A Public Service Enterprise Group (NYSE:PEG) subsidiary has “deepened” its commitment to the development of Holtec International’s technology for a commercial 160-MW small modular reactor.
In a joint announcement, Holtec and PSEG Power said the power company has been granted an option to acquire an ownership interest in the technology, which paves the way for PSEG Power to be responsible for the training and operations of the SMR-160 when the new reactor units are built.
“When the market for SMRs fully develops, I am pleased that PSEG will have a seat at the table,” said PSEG Power President William Levis.
“We’ve known that our design is compelling from the standpoints of safety and cost,” said Holtec President and CEO Kris Singh. “Now we have the confidence that our SMR-160s will be operated with the same level of excellence that PSEG has exhibited in running its existing fleet of nuclear plants.”
On June 30, Holtec International applied for the second round of the Department of Energy (DOE) funding for small reactor development. Babcock & Wilcox (NYSE:BWC) won the first round of funding for a plan to develop SMR units at a Tennessee Valley Authority (TVA) site.
NuScale, General Atomics and Westinghouse Electric are among the companies vying for DOE small reactor funding.
PSEG Power is an experienced nuclear operator with the three-unit Salem/Hope Creek site in southern New Jersey consistently performing in the top tier of U.S. nuclear plants, Holtec said. PSEG has also been pursuing an early site permit (ESP) since 2008 to build additional nuclear generation capacity at the Salem/Hope Creek site.
The Holtec SMR-160 is a pressurized water reactor designed by Holtec’s subsidiary SMR, LLC which employs gravity to cool the core under all operating and accident modes. It is a light water reactor with the reactor, steam generator, and spent fuel pool located inside the containment. The reactor core is located below grade, Holtec said.
Holtec International uses domestic manufacturing facilities to supply nuclear equipment and services to nuclear units in the United States and internationally.