South Korea's Nuclear U-Turn ↩️

Welcome to Nuclear Update, where we package every nuclear update like a fuel rod – compact, powerful, and exactly what you need to energize your week.

This is what we got for you this week:

• South Korea's Nuclear U-Turn ↩️

• TerraPower Shakes Up Nuclear Game with Salt-Shaker 🧂

• Global Giants founded NEMO to Pioneer Maritime Nuclear Energy🐠

• Goldman Sachs Catches Cameco Fever 🌡️

South Korea's Nuclear U-Turn ↩️

South Korea is reversing its nuclear phase-out policy by planning to extend the operational life of Wolseong Nuclear Power Plant Units 2, 3, and 4, diverging from previous plans to decommission them. All ten reactors, once on the chopping block for 2030, are now queued up for a life extension.This shift, supported by experts who believe Korean reactors can safely operate for up to 70 to 80 years, is part of a broader strategy to meet rising electricity demand driven by AI, data centers, and electric vehicles.

Korea Hydro & Nuclear Power (KHNP) is preparing to submit a safety report to the Nuclear Safety and Security Commission, marking the first step towards extending these reactors' lives. This move aligns with a global trend where over half of the world's active nuclear reactors have received approval for lifespan extensions.

TerraPower Shakes Up Nuclear Game with Salt-Shaker 🧂

TerraPower has taken a groundbreaking step in the nuclear energy sector by submitting the first construction permit application for a commercial advanced reactor, the Natrium reactor, to the US Nuclear Regulatory Commission (NRC). This innovative project, set to kick off non-nuclear construction this summer, will be located near a retiring coal facility in Kemmerer, Wyoming.

The Natrium reactor boasts a 345 MWe sodium-cooled fast reactor design, utilizing high-assay low-enriched uranium fuel. It features a unique molten salt-based energy storage system that can ramp up the output to 500 MWe for over five hours as needed. TerraPower has been in close dialogue with the NRC, gearing up for non-nuclear construction to begin shortly, with nuclear construction to follow upon application approval. Once completed, the demonstration project will operate as a fully functional commercial power plant.

TerraPower's President and CEO, Chris Levesque, emphasized the company's commitment to revolutionizing nuclear reactor functionality on the grid and its ongoing collaboration with stakeholders and regulatory bodies. Additionally, TerraPower is bolstering the advanced nuclear supply chain in North America, having recently announced contracts with key suppliers for the Natrium reactor's development.

Global Giants founded NEMO to Pioneer Maritime Nuclear Energy🐠

A coalition of global companies passionate about nuclear energy in the maritime sector has set sail with the launch of the Nuclear Energy Maritime Organization (NEMO). Anchoring in London, NEMO is charting its course to kick off operations in the second quarter of 2024.

Among NEMO's founding fleet are industry titans like South Korean shipbuilder HD KSOE, Lloyd’s Register from the UK, BWXT Advanced Technologies and TerraPower from the US, Japan's Onomichi Dockyard, Westinghouse Electric Company, CORE POWER (UK), VARD Group, Bureau Veritas, RINA, and JEIL Partners from Korea.

NEMO's founding members include notable industry players like HD KSOE, Lloyd’s Register, BWXT Advanced Technologies, TerraPower, and Westinghouse Electric Company, among others. Led by Mamdouh el-Shanawany, NEMO's first chairman and a former IAEA official, the organization invites companies committed to sustainable and innovative floating nuclear power to join.

NEMO plans to host a variety of events and collaborate with industry associations, government bodies, and academic institutions to further the floating nuclear power agenda.

Nuclear Nuggets:

Goldman Sachs initiates coverage of Cameco (NYSE:CCJ) with a Buy recommendation.

Kazakhstan, world's biggest producer of Uranium, has been hit by the worst floods in 30 years.  Impact on the nation's Uranium mines & infrastructure is not yet known.

New Jersey's 3 Nuclear Power Plants Seek to Extend Licenses, will seek approval to operate them for another 20 years.

Meme of the week: