Supporting Industrial Applications of SMRs: Considerations for Deployment

Abstract

Beyond utility deployments of nuclear power, Small Modular Reactors have a large role to play in the decarbonization of the industrial sector. Climate change commitments, security of supply, and price stability are all factors driving global trends in early-stage projects looking at the use of nuclear power to address hard to abate sectors. While other technologies such as CCUS, and an increase in electrification can support some of these drivers, nuclear power is able to address all of them and can meet both medium term as well as net zero decarbonization goals.

However, industrial deployments are unique. While nuclear power plants have previously been licensed near industrial hubs, challenges arise when looking at the long timelines for regulatory approvals, and financing of projects. A broad overview of trends in North America and Europe will be provided examining the market for nuclear power opportunities for industrial clients and the competitive landscape. A synthesis of the main insights and lessons learned from early engagement with prominent figures of the manufacturing industry will be shared, with examples presented. A review of potential low- cost actions that can support future SMR deployments are also discussed.