benefit Bill Gates-founded TerraPower and others. Shovels hit the ground at the site of TerraPower’s future Natrium plant earlier this month, but a crucial construction permit is still needed for the sodium-cooled reactor once the foundation has been laid.
The bill would encourage the U.S. Department of Energy to expedite its approval process for shipping American nuclear technology to global markets too.
The passage of my ADVANCE Act marks a significant achievement for clean, reliable nuclear power.
LISTEN to what I had to say about it to @HoppyKercheval on @WVMetroNews this week: pic.twitter.com/0cgjmoJkLb
— Shelley Moore Capito (@SenCapito) June 21, 2024
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Canadian fuel imports poised to accelerate
Once Biden swipes the parchment, America’s neighbour to the north will be shipping down uranium at an even faster rate than it already is.
The ban on Russian uranium imports coming into force this August, the commitment by 22 nations at Dubai’s COP28 conference to triple their nuclear capacity, a high spot price and other factors will leave a void to be filled too.
Canada’s top suppliers, Orano Canada and Cameco Corporation (TSX: CCO), have improved job security as a result. Explorers like CanAlaska Uranium Ltd. (TSX-V: CVV) and ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U) have been receiving an increased rate of attention for their future potential as well.
Nuclear power is a rapidly growing industry worldwide, actually. The International Atomic Energy Agency estimates that there will be 25 per cent more of it globally by 2050.
Furthermore, the European Commission’s Vice President Maroš Šefcovic recently predicted that Europe would need an additional 30 power plants within the next 15 years. Meanwhile, the global superpower China has decided to start building 10 power stations per annum.
Less well-known countries like Kyrgyzstan have been making legal changes to promote uranium mining needed for fuel demands too. The nation just abolished a ban on extracting the radioactive metal that had been in place since 2019.
A recent extensive survey by Washington D.C.’s Bisconti Research found that a record high number of Americans (77 per cent) supported atomic energy.
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rowan@mugglehead.com
