First US Small Nuke Project Canceled After Costs Surge 53%
- NuScale project was expected to use six small reactors
- Decision is setback for supporters of advanced nuclear energy
Artist rendition of a NuScale Power nuclear power plant.
Source: US Department of EnergyThis article is for subscribers only.
NuScale Power Corp., the first company with US approval for a small nuclear reactor design, is canceling plans to build a power plant for a Utah provider as costs surge. The move is a major setback to the burgeoning technology that has been heralded as the next era for atomic energy.
The company and Utah Associated Municipal Power Systems agreed to cancel the Carbon Free Power Project, according to a statement Wednesday. NuScale shares slumped as much as 42%, the biggest intraday decline since the Portland, Oregon-based firm went public through a 2022 merger with a blank-check company.