US President Joe Biden has signed into law the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act, aimed at reducing licensing times and cutting processing fees to support the development of advanced nuclear reactors, S&P Global reported on July 11.

The US Senate passed Senate Bill 870 in an 88-2 vote on June 18, with the House passing a companion bill with similar bipartisan support. On July 9, Biden praised the legislation as a "win for American energy security, innovation and achieving economywide, net-zero emissions by 2050," noting that the new law would help deliver clean power and create union jobs.

"The urgency of the climate crisis demands a swift transition to cleaner energy sources, and fortunately the ADVANCE Act helps us to do just that," said Sen. Tom Carper (D-Del.), chairman of the Senate Environment and Public Works (EPW) Committee.

Sen. Shelley Moore Capito (R-W.Va.), ranking member of the EPW, echoed Carper's sentiments, stating: "With the ADVANCE Act being signed into law, we secured a landmark win for the future of nuclear energy here in America. This is the result of years of work to build widespread consensus about the benefits of advanced nuclear reactors to our electric grid, economy and environment."

Nuclear power currently provides about 20% of US electricity, but new nuclear reactor development has lagged behind other countries, such as China. Recently, Georgia Power Co., a subsidiary of Southern Co., completed a two-unit expansion at its 4,530-MW Alvin W. Vogtle Nuclear Plant in Georgia, marking the first new nuclear reactors in the US in decades.

While the Vogtle project faced significant cost overruns, estimated to be more than double the initial $14bn projection, it has rekindled interest in nuclear energy. Southern President, CEO and chair Chris Womack said the US would need 10 GW of new large-scale nuclear capacity moving forward, although financial challenges remain.

Advanced small modular reactors (SMRs) are seen as a promising solution, providing a potentially affordable source of 24/7 carbon-free electricity. However, US nuclear developers have struggled with financing due to uncertainties over permitting times and cost overruns.

The ADVANCE Act aims to address these issues by directing the US Nuclear Regulatory Commission (NRC) to reduce licensing fees for advanced reactor technologies and providing the NRC with additional funding to hire qualified staff. The law also authorizes the Commerce and Energy departments to facilitate public-private financing relationships to support the export of civil nuclear technologies.

Additionally, the ADVANCE Act establishes a prize incentive equal to NRC licensing fees for the first advanced reactor permit issued to a non-federal entity or the Tennessee Valley Authority (TVA). The TVA plans to develop four 300-MW SMR units at its Clinch River Nuclear site in Tennessee, partnering with GE-Hitachi Nuclear Energy Inc. and Ontario Power Generation Inc. to develop the BWRX-300 reactor design.

"The law better equips the Nuclear Regulatory Commission to license new reactor designs by giving the agency more resources to hire and retain the strong scientific and engineering talent needed to vigorously carry out its mission," National Climate Adviser Ali Zaidi said reports S&P Global. The law also empowers the NRC to "better advocate for American nuclear energy in international venues."

The ADVANCE Act also directs the NRC to support the development of new nuclear projects at brownfield sites, such as former coal-fired power facilities. TerraPower, a startup backed by Microsoft founder Bill Gates, began construction in June on its Natrium demonstration plant at PacifiCorp's coal-fired Naughton power plant in Wyoming. TerraPower is developing a 345-MW sodium-cooled fast reactor with a molten salt-based energy storage system.

Despite these advancements, challenges remain. A joint project between NuScale Power Corp. and Utah Associated Municipal Power Systems to build the country's first SMR power plant was scrapped in November 2023 due to a lack of buyers. NuScale's VOYGR SMR design, however, became the first to be certified by the NRC in January 2023.