However, decades have passed since nuclear power was considered the preferred option for new electricity generation. The industry has stalled. Cost overruns, construction delays, inaction on handling nuclear waste, and low natural gas prices continue to be challenges for the industry.
But, there are multiple reasons why the United States must reverse this trend. As the only large source of baseload electricity that also emits zero greenhouse gases, nuclear power must play a large role in decarbonizing our electricity supply. As the global leader in non-proliferation, a strong domestic industry is needed to ensure other countries follow our lead in safety. With a history of price volatility for fossil fuels, nuclear energy serves as a hedge. And rising demand for nuclear power around the world presents huge business opportunities for U.S. companies.
One way forward for nuclear power is to pursue small modular reactors (SMRs). SMRs offer a variety of benefits over conventional large reactors, which may go a long way to addressing the chronic problems facing the industry. Enhanced flexibility, cost advantages and safety features offer up SMRs as a viable path forward