TMI Update: Jan 14, 2024


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Pioneering Nuclear Startup Lays Off Nearly Half Its Workforce
NuScale is the second major U.S. reactor company to cut jobs in recent months.
Alexander C. Kaufman
 | 

Almost exactly one year ago, NuScale Power made history as the first of a new generation of nuclear energy startups to win regulatory approval of its reactor design ― just in time for the Biden administration to begin pumping billions of federal dollars into turning around the nation’s atomic energy industry.

But as mounting costs and the cancellation of its landmark first power plant have burned through shrinking cash reserves, the Oregon-based company is laying off as much 40% of its workforce, HuffPost has learned.

At a virtual all-hands meeting Friday afternoon, the company announced the job cuts to remaining employees. HuffPost reviewed the audio of the meeting. Two sources with direct knowledge of NuScale’s plans confirmed the details of the layoffs.

By Friday evening, NuScale’s stock price had plunged more than 8% as investors sold off shares. NuScale did not respond to a call, an email or a text message seeking comment.

Surging construction costs are imperiling clean energy across the country. In just the past two months, developers have pulled the plug on major offshore wind farms in New Jersey and New York after state officials refused to let companies rebid for contracts at a higher rate.

But the financial headwinds are taking an especially acute toll on nuclear power. It takes more than a decade to build a reactor, and the only new ones under construction in the U.S. and Europe went billions of dollars over budget in the past two decades. Many in the atomic energy industry are betting that small modular reactors ― shrunken down, lower-power units with a uniform design ― can make it cheaper and easier to build new nuclear plants through assembly-line repetition.

The U.S. government is banking on that strategy to meet its climate goals. The Biden administration spearheaded a pledge to triple atomic energy production worldwide in the next three decades at the United Nations’ climate summit in Dubai last month, enlisting dozens of partner nations in Europe, Asia and Africa.

The two infrastructure-spending laws that President Joe Biden signed in recent years earmark billions in spending to develop new reactors and keep existing plants open. And new bills in Congress to speed up U.S. nuclear deployments and sell more American reactors abroad are virtually all bipartisan, with progressives and right-wing Republicans alike expressing support for atomic energy.

A rendering from the Idaho National Laboratory shows what NuScale's debut power plant was supposed to look like.

A rendering from the Idaho National Laboratory shows what NuScale's debut power plant was supposed to look like.

IDAHO NATIONAL LABORATORY

But the U.S. trails rivals like China and Russia in deploying new types of reactors, including those based on technologies that scientists working for the federal government first developed.

Until November, NuScale appeared on track to debut the nation’s first atomic energy station powered with small modular reactors. But the project to build a dozen reactors in the Idaho desert, and sell the electricity to ratepayers across the Western U.S. through a Utah state-owned utility, was abandoned as rising interest rates made it harder for NuScale to woo investors willing to bet on something as risky a first-of-its-kind nuclear plant.

In 2022, NuScale went public via a SPAC deal, a type of merger that became a popular way for debt-laden startups to pay back venture capitalists with a swifter-than-usual initial public offering on the stock market.

In its latest quarterly earnings, NuScale reported just under $200 million in cash reserves, nearly 40% of which was tied up in restricted accounts.

On a call with analysts in November, Ramsey Hamady, NuScale’s chief financial officer, said the firm expected to “take in about $50 million worth of cash from customers from work that we do.”

But the firm spent more than that in the previous three-month cycle ― a function, the executive said, of how project costs fluctuate regularly.

“This isn’t just a fixed-expense business. There’s variable expense, and there’s a lot of discretionary spending,” Hamady said. “We spend more as we have contracts, and we pull in our spending as contracts either get pushed out or delayed or whether we want to focus more on discretionary spend or nondiscretionary spend.”

Did you just lose your job at NuScale or another green energy company? Our reporter wants to hear from you. Email Alexander C. Kaufman at alexander.kaufman@huffpost.com, or text him securely on the encrypted messaging app Signal at +1 631-455-8855.

 

An aerial view of the core module of China's Linglong One, the world's first commercial small modular reactor, installed on Aug. 10 in Changjiang Li Autonomous County in China's Hainan province.

An aerial view of the core module of China's Linglong One, the world's first commercial small modular reactor, installed on Aug. 10 in Changjiang Li Autonomous County in China's Hainan province.

CHINA NEWS SERVICE VIA GETTY IMAGES

NuScale, which has four other projects proposed in the U.S. and tentative deals in at least eight other countries, isn’t the only nuclear startup navigating choppy waters.

In October, Maryland-based X-energy, which is working with the federal government to develop a next-generation reactor using gas instead of water for cooling, cut part of its workforce and scrapped plans to go public.

In September, California-based Oklo appeared to lose a more than $100 million contract to build its its liquid-metal-cooled “micro-reactors” at an Air Force base in Alaska, as the independent Northern Journal newsletter first reported. But the Defense Department said in a statement that the deal was never finalized, and that the bureaucratic change that took place in the fall and appeared to revoke Oklo’s contract was a misunderstood procedural technicality. Oklo said it’s on track with plans to start selling shares on the New York Stock Exchange later this year.

Nor are the nuclear industry’s high-tech newcomers the only ones with issues.

The U.S. utilities that operate the world’s largest fleet of traditional reactors balked last month at the Biden administration’s proposed regulations for making clean hydrogen fuel. Constellation, the country’s top nuclear operator, said the rules rendered existing reactors ineligible for a lucrative tax credit for making hydrogen with carbon-free electricity, and threatened to sue the administration.

The first fuel loading at the Consumer Power Company of Michigan's Palisades Plant Unit 1, Calvert, Michigan, 1974. The Palisades station shut down last year as natural gas gobbled up its share of the electricity market. The plant's new owner, and the state of Michigan, want to work with the Biden administration to restore power production at the Palisades nuclear station.
The first fuel loading at the Consumer Power Company of Michigan's Palisades Plant Unit 1, Calvert, Michigan, 1974. The Palisades station shut down last year as natural gas gobbled up its share of the electricity market. The plant's new owner, and the state of Michigan, want to work with the Biden administration to restore power production at the Palisades nuclear station. 

SMITH COLLECTION/GADO VIA GETTY IMAGES

Russia’s invasion of Ukraine nearly two years ago triggered an energy shock as European democracies scrambled to find alternatives to buying natural gas from Moscow. The constant need to replenish pipelines using a fuel with a wildly fluctuating price put a new premium on nuclear energy’s steady 24-hour output without needing refueling for two years or more. To boot, nuclear reactors don’t produce planet-heating emissions, and they generate orders of magnitude more electricity, more frequently and on less land, than solar panels or wind turbines.

Yet as the U.S. and its allies sanctioned the oil and gas exports funding Russia’s war chest, the Kremlin’s state-owned nuclear company, Rosatom, has remained immune, since American and European reactors depend on fuel that it enriches. Russia is building most of the new reactors in the works in places like Bangladesh, Egypt and Turkey, and just signed a new deal for more in India.

China, meanwhile, is constructing more reactors at home than nearly all the world combined, and built four large-scale reactors using the leading new American design before the U.S. could complete its first.

Former President Donald Trump banned U.S. nuclear companies from working in China, a prohibition Biden has maintained. In December, the U.S. House of Representatives voted to ban Russian uranium imports. While it’s unlikely to become law, the U.S. last year finally took the first step toward supplying its own nuclear fuel again.

At an industrial site in Ohio this past autumn, the private company that succeeded what was once the U.S. government’s in-house nuclear fuel enricher began producing the American-made alternative to a special kind of uranium fuel that companies like Oklo need. In just the last few months, three new uranium mines have entered into production in Arizona and Utah.

There’s a clear demand. The price of uranium eclipsed $91 per pound this week for the first time since the 2011 Fukushima disaster.

COMMONWEALTH OF PENNSYLVANIA 
Dept. of Environmental Protection
Commonwealth News Bureau
Room 308, Main Capitol Building
Harrisburg PA., 17120 


FOR IMMEDIATE RELEASE
01/2/2024

CONTACT: 
DEP Newsroom
717-787-1323 



DEP Highlights National Radon Action Month, Provides Free Radon Test Kits
Testing for radon is one of the easiest actions Pennsylvanians can take to keep their homes safe and families healthy

 

Harrisburg, PA – January is National Radon Action Month, marking a time of increased outreach and public awareness for this serious health hazard. 

Radon is a colorless, odorless, radioactive gas that occurs naturally through the breakdown of uranium in soil and rocks. It can seep into homes through cracks in basements and foundations, then build up inside to concentrations many times the recommended level. 

“Radon is the second-leading cause of lung cancer after smoking in the United States, and is a serious concern within the Commonwealth,” said Jessica Shirley, Interim Acting Secretary, Pennsylvania Department of Environmental Protection (DEP). “The Department of Environmental Protection remains committed to working with home builders, school districts, realtors, and other Pennsylvania departments to address radon issues and keeping all Pennsylvanians safe.” 

Radon is responsible for an estimated 21,000 lung cancer deaths every year in the U.S., according to Environmental Protection Agency (EPA), and about 40 percent of Pennsylvania homes have radon levels above the EPA action level of 4.0 pCi/L (picocuries per liter). While radon problems may be more common in some regions, there is potential for any home to have high radon levels. 

Pennsylvania is particularly prone to elevated radon levels, and the only way homeowners can know for certain if they have a radon problem is to test their home. DEP recommends that all homes, public and private buildings get tested. The best time to test is during the colder months, when homes and buildings are closed and radon is most likely to be trapped and build up to higher levels. 

DEP and the American Lung Association are working together to provide radon test kits to Pennsylvania residents who have not yet tested their homes for this dangerous gas. Free radon test kits are available throughout the Commonwealth from the American Lung Association, while supplies last. Test kits are funded through a grant from DEP and the EPA State Indoor Radon Grant Program. 

“Radon in homes is more common than many people think. Exposure to radon shouldn’t be taken lightly because it is the second leading cause of lung cancer in the United States,” said Kevin M. Stewart, Director of Environmental Health for the American Lung Association. “The good news is that it is easy to test for radon. Do-it-yourself test kits are simple to use and inexpensive.” 

Radon test kits are also available at many home improvement and hardware stores, as well as from Pennsylvania-certified radon laboratories. Radon test kits typically cost approximately $20-$30. Completed test kits are sent to a Pennsylvania-certified lab where the sample is analyzed, and the results are sent to the home or building owner. Homeowners are also able to hire a state-certified radon testing company to do the testing for them. The public is encouraged to call DEP’s Radon Division at 717-783-3594, or the Radon Hotline at 800-237-2366, for help with interpretation of their test results and what follow-up action may be necessary.  

Permanent radon mitigation systems typically cost between $800 and $1,200 and require minimal maintenance. A list of state-certified radon contractors, labs, and testers is available on DEP’s website. The list is also available by calling 1-800-23-RADON. 

General view of Cofrentes nuclear plant

Cofrentes nuclear power plant is pictured before a storm in Cofrentes, near Valencia, Spain, September 15, 2021. REUTERS/Eva Manez/File Photo Acquire Licensing Rights


MADRID, Dec 27 (Reuters) - Spain on Wednesday confirmed plans to close the country's nuclear plants by 2035 as it presented energy measures including extended deadlines for renewable projects and adjusted renewable auctions.

The management of radioactive waste and dismantling of the plants, whose shut down will begin in 2027, will cost about 20.2 billion euros ($22.4 billion) and will be paid for by a fund supported by the plants' operators, the government said.

The future of the country's nuclear plants, which generate about a fifth of Spain's electricity, was a hot issue during the recent electoral campaign, with the conservative opposition People's Party (PP) pledging to reverse the planned phase-out. More recently, one of the main business lobbies called for extending the use of these plants.

Among other measures were changes to the rules governing development of new green energy projects and renewables auctions.

The government agreed to extend key administrative deadlines for new projects. The deadline to obtain a building permit, for example, was increased by six months to 49 months.

Renewable auctions may now include qualitative criteria to take into account social and environmental standards to "recognise the added value of European products," the Energy Ministry said in a statement.

($1 = 0.9021 euros)

 
Class Action Lawsuit Filed Against NuScale Power Corporation (SMR) on Behalf of Investors – Nationally Ranked Investors’ Rights Firm Holzer & Holzer, LLC Encourages Investors With Significant Losses to Contact the Firm
| Source: Holzer & Holzer
 

ATLANTA, Dec. 27, 2023 (GLOBE NEWSWIRE) -- Holzer & Holzer, LLC informs investors that a shareholder class action lawsuit has been filed against NuScale Power Corporation (“NuScale” or the “Company”) (NYSE: SMR). The lawsuit alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the lawsuit alleges that Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations, and prospects throughout the Class Period and misled investors by failing to disclose that (I) because of the effect of inflationary pressures on the cost of construction and power, the Company and UAMPS would be unable to sign up enough subscribers to fulfill the CFPP; (2) Standard Power did not have the financial ability to support its agreement with NuScale; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. throughout the Class Period.

If you bought NuScale shares between March 15, 2023 and November 8, 2023 and suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey Holzer, Esq. at cholzer@holzerlaw.com or by toll-free telephone at (888) 508-6832 or you may visit the firm’s website at www.holzerlaw.com/case/nuscale/ to learn more.

The deadline to ask the court to be appointed lead plaintiff in the case is January 16, 2024.

Holzer & Holzer, LLC, an ISS top rated securities litigation law firm for 2021 and 2022, dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey Holzer is the attorney responsible for its content.  

CONTACT:
Corey Holzer, Esq.
(888) 508-6832 (toll-free)
cholzer@holzerlaw.com

Editorial: 
Opinion by The Times Editorial Board • December 28, 2023

It looks like California is going from solar leader to solar loser.

A year after regulators at the state Public Utilities Commission voted to gut the successful incentive program that has helped put more than 1.8 million solar systems on homes and businesses, the consequences are becoming distressingly clear.

Preliminary data from the rooftop solar industry shows a steep drop in installations and widespread job losses since April. That’s when the PUC’s changes to the net energy metering program took effect, slashing the compensation new solar customers receive for the excess power they feed into the grid.

The commission sided with utilities, organized labor and consumer advocates who argued that incentives were so generous that solar customers weren't paying their fair share to maintain the power grid, raising electricity rates for lower-income households and renters without solar arrays.

It’s not a surprise that eviscerating the financial incentives for consumers to invest in solar power would cause sales to plummet. But it’s still incredibly disappointing to see the outcome of state regulators’ wrecking-ball approach play out so predictably.

The analysis by the California Solar & Storage Assn. found that sales of rooftop systems in the state have dropped between 77% and 85% since April. That’s backed up by data from Southern California Edison and Pacific Gas & Electric showing that customers' applications to connect their solar systems to the grid dropped between 66% and 83% in the months since incentives were reduced, compared with the same time period in 2022.

The industry group forecasts that 17,000 jobs — one-fifth of all solar jobs in California — could be lost by the end of 2023 as the reduction in incentives comes on top of high interest rates and inflation. That’s a steeper decline than the industry experienced in 2020 when the COVID-19 pandemic brought most solar installations to a halt.

Undermining the rooftop solar market is the opposite of what California should be doing to combat climate change. The world recorded its hottest year in 2023 and is experiencing worsening storms, heat waves and wildfires and other disasters. Yet, state regulators are doubling down.

Last month, the five-member panel of commissioners appointed by Gov. Gavin Newsom voted to slash solar incentives again, this time making it far less financially viable for apartment buildings, schools, strip malls, farms and small businesses to go solar. These decisions serve the interests of the state's three big investor-owned utilities, who want to get solar electricity from large-scale arrays in the desert where it can be generated more cheaply. Organized labor also stands to benefit from the change. As the rooftop market falters, there will be more need for union-built solar projects to help the state meet its renewable energy goals.

The gutting of rooftop solar incentives isn’t hurting only the local regional companies that install residential systems. It’s also dragging down big, publicly traded companies like Enphase Energy that supply the equipment used in rooftop arrays.

Keeping solar financially viable and affordable for as many Californians as possible to generate renewable energy on their homes, apartments, businesses, schools and churches isn’t too much to ask. It’s an imperative for our planet.

Newsom and his PUC appointees should keep an eye on this alarming decline in solar jobs and installations and, if it continues, intervene. You can’t be a leader in the fight against climate change by crashing the solar market. It’s not too late to reverse course, reestablish strong consumer incentives for solar systems with battery storage and stem the damage to a cornerstone of California’s clean energy future. 

 
The Massachusetts Medical Society, publisher of the New England Journal of Medicine, says further decommissioning of the Pilgrim Nuclear Power Station should be put on hold to wait for research into the public health consequences.
Nuclear Regulatory Commission - News Release
No: IV-23-013 December 20, 2023
CONTACT: Victor Dricks, 817-200-1128
 
NRC Proposes $28,000 Civil Penalty to XCEL NDT
 
The Nuclear Regulatory Commission has proposed a $28,000 civil penalty to XCEL NDT of Gretna, Nebraska, for three violations of NRC security requirements associated with the use of radioactive materials. The company uses radioactive materials for industrial radiography to perform non-destructive testing of materials.
 
The NRC identified the apparent violations of agency requirements following an inspection after a company vehicle containing radioactive materials was stolen from a temporary jobsite in Billings, Montana, last year. The vehicle and the radioactive material were recovered that same day.
 
Details of the inspection and the apparent violations were documented in an August 2023 report.
 
In October, a regulatory conference was conducted at the NRC Region IV office in Arlington, Texas, with company officials to discuss the apparent violations, their significance, their root causes, and the company’s corrective actions. The conference was closed to public observation because it involved security-related information.
 
Based on the information developed during the inspection and provided during the conference, the NRC determined that three violations of NRC requirements occurred, and a civil penalty was warranted.
 
The company has 30 days to pay the fine, dispute the fine, or request involvement from a neutral third-party mediator to resolve the issue.
 
ML23361A138
https://adamswebsearch2.nrc.gov/webSearch2/main.jsp?AccessionNumber=ML23361A138

Document Title: 01/17/2024 Notice of Public Meeting Discussion of Increasing Efficiencies for Environmental Reviews

Document Type: Meeting Notice
                           Meeting Agenda

Document Date: 12/27/2023

Subject: NRC LIC-109 Acceptance Review Results for Susquehanna Steam Electric Station, License Amendment Request to Revise Technical Specifications (TS) to Adopt TSTF-568 (EPID L-2023-LLA-0167)
 
ADAMS Accession No.: ML23352A254
 
Using Web-based ADAMS, select “Advanced Search”
Under “Property,” select “Accession Number”
Under “Value,” enter the Accession Number
Click Search. 
Subject: James A. FitzPatrick; LaSalle, Units 1 & 2; Limerick, Units 1 & 2; Nine Mile Point, Units 1 & 2; and Peach Bottom, Units 2 & 3 -Revision to Approved Alternatives to Use Boiling Water Reactor Vessel and Internals Project Guidelines (EPID L-2023-LLR-0041)
 
ADAMS Accession No.: ML23278A129
 
 
Using Web-based ADAMS, select “Advanced Search”
Under “Property,” select “Accession Number”
Under “Value,” enter the Accession Number
Click Search. 

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