NUS Consulting Group
Energy Blog / Industry Insights
Posted: Dec. 11th 2024

Nuclear Power in the United States

An overview and summary of nuclear power production in the United States as of December 2024.


There are currently 54 nuclear power plants and 93 operating reactors within the United States, and 22 reactors are in the process of being decommissioned. The words nuclear power still hold a negative connotation with most citizens. If you were to inform the average people that a nuclear power plant would open in their community, they would most likely only oppose the idea. While society generally holds negative feelings from prior experiences, there are still many that are looking to nuclear generation to satisfy the countryโ€™s future energy needs.

In the United States and most of the world, electricity demand is growing due to new and expanding data centres, AI innovations, and EV transition. The U.S. Energy Information Administration (โ€œEIAโ€) predicts that global energy demand will increase by 50-75 percent in the next 30 years. As a result, utilities and other energy players are looking to start or improve current nuclear technologies, including restarting shutdown plants.

Current Nuclear Power in the US as of December 2024

Vogtle 3 & 4, Georgia

Georgia made news when two new reactors, Vogtle 3 & 4, came online, back to back in 2023 and 2024. Almost 15 years in the making, the four reactors at the site now make up the largest plant in the United States, with a capacity of 4,536 MW. The reactors were commissioned by Southern Power Company and are owned in part by multiple utilities in Georgia.

Future Projects - Restarting Decommissioned Plants

Duane Arnold Energy Center, Iowa and Three Mile Island

Energy suppliers such as NextEra Energy and Constellation New Energy are also looking to bring back online both the Duane Arnold Energy Center in Iowa and Three Mile Island in Pennsylvania, two plants that have been shut down and decommissioned.

The Duane Arnold Center, owned by NextEra, shut down in 2020 due to a shortened Power Purchase Agreement (PPA) agreement with Alliant Energy, but NextEra is researching the possibility of restarting the plant, barring risks associated with the task. Additionally, Constellation signed a PPA with Microsoft to purchase power from the now-defunct Three Mile Island plant. The infamous facility suffered a partial meltdown in 1979 due to the overheating of one of its reactors. The other reactor remained undamaged and in use until 2019.

Palisades Power Plant, Michigan

The earliest of these planned projects, however, is the Palisades Power Plant in Michigan. The 800 MW plant was decommissioned in 2022, but Holtec International initiated a transfer request of the plant in 2020. The private company fully acquired the facility in 2022 and aims to bring it back to life by the end of 2025, holding approval from the Nuclear Regulatory Commission. Support for this endeavour is being provided by the State of Michigan with $300 million in grants and by the Department of Energy, which is providing up to $1.5 billion in loans. Wolverine Power Cooperative is set to receive over $650 million to acquire approximately 435 MW of wholesale energy from Palisades for its members.

Meanwhile, Hoosier Energy will receive more than $675 million to help cover the costs of purchasing about 370 MW from Palisades to serve its members in Illinois and Indiana.

Terrapower and Dept. of Energy in Wyoming

Currently, the only new planned commercial facility is a 345 MW advanced nuclear reactor project in Wyoming. This public-private partnership with private firm Terrapower and the Department of Energy aims to build a safer and lower-cost nuclear reactor known as a Natrium reactor.

Natrium Reactors

A typical nuclear reactor uses water to cool off the reactor, while a Natrium reactor uses liquid sodium to cool off the reactor due to its higher boiling point, making it safer. The reactor also uses a different uranium fuel known as HALEU, which reduces the waste produced from the reactor as compared to traditional reactors. The projected operation date is 2030, and it will supply power to PacifiCorpโ€™s grid.

Nuclear Power Outlook in the US

All of these projects could signify a further push into nuclear energy by both utilities and private entities. What this means for utility customers, both residential and commercial/industrial, could be a step in the direction of reducing carbon emissions. In 2023, 18.2% of the total share of energy generated in the United States was produced by nuclear. After wind, nuclear is the second lowest producer of lifecycle carbon emissions at 13 tons per GWh and maintains the highest capacity factor of other energy sources, with an annual average of 93%.

Nuclear Power Costs

Cost-wise, new facilities, depending on various factors such as size, regulations and technology, could signify a substantial increase in electric utility costs in order to recover the costs of the plants. Using existing plants can also be costly but at a much lower level than building a new facility from scratch.

Nuclear power plants are expensive to build but relatively cheap to run since their capital cost accounts for at least 60% of their levelized cost of electricity. For nuclear, the current U.S.-based cost ranges are estimated to be between $142-222/MWh for new generation, while the marginal cost for existing generation ranges between $31-33/MWh, according to a 2024 study by Lazard. Newer technologies, however, can also lower costs significantly, even for new projects.

While the cost of nuclear can be mostly quantified as new versus existing infrastructure, other tradeoffs also have to be considered. Wind and solar cost significantly less, but they only generate electricity when the sun is out or wind is present, unless storage is directly involved. Nuclear provides power 24/7 baseload power. Of course, there is also the added risk of a plant malfunction that, in the worst case, could wreak havoc on the environment and affect both human and animal life. Another issue is the storage of spent fuel.

Conclusion

The evolving landscape of nuclear energy in the United States highlights both the challenges and opportunities that lie ahead. As energy demand continues to rise, driven by technological advancements and an urgent need for sustainable solutions, perhaps nuclear power emerges as a critical component of the energy mix.

As utilities and private entities invest in advanced nuclear technologies, the balance between cost, safety, and environmental impact will be crucial. Ultimately, the future of nuclear power could redefine Americaโ€™s energy landscape, making it an ally in the quest for a cleaner, more reliable energy future. Engaging with communities and addressing safety concerns will be pivotal in overcoming scepticism and fostering a more favourable environment for nuclear energy development.


Claudia Umana

Written by Claudia Umana

Energy Data Analyst