Nov 8 (Reuters) - NuScale Power (SMR.N) said on Wednesday it has agreed with a power group in Utah to terminate the company's small modular reactor project, dealing a blow to U.S. ambitions for a wave of nuclear energy to fight climate change and sending NuScale's shares down 20%.
In 2020, the Department of Energy approved $1.35 billion over 10 years for the plant, known as the Carbon Free Power Project, subject to congressional appropriations.
NuScale's Utah plant was expected to be the first SMR to win a license from the U.S. Nuclear Regulatory Commission for construction.
An Energy Department spokesperson said it was unfortunate news, but added, "We believe the work accomplished to date on CFPP will be valuable for future nuclear energy projects.
So far, only NuScale's SMR design has been approved by the NRC.
Persons:
NuScale, John Hopkins, Critics, Biden, Manas Mishra, Timothy Gardner, Shounak Dasgupta, Krishna Chandra Eluri, Leslie Adler
Organizations:
Department of Energy, Carbon, Power, Utah Associated Municipal Power Systems, SMR, U.S . Nuclear Regulatory Commission, Energy Department, DOE, NRC, Thomson
Locations:
Utah, Romania, Kazakhstan, Poland, Ukraine, NuScale's Utah, U.S, Bengaluru, Washington