Small Modular Reactors: Where Are We Now and What Does the Future Hold?

In response to the need to decarbonize, more and more regions are considering nuclear energy as a reliable option for generating carbon-free baseload power. Small modular reactors (SMRs) and other advanced reactors offer greater safety profiles and the ability to address energy needs beyond electricity production. The first SMR design was recently certified by the U.S. Nuclear Regulatory Commission and the company, NuScale, has an anchor customer already. The Inflation Reduction Act, growing interest in hydrogen as a fuel and the recent COP27 meeting are laying a platform for a new global growth in nuclear energy. Interest in SMRs is growing due to their enhanced safety profile and ability to provide thermal energy for steam and hydrogen production, making these reactors a potential technology of choice for global decarbonization.