Small modular nuclear reactors

Too late, too expensive, too risky and too uncertain

Small modular reactors (SMRs) are the nuclear industry’s attempt to take advantage of the energy transition by providing less-expensive power sources that can be built faster than traditional nuclear reactors. The SMR concept involves building individual reactor components at a central site, then shipping them to different locations for final assembly.

Early results are not promising. Although four dozen companies have designed SMRs, only one design pushed by Oregon-based NuScale has been certified by the Nuclear Regulatory Commission. However, in November 2023, it was announced that this project would be cancelled due to cost overruns and delays.

There are three SMRs currently operating worldwide — two in Russia and one in China. There’s a fourth under construction in Argentina. But what all of these projects have in common is that their costs have been significantly higher than originally forecast.

SMRs are simply too expensive and too time intensive to play a significant role in transitioning from fossil fuels in the next 15 years, especially when affordable and deployable renewables are already here.