Visualized: The Four Benefits of Small Modular Reactors

Nuclear power has a crucial role to play on the path to net zero. Traditional nuclear plants, however, can be costly, resource-intensive, and take up to 12 years to come online. 

Small modular reactors (SMR) offer a possible solution. 

Created in partnership with the National Public Utilities Council, this infographic explores some of the benefits SMRs can offer their traditional counterparts. Let’s dive in. 

The Four Key Benefits of SMRs, Explained

An SMR is a compact nuclear reactor that is typically less than 300 megawatts electric (MWe) in capacity and manufactured in modular units. 

Here are some of the benefits they offer. 

#1: Lower Costs

SMRs require a lower upfront capital investment due to their compact size.

SMRs can also match the per-unit electricity costs of traditional reactors due to various economic efficiencies related to their modular design, including design simplification, factory fabrication, and potential for regulatory harmonization. 

#2: Quicker Deployment

Traditional nuclear plants can take up to 12 years to become operational. This is primarily due to their site-specific designs and substantial on-site labor involved in construction.

SMRs, on the other hand, are largely manufactured in factories and are location-independent, which minimizes on-site labor and expedites deployment timelines to as little as three years. This means they can be deployed relatively quickly to provide emissions-free electricity to the grid, supporting growing electricity needs. 

 #3: Siting Flexibility and Land Efficiency

SMRs have greater siting flexibility compared to traditional reactors due to their smaller size and modular design. In addition, they can utilize land more effectively than traditional reactors, yielding a higher output of electrical energy per unit of land area.

Given their flexibility, SMRs are also suitable for installation on decommissioned coal power plant sites, which can support the transition to clean electricity while utilizing existing transmission infrastructure.  

 #4: Safety

SMRs have simpler designs, use passive cooling systems, and require lower power and operating pressure, making them inherently safer to operate than traditional reactors.

They also have different refueling needs compared to traditional plants, needing refueling every 3–7 years instead of the 1–2 years typical for large plants. This minimizes the transportation and handling of nuclear fuel, mitigating the risk of accidents. 

The Road Ahead

As of early 2024, only five SMRs are operating worldwide. But with several other projects under construction and nearly 20 more in advanced stages of development, SMRs hold promise for expanding global emission-free electricity capacity.

With that said, certain obstacles remain for the wide-scale adoption of SMRs in the United States, which was particularly apparent in the 2023 cancellation of the NuScale SMR project. 

To fully realize the benefits of SMRs and advance decarbonization efforts, a focus on financial viability, market readiness, and broader utility and public support may be essential.

The $3 Trillion Clean Energy Investment Gap, Visualized

Global investment in the clean energy transition grew by 17% in 2023, showing resilience despite geopolitical tensions, high interest rates, and inflation. 

But was it enough to keep the world on track to hit net zero by 2050? 

To answer this question, we compare 2023 clean energy investment by sector with what’s annually needed to reach net zero by 2050, in partnership with the National Public Utilities Council. 

The Investment Gap, By Sector 

According to BloombergNEF data, annual global investment in the energy transition is at an all-time high. Despite this, only the electrified heat and clean industry sectors are meeting the thresholds necessary to hit net zero by 2050.

To stay on track for net zero by 2050, the yearly investments in electrified transport, renewable energy, power grids, and energy storage must more than double their current rates for the rest of the decade. 

Hydrogen, nuclear, and carbon capture and storage (CCS) have an even steeper hill to climb and must grow 6, 9, and 46 fold, respectively. 

The Path Forward

It’s important to note that despite the current annual investment gap of $3T, the clean energy industry continues to exhibit positive trends.

Investment in electrified transport, for instance, surpassed that in renewable energy for the first time in 2023, marking a win for the sector. 

Emerging sectors also experienced robust expansion despite being furthest off-target. Investments in hydrogen tripled to $10B, CCS nearly doubled to $11B, and energy storage witnessed a 76% increase to reach $36B in 2023. 

These encouraging developments underscore the industry’s potential to drive transformative change and pave the way for a more sustainable and resilient energy landscape in the years ahead.