Rolls-Royce Expects UK Approval For Small Nuclear Reactors By Mid-2024

Rolls-Royce is to start building parts for its small modular nuclear reactors in anticipation of receiving regulatory approval from the British government by 2024, one of its directors has said. The Guardian reports: Paul Stein, the chairman of Rolls-Royce SMR, a subsidiary of the FTSE 100 engineering company, said he hoped to be providing power to the UK’s national grid by 2029. Speaking to Reuters in an interview conducted virtually, Stein said the regulatory “process has been kicked off, and will likely be complete in the middle of 2024. We are trying to work with the UK government, and others to get going now placing orders, so we can get power on grid by 2029.”

Small modular reactors (SMRs) are seen by their proponents as a way to build nuclear power plants in factories, a method that could be cheaper and quicker than traditional designs. The technology, based on the reactors used in nuclear submarines, is seen by Rolls-Royce as a potential earner far beyond any previous business such as jet engines or diesel motors. The government under Boris Johnson put nuclear power at the centre of its energy strategy announced earlier this month, in response to climate concerns and a desire to ditch Russian gas. SMRs are expected to play an important role in an expansion of nuclear to supply a quarter of the UK’s energy needs. Lower costs would be crucial in justifying the nuclear push, given that onshore wind is seen as much cheaper and quicker to install.

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US President Invokes Emergency Authority Prioritizing Pursuit of EV Battery Minerals

U.S. president Joe Biden “will invoke the Defense Production Act to encourage domestic production of minerals required to make batteries for electric vehicles and long-term energy storage,” reports CNBC.

“It will also help the U.S. minimize dependence on foreign supply chains.”
The president’s order could help companies receive government funding for feasibility studies on projects that extract materials, including lithium, nickel, cobalt, graphite and manganese, for EV production.

The Defense Production Act, established by President Harry Truman during the Cold War, allows the president to use emergency authority to prioritize the development of specific materials for national production…. The administration also said it’s reviewing further uses of the law to “secure safer, cleaner, and more resilient energy for America.”

The transportation sector is one of the largest contributors to U.S. greenhouse gas emissions, representing about one-third of emissions every year. The transition away from gas vehicles to EVs is considered critical to combating human-caused climate change….

The administration in February unveiled a plan to allocate $5 billion to states to fund EV chargers over five years as part of the bipartisan infrastructure package.

The White House said in a statement the move would reduce America’s reliance on China and other countries “for the minerals and materials that will power our clean energy future.”

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Turmoil at Metals Exchange Trading Nickel Used in Lithium-Ion Batteries and EVs

Early last month on the London Metals Exchange, a Chinese metals producer named Tsingshan Holding Group “wagered a massive bet that the price of nickel would fall,” reports CNN Business. At the peak Tsingshan’s position “was equivalent to about an eighth of all of the outstanding contracts in the market.”

But between Friday, March 4 and Tuesday March 8, the metal soared in value from about $29,000 to $100,000 per ton. “If prices had stood at $100,000 the company would have owed the London Metals Exchange $15 billion, according to the Wall Street Journal.”
The spike generated margin calls higher than the London Metals Exchange [the LME] had ever seen — and if paid, they would force multiple defaults that would ripple through the exchange and destabilize the global market. Exchange executives scrambled to respond, ultimately throwing a lifeline to the brokers representing Tsingshan and other producers. In an unprecedented move, they halted trading and retroactively canceled all 9,000 trades that occurred on Tuesday, worth about $4 billion in total. The market would remain dark for a week, unleashing a tidal wave of chaos and a mob of angry investors onto the exchange. In its wake, threats of lawsuits abound and trust has eroded. [The day it re-opened, CNN also reported the exchange “had to suspend the electronic trading of nickel shortly after it resumed due to a technical problem.”]

Now, the 145 year-old British giant is teetering on a nickel. Over the past century-and-a-half the LME, known for its ring of red couches and barking brokers, has successfully trudged its way through world wars, meltdowns and defaults. But nickel, the metal used in stainless steel and the lithium-ion battery cells in most electric vehicles, might be what finally brings the world’s largest market for base metals contracts to its knees.”The world’s pricing mechanism for nickel is failing,” said Daniel Ghali, the director of commodities strategy at TD Securities. “The question is, will it continue to fail?” Others weren’t as diplomatic. “The LME is now very likely going to die a slow self-inflicted death through the loss of confidence in it and its products,” tweeted Mark Thompson, executive vice-chairman at Tungsten West, a mining development company….

Until 2012, the LME was owned by its members, the same people who traded on the exchange — but then it was sold to Hong Kong Exchanges and Clearing (HKEX) for $2.2 billion….

The LME’s lack of transparency allows two or three big names to throw around vast sums of money and “hijack” a relatively illiquid market, said Adrian Gardner, principal analyst of nickel markets at Wood Mackenzie…. Sitting on the other side of the short were hedge funds, who had bet that nickel supply would decrease because of Russia’s invasion of Ukraine (Russia provides about 20% of all top-grade nickel). When the LME decided to retroactively cancel those $4 billion in gains on March 8, it was hedge funds who lost giant sums of money. Global investment management firm AQR, which has $124 billion in assets under management, was among those that lost money when trades were canceled. “The winners were commodity producers and their banks, and the losers are the various clients that AQR and other large asset managers represent: firefighters, municipal workers, and university endowments,” said Jordan Brooks, principal at AQR Capital Management. AQR is considering legal action against the exchange. Investors, said Brooks, “acted in good faith and provided liquidity, but the LME just decided to shift their trading gains to commodities producers and their banks….”

Volume in trading has yet to recover, raising questions about the LME’s ability to accurately benchmark the price of the metal. Fewer than 210 contracts were traded in the first hour after the market opened on Tuesday. That’s down about 60% from the 90-day average before the trading halt. Other metals on the LME, like copper and aluminum, have also seen a decrease in trade volume….

The Chicago Mercantile Exchange doesn’t currently trade nickel, but perhaps it soon will. “[The LME] did something that was egregious and a betrayal of trust,” said Brooks. “I’d be shocked if the strategic plans of other exchanges haven’t changed in the past three weeks.”

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Ukraine Warns Chernobyl Nuclear Plant Is Without Power

On February 24, Russian forces seized control of the Chernobyl nuclear plant and took its staff hostage, causing radiation levels to increase about 20-fold from all the heavy military vehicles stirring contaminated soil in the exclusion zone surrounding the plant. Today, the Ukrainian government warned that the abandoned nuclear power plant, including other nuclear facilities nearby, no longer have electricity after a power line was damaged. Axios reports: A loss of power at the plant could disrupt the cooling of radioactive material stored there, risking radioactive leakage that can be carried by wind to other parts of Europe. […] “About 20,000 spent fuel assemblies are stored in the spent nuclear fuel storage facility-1. They need constant cooling, which is possible only if there is electricity. If it is not there, the pumps will not cool. As a result, the temperature in the holding pools will increase,” the Ukrainian government said. “After that evaporation will occur, that will lead to nuclear discharge. The wind can transfer the radioactive cloud to other regions of Ukraine, Belarus, Russia and Europe. In addition, there is no ventilation inside the facility,” it added.

The International Atomic Energy Agency said Wednesday that Ukraine had informed it of the power outage and called it a violation of a “key safety pillar” but saw “no critical impact on safety” in this case. The agency’s director general said Tuesday that it was no longer receiving data monitoring systems installed at the plant and other facilities and that the handling of nuclear material in the Chernobyl Exclusion Zone had been put on hold.
“I’m deeply concerned about the difficult and stressful situation facing staff at the Chernobyl nuclear power plant and the potential risks this entails for nuclear safety. I call on the forces in effective control of the site to urgently facilitate the safe rotation of personnel there,” IAEA director general Rafael Mariano Grossi said Tuesday.

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Will Changing Opinions Boost America’s Nuclear Power Industry?

“The future of the nuclear power industry is being pushed on both by climate change and security fears stoked by Russia invading Ukraine and targeting the Zaporizhzhia nuclear power plant,” reports CNBC, with the world’s nations “coming to realize they can’t meet their climate goals with renewables, like wind and solar, alone.” Kenneth Luongo, founder of the security/energy nonprofit Partnership for Global Security, even tells CNBC there was a “sea change” in sentiment toward nuclear power at the 2021 United Nations Climate Change Conference.

There are about 440 nuclear power reactors operating in more than 30 countries that supply about 10% of the world’s electricity, according to the World Nuclear Association. Currently, 55 new reactors are being constructed in 19 countries, and 19 of those are in China. The U.S. only has two underway…. Currently, three new nuclear reactors are being built in Russia. But Russia is also the world’s top nuclear technology exporter….

As Russia and China have risen to prominence, the United States has lost “the muscle memory” to build conventional nuclear reactors, Luongo said. Nuclear power got a poor reputation in the United States after the nuclear accident at Three Mile Island in 1979 in Pennsylvania, and more globally after the accidents at Chornobyl in the Ukrainian Soviet Union in 1986 and Fukushima in Japan in 2011. But the tide is starting to turn. The Biden administration’s solution was included in the Bipartisan Infrastructure Law, which was signed into law November, and was effectively a big subsidy. The law includes a $6 billion program intended to preserve the existing U.S. fleet of nuclear power reactors…. At the same time, the Russia-Ukraine war gives the United States leverage to pry open more of a footprint in the global market. While the war is tragic, “it’s going to result in more opportunity for U.S. nuclear firms as Russia really disqualifies itself,” said John Kotek of the Nuclear Energy Institute [a U.S. nuclear industry trade association]. Russia’s dangerous attack at Zaporizhzhia nuclear power plant in Ukraine and China’s decision to not vote in favor of the IAEA’s resolution to prevent the kind of attack “will blowback on both countries’ nuclear export reputation,” Luongo told CNBC….

Nuclear plants are expensive to build and have, in many places, become more expensive than other baseload energy alternatives like natural gas. However, the U.S. is pushing hard into what could become the next generation of nuclear. “The United States has made a decision that they don’t want to allow Russia and China to dominate that next phase of the nuclear market. And so the U.S. is pouring billions of dollars — shockingly — billions of dollars into the development of what are called small modular reactors,” Luongo said. Specifically, the government is using the Idaho National Lab as a testing ground for these reactors.
Without specifically mentioning nuclear energy, former Gawker editor Alex Pareene recently argued a program of “mass electrification and renewable energy” could diminish the power of “oligarchic petrostates.”

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After Blackouts, Texas Became a Top State for New Solar Installations as Thousands Install Microgrids

“Thousands of Texans who have turned to solar power and battery storage, creating so-called microgrids, as a solution to blackouts,” reports the Houston Chronicle.

“With a venture creating the same little power plants for apartment buildings, Texas has become a national leader in residential solar power installations.”

From 2019 to 2020, small-scale solar capacity in Texas grew by 63 percent, to 1,093 megawatts from 670 megawatts, according to the Energy Information Administration. In the first three quarters of 2021, another 250 megawatts of residential solar were installed in the state, according to the Solar Energy Industries Association. In last year’s third quarter alone, Texas ranked second behind California in the amount of power from new installations during the period, the industry’s Washington, D.C. trade group said.

Surging demand for residential solar power in Texas after the February 2021 freeze put pressure on installers to keep up, said Abigail Hopper, president and CEO of the association. The race to buy new rooftop panels has slowed some, she said, but Texas remains among the top three states for new installations. And the shrinking price of solar cells will help support its growing popularity, Hopper said.

“I think as more and more Americans really struggle with the impact of severe weather — everything from fires, the cold, hurricanes, droughts — and see the impacts on power and power outages, you’re going to continue to see folks looking for resiliency,” Hopper said.

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Construction Begins On New York’s First Offshore Wind Farm

New York State broke ground on Friday on its first offshore wind farm, kicking off a boom in similar projects aimed at transforming the state’s — and the nation’s — energy mix. The Verge reports: The South Fork Wind project off the coast of Long Island is expected to be operational by the end of 2023. New York has the largest pipeline of offshore wind projects underway of any state in the nation, with five in active development. South Fork Wind is being billed as one of the first-ever commercial-scale offshore wind farms in North America. Once completed, it should be able to generate 130 megawatts (MW) of power — enough to power 70,000 homes in nearby East Hampton.

That alone amounts to a major scaling up of offshore wind capacity in the US. The nation so far only has two operational wind farms along its coasts — off the shores of Rhode Island and Virginia — with a combined capacity of just 42 MW. That’s set to change dramatically over the next few years. Orsted and Eversource, the energy companies developing South Fork, have an even bigger project in the works nearby: Sunrise Wind, a 924-MW wind farm that’s expected to break ground next year. Altogether, all the offshore projects under development in New York state’s current portfolio total over 4,300 MW of clean energy. By 2035, the state hopes to harness more than twice as much renewable energy from offshore wind.

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Germany To Dedicate 2% Of Its Land To Wind Power Development

The new German government is proposing a bold new initiative to dramatically increase onshore wind power in the country by 2030. “If successful, the plan would add up to 10 gigawatts of new onshore wind capacity every year for the rest of the decade,” reports CleanTechnica. “In total, 2% of Germany’s land area will be set aside for wind energy generation. [T]he German government also plans to increase its offshore wind target to 30 GW by 2030.” From the report: During a press conference, [the nation’s new Green Minister for Economics and Climate, Robert Habeck] made it clear that wind energy, particularly onshore wind, will remain the most important source of electricity in Germany and is the key to further emission reductions, according to WindEurope. “The Energiewende is roaring again. Germany wants a huge expansion of onshore wind. And the Government fully understands that that requires faster permitting of new wind farms — and they intend to deliver this ASAP with a dedicated new ‘Onshore Wind Law.’ Today’s announcements mark the comeback of German leadership on renewables — fantastisch!” says WindEurope CEO Giles Dickson.

Habeck intends to remove restraints on onshore wind development caused by concerns about radar installations for civilian and military aviation. He estimates the government plan could free up 4 to 5 GW of new wind projects currently blocked by aviation radar, and an additional 4 GW currently blocked by the military. Support for renewable energies will be paid from the state budget, reducing the burden on low income households and small businesses. The package is also said to define the energy transition as a ‘matter of public interest’ in order to prioritize wind energy projects over other forms of land use — an important precondition to streamlining the permit process and finding new sites for wind energy projects.

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