Unfazed by the termination of NuScale Power’s multimillion-dollar wasteful Utah small nuclear reactor, or SMR, project in early November, Duke Energy is pushing ahead with a plan to waste potentially even more pursuing the nonexistent technology in North Carolina.
Duke is in discussions with NuScale about a SMR project similar to the latter’s failed project with the Department of Energy and the Utah Associated Municipal Power Systems. That effort squandered roughly $600 million in taxpayer money before being abruptly scrapped, with nothing to show except unfulfilled promises.
Despite this outcome, Duke Energy remains undeterred and has committed to moving forward with a similar SMR initiative, potentially in collaboration with NuScale.
Duke claims it will begin building its first SMR as early as 2030 and get it operating by the end of 2034 – an economically risky and dangerous adventure that will undoubtedly result in substantial cost overruns and potentially higher electricity bills for the state’s residents.
“Our net-zero carbon reduction goals are made possible by extending the life of our existing nuclear fleet and adding next-generation nuclear technologies starting in the mid-2030s,” said Duke Energy in a statement to North Carolina public radio WUNC.
It’s an ill-conceived decision, given the recent, real-world misadventure in Utah that resulted in huge financial losses for NuScale and taxpayers.
Duke Energy’s foray into SMRs will almost certainly suffer the same fate as the NuScale debacle.
The company’s rosy prediction of SMRs in operation by 2034 is a pipe dream. The only thing it will produce is more profits from its captive customers in the state and one more failed project to add to Duke’s long and costly list of infrastructure mishaps the company was forced to abandon.
And it will fall to North Carolina ratepayers to shoulder the financial burden, with increased bills to pay for what could be the utility’s most costly misadventure yet – if it’s serious about deploying more nuclear units.
In its carbon plan, which was approved by the North Carolina Utilities Commission late last year, regulators allowed Duke to incur up to $75 million in project development costs for SMRs and advanced nuclear technology. In its updated carbon plan proposal, filed earlier this year, Duke estimates it will spend nearly that much through 2024. Duke expects its nuclear expenditures through 2026 to amount to $365 million.
Duke’s North Carolina ratepayers should hold on to their wallets. Nuclear power is nothing more than a money pit, and this is nothing more than a Duke money grab. Duke won’t have to build a single nuclear reactor to pad the profits it earns on the backs of ratepayers.
A tally by EWG of Duke’s botched and aborted projects since 2013 found the company has wasted more than $11 billion, including billions on three failed nuclear plants. The utility sought and received approval from regulators to pass along the costs of those financial disasters to ratepayers by hiking their monthly bills.
