Nuclear Momentum: Advancing Our Clean Energy Future
Takeaways from 2024 American Nuclear Society Annual Utility Working Conference
Members of Baird’s Nuclear Services team recently attended the American Nuclear Society’s (“ANS”) Utility Working Conference and Vendor Technology Expo in Marco Island, Florida. The conference featured decision-makers from the world’s top nuclear services companies, major power utilities, industry thought-leaders and governmental policy makers to discuss the latest nuclear trends.
Once again in tandem with the conference, Baird was thrilled to host clients, representing over 20 companies including Paragon Engineering Solutions, Dominion Engineering and GSE Solutions, at our annual reception. We look forward to hosting again next year! Below, we outline takeaways from this conference and exciting opportunities for the nuclear services sector.
Industry Expertise and Proven Results in Power / Utility Services
Demand for Nuclear Energy is Accelerating
Energy demand continues to expand exponentially. The already strained U.S. grid must support massive new power requirements from various sources including data centers, electric vehicles and reshoring-initiated industrial processes. To produce all the projected 2050 power needs, while also meeting the goal of net-zero greenhouse gas emissions, sector experts estimate that the U.S. will require 200 Gigawatts of new nuclear power – 3x as much as we currently produce.
Active, Conventional Nuclear Fleet is Growing
With this increased demand for new nuclear energy, many previously “mothballed” U.S. plants are now actively looking to reopen. A recent candidate to rejoin the ranks of active nuclear power production is the Palisades Nuclear Plant in Covert, Michigan, which ceased operations in May 2022. This reopening would be the first nuclear reactor to restart operations in U.S. history, and if proven successful, Palisades could serve as an example for other currently retired plants, including Three Mile Island Nuclear Generating Station and Duane Arnold Energy Center.
Government Funding Will Boost Nuclear Development
The recently signed Fire Grants and Safety Act (July 2024) is another promising win for the nuclear power industry as the bill included the ADVANCE Act. This act will help develop a modernized approach to licensing new reactor technologies (e.g., SMRs, etc.) and should dramatically increase the pace of building and innovation.
Additionally, to assist in this acceleration, the U.S. Department of Energy Loan Programs Office has $300 billion in loan authority to promote clean energy, facility decarbonization and energy infrastructure reinvestment projects.
Connect with Baird’s Nuclear Services Team
Baird’s Facility, Industrial, Residential & Environmental (FIRE) Services practice covers a vast array of critical non-deferrable services, including Nuclear Services. We welcome the opportunity to discuss how we can assist with your business’s growth and strategic objectives.
