Nuclear Strategy: Season's Greetings - December issue

Tripling of Nuclear Power

| COP28 | Olkiluoto 3 | Swedish Power Play | | Uranium 15 year high | EDF Latest |

DECEMBER 2023 ISSUE

SEASON’S GREETINGS:

Contents Page 3

Positive Momentum for Nuclear Energy

4-5

COP28

6-7

Olkiluoto 3

8

TerraPower and Uranium Energy Corp join forces

9

EDF Ignites Global Partnerships

10-11

Swedish parliament’s Power Play for a Greener Future

12-13 Uranium hits 15 year highs 14

Popular culture continues to shift

15

Poland Advances Towards a Nuclear Future

16-17 Nuclear Strategy Summit

Reflecting on the Positive Momentum for Nuclear Energy in 2023 As the year draws to a close, it’s an opportune moment to reflect on the significant strides and positive developments witnessed in the nuclear energy sector throughout the past twelve months. Amid global efforts to combat climate change and transition towards sustainable energy sources, 2023 has undeniably been a pivotal year for nuclear energy advancement.

One of the noteworthy milestones of the year was the establishment of GB Nuclear in the United Kingdom. This groundbreaking initiative marked a renewed commitment to nuclear power in the UK, showcasing a firm dedication to bolstering clean energy production.

GB Nuclear’s formation symbolizes a step forward in harnessing the potential of nuclear technology to meet energy demands while reducing carbon emissions, aligning with the nation’s ambitious climate goals.

Simultaneously, the restart of Japanese nuclear reactors marked a pivotal moment for the country’s energy landscape. After years of scrutiny following the Fukushima disaster in 2011, Japan’s decision to resume nuclear operations underscores the recognition of nuclear energy as a reliable and essential component of a diversified energy mix.

This move not only contributes to meeting Japan’s energy needs but also signifies a global acknowledgment of the advancements in safety protocols and technological improvements within the nuclear industry.

Moreover, the cultural perception of nuclear energy has experienced a notable shift. In popular culture, there has been a growing portrayal of nuclear power as a clean and efficient energy source. Movies, documentaries, and TV shows have increasingly depicted nuclear energy positively, highlighting its potential to address climate concerns and power the future sustainably. This cultural shift serves to educate and inform the public about the role nuclear energy can play in mitigating climate change, fostering a more informed and supportive societal perspective.

The recent Conference of Parties (COP 28) held in 2023 emerged as a pivotal event that underscored the global commitment to significantly increase nuclear energy production. Countries from around the world pledged to triple their nuclear energy output by 2050 as part of their climate action plans. This resounding support for nuclear energy in international climate discussions signifies a crucial turning point, emphasizing the recognition of nuclear power as a key contributor to achieving carbon neutrality and combating climate change on a global scale.

Looking ahead, these positive developments set the stage for a promising future for nuclear energy. The momentum gained in 2023 not only reaffirms the importance of nuclear power in the global energy transition but also underscores its role as a reliable, low-carbon energy source capable of meeting the world’s growing energy demands.However, challenges persist, including public perception, waste management, and cost concerns that warrant continued attention and innovative solutions.

Addressing these challenges will be crucial in harnessing the full potential of nuclear energy and ensuring its widespread acceptance and utilization as a sustainable energy source.

As we conclude this year, let us acknowledge and celebrate the progress made in the nuclear energy sector. The collaborative efforts, technological advancements, and global commitments witnessed in 2023 lay a strong foundation for further advancements in nuclear energy, paving the way for a cleaner, greener, and more sustainable future.

In closing, let us remain optimistic and steadfast in our pursuit of leveraging nuclear energy to address climate challenges, propel technological innovation, and build a brighter future for generations to come.

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Tripling Nuclear Energy: A Bold Declaration at COP28 Uplifts Climate Action In a resounding declaration at the World Climate Action Summit of the 28th Conference of the Parties (COP28) to the U.N. Framework Convention on Climate Change, more than 20 countries across four continents came together in a groundbreaking moment. They launched the Declaration to Triple Nuclear Energy, acknowledging its pivotal role in achieving global net-zero greenhouse gas emissions by 2050 and steering us closer to the crucial 1.5-degree Celsius temperature goal.

This declaration, packed with ambition and shared vision, carries core elements that echo a united call to triple global nuclear energy capacity by 2050. It beckons shareholders of international financial institutions to champion policies integrating nuclear energy into energy lending. Among the endorsing countries are heavyweights like the United States, France, Japan, and the United Kingdom, signifying a widespread recognition of nuclear energy’s role in the fight against climate change.

Nuclear Energy: Paving the Way for a Cleaner Future The text of the Declaration unveils a series of recognitions that emphasize the pivotal role nuclear energy plays in our quest for sustainability: • Acknowledgment of nuclear energy as the second-largest sourceof clean and dependable baseload power, enhancing global energy security.

• Insights from various reputable agencies revealing that tripling nuclear energy capacity by 2050 is indispensable for achieving global net-zero emissions.

• Acknowledgment by the Intergovernmental Panel on Climate Change that nuclear energy must significantly increase its global installed electrical capacity to align with the average 1.5-degree Celsius scenario.

• Confirmation from the International Energy Agency that reducing nuclear power would complicate and inflate the costs of reaching net-zero emissions by 2050.

Charting a Path Forward: Commitments and Actions The participating nations pledged a series of commitments that serve as stepping stones towards the ambitious goal: • A commitment to collaborate on tripling nuclear energy capacity by 2050 while respecting each nation’s unique circumstances.

• Assurances of responsible operations, sustainability, safety, and non-proliferation standards in running nuclear power plants and managing fuel waste.

• Calls to rally investments, innovative financing mechanisms, and backing from financial institutions to drive nuclear power initiatives.

• Support for the development and deployment of advanced nuclear reactors for power generation and broader industrial applications for decarbonization purposes.

• Emphasis on bolstering resilient supply chains, ensuring safety and security in technologies utilized by nuclear power plants.

• Encouragement for extending the lifetimes of nuclear power plants in adherence to high safety and sustainability standards, where technically and economically viable.

• Support for responsible nations endeavoring to explore civil nuclear deployment under the strictest safety, sustainability, security, and nonproliferation standards.

Uniting Forces for a Sustainable Future The declaration isn’t merely a governmental affair. It extends a warm invitation to the private sector, non-governmental organizations, development banks, and financial institutions to collaborate and complement these efforts. Together, this collective action seeks to shape a cleaner, more sustainable future, harnessing the potential of nuclear energy to curb climate change.

In the throes of COP28, this resounding call to triple nuclear energy emerges as a beacon of hope.

It symbolizes a shared commitment to leveraging nuclear power as a key ally in our fight against climate change. As we forge ahead into a future reliant on cleaner energy sources, this declaration stands as a testament to unified global action and determination to create a more sustainable world.

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Brimming with resilience and perseverance, the journey of Olkiluoto Unit 3 (OL3) might have taken a little longer than anticipated, but the fruition of this monumental project has proven to be well worth the wait. Finland proudly dubs it the “largest single climate action” in its history, a claim that’s more than mere marketing; OL3 now stands tall, catering to approximately 14% of the nation’s electricity demands and proudly clinching the prestigious POWER Top Plant award.

Nuclear Power: The Climate Warrior For those concerned about climate change, nuclear power emerges as the hero of the hour. It stands as a carbon-free energy source, tried and tested, capable of delivering baseload power tirelessly, 24/7/365. The reliability of many nuclear power plants, operating at capacity factors exceeding 90%, positions them at the zenith of all powergenerating resources. In a world striving to slash carbon emissions, nuclear power shines as a pragmatic and logical choice.

Finland’s Clean Energy Vanguard Finland prides itself on a resolute commitment to clean energy. Remarkably, over 90% of the nation’s electricity stems from emission-free resources, with nuclear power leading the charge. The inauguration of regular production from Teollisuuden Voima Oyj’s (TVO’s) 1.6-GW Olkiluoto Unit 3 earlier this year marked a substantial surge in Finland’s nuclear energy generation. Presently, approximately 30% of the nation’s electricity derives from the trio of units on Olkiluoto Island. When coupled with the additional units in Loviisa, nuclear power commands nearly 40% of Finland’s energy mix.

Trials, Tribulations, and Triumphs OL3’s narrative kicked off in the early 2000s, navigating through a labyrinth of financial and logistical challenges. With parliamentary approval secured in 2002, the construction commenced in 2005, spearheaded by a consortium including AREVA GmbH (Germany), AREVA NP SAS (France), and Siemens AG (Germany). The EPR technology forming OL3 heralded a new chapter in reactor design, with its robust safety measures and avant-garde features.

However, financial turmoil beset AREVA during the project, leading to restructuring and contractual disputes. Siemens also underwent transformations, culminating in the formation of Siemens Energy, an integral part of the OL3 consortium. Despite these obstacles, the project persevered under similar stakeholders, eventually culminating in a settlement in 2018, ensuring funds were directed solely towards OL3’s completion.

Global Collaboration, Local Impact OL3’s construction became a melting pot of international expertise. At its peak, around 4,500 workers toiled onsite, hailing from over 80 countries. The lingua franca? English, albeit sometimes laced with humor as Silvennoinen quipped about “bad English.”

The meticulous induction process ensured seamless communication across a diverse workforce, fostering a culture of safety that resulted in an exceptional safety record, with an accident rate of less than two per million working hours.

Olkiluoto 3: Energizing Finland’s Residents with Affordable Electricity

Conquering Hurdles, Embracing Innovation The journey was not without its challenges.

Design delays, seismic evaluations postFukushima, and the logistical intricacies of operating in sub-zero temperatures demanded innovation and adaptability. Yet, through meticulous planning and innovative solutions, OL3 overcame these obstacles.

A Vision Realized, a Climate Champion Unleashed Since its commissioning, OL3 has been a testament to efficiency and reliability, operating flawlessly without shutdowns. Its arrival on the scene couldn’t have been more opportune, particularly amidst the reshaping of European energy dynamics post-Russian invasion of Ukraine. The addition of 1,600 MW

of urgently needed carbon-free energy to Finland’s grid was a timely boon.

The citizens of Finland have noticed the impact, with attitudes toward nuclear power shifting markedly. The project’s success has fueled a surge in support, with climate consciousness serving as a catalyst for nuclear power’s popularity.

For Jouni Silvennoinen, OL3 signifies not just a professional milestone but a personal journey—a collaboration of global expertise and resilience that stands as a symbol of triumph over challenges. As the plant hums with efficiency and finesse, the entire OL3 team rightfully basks in the glow of this achievement, a testament to their dedication and expertise.

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Fueling the Future: TerraPower and Uranium Energy Corp Join Forces for Nuclear Renaissance In a move that echoes a nuclear renaissance, TerraPower, the brainchild of tech titan Bill Gates, and the Texas-based Uranium Energy Corp (UEC) have inked a memorandum of understanding (MOU) to rewrite the tale of domestic uranium fuel supply chains.

Haleu, the lifeblood of nextgen reactor designs, sits at the core of this revolution.

Vital for 90% of advanced reactor designs earmarked for funding under the US Department of Energy’s program, it serves as the linchpin in a thriving nuclear future.

fuel is right here in Wyoming,

Their joint venture aims to resurrect these chains, igniting potential avenues for supplying uranium to TerraPower’s groundbreaking Natrium reactor and energy storage system, setting the stage for a radical energy paradigm.

“SMRs and advanced reactors represent the pinnacle of nuclear innovation in the US, demanding a secure, homegrown fuel supply chain,” emphasized the companies. “Starting with uranium, UEC’s Wyoming resources emerge as a beacon, offering a rock-solid source for American Haleu and aligning seamlessly with TerraPower’s Natrium aspirations.”

a mighty 500-MW, catering

TerraPower’s strategic acquisition of land at the Kemmerer site, previously home to a retiring coal facility, lays the groundwork for the inaugural Natrium SMR deployment, signaling a radical shift away from outdated energy models.

toward a self-sufficient

The Natrium demonstration project, a stellar feat underway in Kemmerer, Wyoming, is no small feat. This commercialscale plant, set to commence operations within a decade, promises not just energy, but a seismic shift in how we harness it.

Investments by TerraPower and UEC in the nuclear fuel cycle and clean energy projects are slated to provide a direct boost to the US economy, transforming visions of advanced reactors and their high assay low enriched uranium (Haleu) requirements into tangible realities.

Governor Mark Gordon of Wyoming weighed in, advocating for self-reliance: “Why rely on Russian uranium and their tech wizardry, when the mother lode of domestic

ready to power the United States?”

At the heart of the Natrium technology lies a 345-MW sodium-cooled fast reactor, complemented by a molten salt-based energy storage system capable of surging to to peak demands. TerraPower touts this as the perfect match for energy grids teeming with renewable resources.

UEC’s Wyoming production isn’t a modest affair, boasting a portfolio of over 20 uranium projects that collectively house the largest compliant resource base in the US, signaling a seismic shift nuclear energy future.

This collaboration between TerraPower and UEC isn’t merely a step; it’s a giant leap toward a cleaner, more sustainable energy landscape—a realm where innovation, reliability, and national security converge, scripting a saga of nuclear prowess and energy autonomy.

EDF Ignites Global Partnerships In a whirlwind of collaborative fervor, France’s EDF, the stalwart in nuclear energy, has set the stage ablaze with a medley of agreements that transcend borders. Signed on the grand opening day of the World Nuclear Exhibition 2023 in the heart of Paris, these agreements paint a vibrant canvas of ambition and innovation, heralding a new era in nuclear energy.

EDF, known for its prowess in large-scale EPR reactor technology, and its subsidiary Nuward, the trailblazer in Small Modular Reactors (SMRs), have inked several deals aimed at catapulting their projects onto the global stage.

power station project. EDF’s binding offer to erect six 1,600MW EPR units at the Jaitapur site in India’s Maharashtra region has sparked a wave of anticipation, with the company ardently championing local industrial participation in this colossal venture.

technology in Ontario and beyond.

France and India, in a joint declaration, expressed elation at the progress surrounding the Jaitapur project, welcoming EDF’s proposal for training India’s civil nuclear engineers and technicians, marking a landmark moment in bilateral cooperation.

Luc Rémont, EDF’s Chairman and CEO, echoed the company’s resounding ambition, proclaiming, “The signing of these industrial cooperation agreements showcases our fervent pursuit of robust partnerships with local supply chains, not just for EPR projects, but also for Nuward SMRs.”

The Nuward SMR, still in its blueprint phase, promises a futuristic landscape, with its basic design anticipated to blossom into fruition by the end of 2026 or the dawn of 2027.

EDF didn’t halt its orchestration of global partnerships there. In a nod to the Czech Republic’s nuclear aspirations, cooperation agreements were sealed with potential Czech suppliers, laying the groundwork for the bidding process for a new nuclear unit in Dukovany.

Among the enthralling agreements, a significant pact was penned between EDF and India’s Bharat Heavy Electricals Limited (BHEL), a memorandum destined to drive local content for the mammoth Jaitapur nuclear

But that’s not all – the symphony of collaboration extended across the Atlantic as EDF joined hands with Ontario Power Generation (OPG) in Canada, igniting a flame of interest in exploring the deployment of EPR

Not to overlook its homeland, EDF’s vision cascades across France and Europe, envisaging nuclear energy’s proliferation worldwide through enduring partnerships transcending national borders.

This saga of global partnerships isn’t merely about ink on paper; it’s a symphony of ambition and collaboration, a narrative that heralds an electrifying chapter in the history of nuclear energy. As EDF forges ahead, its vision for a nuclear-powered future shines brighter, fueled by the vigor of international alliances and a commitment to pioneering clean energy on a global scale.

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Swedish parliament’s Power Play for a Greener Future In a plot twist that could rival a Nordic saga, Sweden’s parliament has just dropped a bombshell – a daring move to rewrite the country’s energy narrative. Buckle up, nuclear aficionados, as Sweden greenlights a dynamic surge in commercial nuclear power reactors, defying past limits and catapulting into a new era of energy prowess.

The parliament’s thumbs-up signals a radical departure, shelving the old cap of 10 reactors to make way for an electrifying array of more nuclear power stations, with locations that extend beyond the traditional sites. Picture this: Sweden’s energy landscape evolving beyond its six existing nuclear plants at Ringhals, Forsmark, and Oskarshamn….

In a statement echoing the government’s stance, the Riksdag emphasized the pivotal role of fossil-free nuclear power in Sweden’s

energy mosaic. Their reasoning? A combo platter of soaring electricity demand and the urgent imperative to bid farewell to fossil fuels, particularly in the face of climate woes.

Prime Minister Ulf Kristersson’s administration spearheaded this audacious legislation, gunning for not just one, but two brand-new colossal nuclear reactors blazing by 2035.

Hold onto your hats, folks – these laws might just kick in by March 2024, sparking a nuclear renaissance of epic proportions.

But wait, there’s more! Fast forward to 2045, and the Swedish government dreams of parading the equivalent of 10 new reactors, a dazzling lineup that could likely boast the ingenious Small Modular Reactors (SMRs).

Energy Minister Ebba Busch teased this tantalizing prospect just last month.

Busch hinted at a “massive build-out” of fresh nuclear power installations by 2045. It doesn’t stop there – an inquiry looms large, exploring the feasibility of erecting new reactors, fueling the country’s zealous nuclear expansion agenda.

Climate Minister Romina Pourmokhtari, unveiling this inquiry, reiterated their mission to grease the wheels for fresh nuclear power.

Her fervent call echoed by Busch, highlighting a united front among coalition partners to fortify Sweden’s electricity backbone through new nuclear avenues.

an energy squeeze, signals a tectonic shift in public sentiment toward nuclear energy.

Sweden’s parliamentary gambit is nothing short of a saga – a saga that unravels a narrative of nuclear dreams, challenging conventions, and forging a resilient, sustainable energy future. As the nation rides this atomic wave, the horizon gleams with potential, promising a brighter, greener, and electrifyingly nuclear tomorrow.

With nuclear power, supplying a third of Sweden’s electricity in 2021 according to the International Atomic Energy Agency, has emerged from decades-long debates to clinch recent popular support. This newfound fondness, spurred by the Ukraine conflict and 11

Uranium hits 15 year highs: The start of a Market Frenzy??”

The financial world is buzzing as uranium, the fuel behind nuclear power, skyrockets to a 15year high, breaching the $80-per-pound mark and leaving investors and analysts grappling for explanations.

In a market where sudden surges often come with a clear catalyst, uranium’s relentless rally has mystified City experts. A commodity usually relegated to the background has now taken center stage, showcasing an extraordinary ascent from $48 a pound earlier this year.

This unforeseen boom has roots in the evolving global energy landscape. Countries worldwide, from the UK and China to Sweden, are revamping their long-term energy agendas, spotlighting a renewed enthusiasm for nuclear power. While some nations gear up for a spree of new power stations, others focus on extending the life of existing sites, signaling a seismic shift in nuclear policy.

Keith Watson, a uranium-focused portfolio manager at the Geiger Counter Fund, highlights the tectonic shift in attitudes toward nuclear energy, asserting, “We’re witnessing a paradigm shift where pronuclear policies are gaining traction both publicly and within government circles.”

This resurgence marks a dramatic turnaround following a prolonged period where nuclear power fell out of favor post the Fukushima disaster in Japan back in 2011. Watson observes, “After Fukushima, nuclear power fell into obscurity, resulting in substantial underinvestment.”

But here’s the catch: despite the surging demand, uranium supply falls short, depicting what experts describe as a ‘tight’ market.

Ramping up production, from mines to processing plants, isn’t a swift fix and demands substantial time investments.

Robert Crayfourd, co-fund manager at Geiger Counter Fund, underscores the market’s tightness, citing the disruption in Niger, a minor but significant uranium supplier to France, as a tightening factor.

This scarcity has triggered a mad scramble among Western utility giants to secure long-term uranium contracts, amplifying the scarcity in the ‘spot’ market—the open trading platform. This scarcity spike is chiefly responsible for the ballooning spot price.

The UK, eyeing a nuclear-centric energy future, faces the urgency of securing uranium access. The government is poised to bolster nuclear energy, struggling to secure funds for projects like the Sizewell C power station while exploring small modular reactors to fortify the nation’s energy landscape.

Is this uranium rally a fleeting phenomenon? John Meyer, a mining analyst at consultancy SP Angel, paints a picture of sustained upward trajectory.

“We anticipate a continued rise in prices over the next decade or two, unless a viable alternative for large-scale, uninterrupted, lowcarbon baseload power emerges,” predicts Meyer, highlighting the enduring demand for uranium in the global energy shift.

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Popular culture continues to shift In this video, Patrick Bet-David dives into the world of nuclear energy, shedding light on why it stands as a superior choice when compared to various other forms of energy.

As he debunks concerns surrounding nuclear safety, waste management, and environmental impact, Bet-David uncovers the unique advantages that set nuclear energy apart from traditional sources such as fossil fuels, solar, wind, and hydroelectric power.

5.1m youtube subscribers

Just like how popular culture has embraced and spotlighted nuclear energy in recent times, this video delves into the subject matter, providing valuable insights.

Poland Advances Towards a Nuclear Future: OSGE Granted Approval for 24 Small Modular Reactors In a decisive leap towards embracing nuclear power, Poland’s energy landscape is set to undergo a significant transformation. Orlen Sythnos Green Energy (OSGE) has received a groundbreaking decision-in-principle to construct up to 24 small modular reactors distributed across six potential sites in the country. This landmark decision signifies Poland’s resolute commitment to nuclear energy as a fundamental element in fulfilling its energy needs and achieving ambitious climate objectives.

Senior executives from OSGE unveiled this pivotal announcement during a session at the Net Zero Nuclear Summit, coinciding with the ongoing Cop28 climate conference in Dubai. The approval granted to OSGE marks a significant milestone in Poland’s strategic shift towards adopting nuclear power as a cornerstone of its energy strategy.

The authorization granted to OSGE heralds an era of innovation and progress, signifying Poland’s readiness to adopt advanced nuclear technologies. This strategic development holds immense promise, not only in meeting the country’s escalating energy demands but also in establishing Poland as a trailblazer in the pursuit of clean and sustainable energy solutions.

The approval for these reactors at multiple sites across Poland underscores the nation’s commitment to diversifying its energy portfolio and underscores the pivotal role that nuclear energy is set to play in shaping Poland’s energy landscape for generations to come.

OSGE, a collaborative venture between the prominent Polish multinational oil refiner and petrol retailer Orlen and Synthos Green Energy, a vital segment of Poland’s largest chemicals industrial group, submitted their application to the climate and environment ministry earlier this year, underscoring their commitment to pioneering sustainable energy solutions.

This move represents a crucial step forward in Poland’s journey towards leveraging small modular reactors to address its energy requirements while aligning with its environmental objectives. The decision to embrace nuclear power in such a comprehensive manner reflects Poland’s visionary approach to secure a sustainable and low-carbon future for the nation.

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Nuclear Strategy Summit Nuclear Strategy Summit Enhancing the Nuclear Economy Bridgewater Hall, Manchester UK. 8th May 2024 At Nuclear Strategy, we wholeheartedly acknowledge the pivotal role that nuclear technology occupies in confronting global dilemmas such as climate change, energy security, and industrial progress. Through this event, our aim is to cultivate collaboration, ignite innovative thinking, and shape the trajectory of the nuclear industry.

With an electrifying program that encompasses an extensive array of subjects, we cordially invite you to delve into the most recent breakthroughs in cutting-edge reactor designs, pioneering fuel technologies, and emerging patterns in fusion research.

Acquire profound insights into policy structures, regulatory deliberations, and funding models that bolster the advancement of sophisticated nuclear technology.

• Policy and Guidelines for Advanced Nuclear Innovation • Economic Aspects and Capital in Advanced Nuclear Solutions • Establishing a Robust Advanced Nuclear Technology Supply Network • Ensuring Safety, Confidence, and Public Trust in Advanced Nuclear Innovations • Emerging Technological Breakthroughs in Nuclear Energy Advancements • Exploring Diverse Applications of Nuclear Technology Beyond Power Generation • Progressing Towards Sustainability: Implementing Advanced Nuclear Power • Advanced Nuclear Energy’s Role in Navigating the Energy Transition • Fostering diversity and addressing the skills gap

To join us or for speaking and exhibiting opportunities please click to register here or alternatively email hello@nuclearstratergy.earth

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