It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
John Zechner, chairman and founder of J. Zechner Associates, joins BNN Bloomberg to discuss the outlook on the markets amid oil worries.
MOSCOW -- Russian President Vladimir Putin said on Monday that the U.S.-Israeli war on Iran had triggered a global energy crisis and cautioned that oil production dependent on transport through the Strait of Hormuz could soon come to a halt.
Putin said that Russia — the world’s second-largest oil exporter and holder of the biggest natural gas reserves — was ready to work again with European customers if they wanted to return to long-term cooperation.
Western powers, however, have spent the past four years sharply reducing their reliance on Russian oil and gas in response to Moscow’s war in Ukraine and subsequent EU and G7 sanctions.
The loss of the European market has deprived Russia of its most lucrative customers and forced it to sell oil and gas at steep discounts to Asia.
Speaking at a televised meeting with government officials and the heads of Russia’s leading oil and gas producers, Putin said that Russia had repeatedly warned that destabilizing the Middle East could lead to an energy crisis with grave implications for the global economy — a turn of events he said had now materialized.
Oil prices exceeded $100 per barrel on Monday to reach peaks unseen since 2022 as the Strait of Hormuz, which accounts for roughly a fifth of global oil and liquefied natural gas flows, has been effectively closed due to the Iran war.
“Oil production dependent on the Strait of Hormuz risks halting completely within the next month. It has already begun to decline, and storage facilities in the region are filling with oil that cannot be transported...is extremely difficult to transport, or is extremely expensive to transport,” Putin said.
He said Russian companies should take advantage of the current situation in the Middle East, though he noted that the spike in prices was probably temporary. Oil and gas revenues make up around a quarter of total federal budget proceeds.
G7 nations said on Monday they were prepared to implement “necessary measures” in response to surging global oil prices, but stopped short of committing to release emergency reserves.
“We’re ready to work with Europeans too. But we need some signals from them that they’re ready and willing to work with us and will ensure this sustainability and stability,” Putin said.
Last week he instructed the government to consider switching remaining Russian oil and gas flows away from Europe, before the European Union starts enforcing its decision to completely ban Russian fossil fuels.
Before the Ukraine war, Europe was buying more than 40% of its gas from Russia, but combined sales of pipeline gas and LNG from Russia accounted for only 13% of total EU imports in 2025.
(Reporting by Maxim Rodionov and Vladimir Soldatkin; Editing by Guy Faulconbridge and Ros Russell)
Tokyo Electric Power Company has begun its internal investigation of Fukushima Daiichi unit 3's primary containment vessel, using palm-sized micro-drones.
(Image: TEPCO)
Tokyo Electric Power Co (Tepco) said the investigation would take approximately two weeks and investigate the conditions inside the reactor as well as the access route for planned fuel debris retrieval, saying "we will continue to move forward safely and steadily with this task".
Air tightness has to be maintained at all times - see Tepco diagram below for more details - and each of the two drones flew for about 8 minutes.
The drones used are 13 centimetres by 12 centimetres, weigh 95 grams including battery, and have cameras and LED lights.
According to the plans, there will be initial flights to determine the range of radio communications in new flight areas, followed by the next stage of flights to obtain footage and then flights for detailed investigations.
According to The Asahi Shimbun, the plan for the drones to make an entire circuit inside the vessel was shortened because of poor communications. It quoted Akira Ono, president of Fukushima Daiichi Decontamination & Decommissioning Engineering Co, as saying: "There may be mist reducing visibility at times. We will make safety our top priority when deciding whether to continue the investigation."
Background
On 11 March 2011 a major earthquake struck Japan. It was followed by a 15-metre tsunami which disabled the power supply and cooling of three reactors at the Fukushima Daiichi nuclear power plant and all three cores largely melted in the first three days. In units 1 to 3, the fuel and the metal cladding that formed the outer jacket of the fuel rods melted during the accident, then re-solidified as fuel debris. Unit 4 does not contain any used fuel or fuel debris as it had already been defuelled before the accident.
There is an estimated total of 880 tonnes of fuel debris in units 1-3. To reduce the risk from this fuel debris, preparations are under way for retrieving it from the reactors.
Tepco succeeded in extracting small samples of fuel debris from the unit 2 reactor in November 2024 and in April 2025. It reportedly concluded after studying the specific removal method that it would take around 12 to 15 years just to prepare for the work. There is a fair amount of uncertainty about the distribution of fuel debris in each of the reactors and decommissioning process is expected to continue into the second half of the century.
Nuclear included in Japan-Canada strategic roadmap
Enhanced cooperation in the area of clean energy, including small modular reactors, is one of the areas highlighted in the Canada-Japan Comprehensive Strategic Roadmap.
(Image: Japan's PM's office)
Details of the bilateral strategic agreement and roadmap were outlined during a visit to Japan by Canada's Prime Minister Mark Carney (see picture above).
The roadmap says that "recognising the importance of energy security and food security in an era of heightened geopolitical uncertainty" the two countries will "enhance cooperation on clean energy technologies, including nuclear technologies, (particularly small modular reactors), hydrogen and its derivatives, carbon capture, utilisation, and storage, renewables, and energy-efficient industrial processes".
Carney said: "Japan is a trusted partner and a global leader in innovation, technology, and advanced manufacturing. Together, we are strengthening our economic security, securing resilient supply chains in critical minerals and clean energy, and deepening security and defence cooperation in support of a free and open Indo-Pacific."
Japanese Prime Minister Sanae Takaichi said: "Canada is an important partner for Japan in advancing cooperation in the field of economic security ... Canada’s abundant natural resources and Japan’s technological capabilities are complementary, and concrete projects involving companies from both countries are steadily progressing. For example, production at LNG Canada, which is of great significance for Japan’s energy security, began last year, and construction of a small modular reactor - the first of its kind in the G7 - also began in Ontario. In addition, projects related to critical minerals such as graphite are under way."
In their joint statement the two leaders said "we believe the new Comprehensive Strategic Roadmap will serve as an effective guide for ongoing collaboration, enhancing our joint resilience in the face of new challenges and opportunities".
About 15% of Canada's electricity comes from nuclear power, with 17 reactors, mostly in Ontario, providing 12.7 GWe of power capacity. It also has plans to build both new large-scale nuclear capacity and small modular reactors. Japan has 33 operable reactors with a capacity of 31.7 GWe. Of these, 15 reactors have restarted since 2011 and 10 are currently in the process of restart approval. The country's current goal is, with more reactor restarts, for nuclear to generate 20% of Japan's electricity by 2030.
Rook I uranium project gets construction approval
NexGen Energy has received the final regulatory approval for the Rook I uranium project in northern Saskatchewan, and will begin construction later this year.
(Image: NexGen)
The Canadian Nuclear Safety Commission (CNSC) decision to issue the Licence to Prepare Site and Construct the proposed uranium mine and mill came 14 business days after the conclusion of the last part of the regulator's two-part hearing process. The licence - which is valid until 31 March 2036 - covers site preparation and construction activities under Canada's Nuclear Safety and Control Act: operation of the facility would need NexGen to submit another licence application which would be subject to a future licensing hearing and decision.
Rook I is described by NexGen as the largest development-stage uranium project in Canada. Centred on the Arrow deposit, a high-grade uranium deposit discovered by the company in 2014, the project is in the southern Athabasca Basin, about 155 km north of the town of La Loche. The project is situated on Treaty 8 territory, the Homeland of the Métis, and is within territories of the Denesųłiné, Cree, and Métis.
The Arrow deposit has a resource estimate of 357 million pounds U3O8 (137,319 tU) in the measured and indicated mineral resources category, grading 3.10% U3O8. Probable mineral reserves have been estimated at 240 million pounds U3O8, grading 2.37% U3O8. A 2021 NI 43-101 feasibility study for the project envisages production of up to 14 million kilograms of U3O8 annually for 24 years.
The project received environmental approval from the Province of Saskatchewan in November 2023, and, with all approvals now secured, NexGen said it is set to begin construction. A final investment decision has already been made, and the team, procurement, engineering, vendors, contractors and capital are in place to commence construction activities with advanced site and shaft sinking preparation. Construction will officially begin in this summer, the company said, and construction is expected to take four years to complete.
NexGen founder and CEO Leigh Curyer said the CNSC's approval "represents one of the most rigorous and comprehensive regulatory processes undertaken for a resource project globally" and, as well as acknowledging NexGen's team, expressed the company's "sincere gratitude" to its Indigenous Nation partners, local communities, Premier Scott Moe and the Government of Saskatchewan, Government partners, regulatory bodies, and stakeholders who have contributed to the advancement of the project over the past decade.
"The world is changing fast, and NexGen's Rook I is now ready to be a significant contributor to global requirements for nuclear energy and Canada's role as an energy superpower. As global demand for reliable, clean, baseload nuclear energy continues to accelerate at an unprecedented pace, uranium is the critical fuel for powering industrial electrification and the digital infrastructure of tomorrow. Simply put, energy is the key to our global growth," Curyer said.
In February, Reuters reported that NexGen had held preliminary talks with data centre providers about securing finance for a new mine. Speaking to investors in NexGen's fourth quarter conference call on 4 March - one day before the CNSC announcement - Curyer said the first 12 months of construction is expected to cost around CAD300 million (USD219 million). NexGen is well funded to begin construction thanks to already completed equity raises and offtake agreements. Further offtake agreements are already in advanced negotiation, with contracts expected to be announced this year, he said, but the start of construction or production will not be dependent on those new contracts being in place.
"We know exactly what we're doing every day of that 48-month process, who's doing it, who's responsible for it within NextGen," Curyer said. "And as I said, once we're in that basement rock, the highest risk around cost and schedule has been mitigated."
Curyer told investors the company would issue a detailed construction timeline once the licensing process had concluded.
Korean partnership to consider use of HTGRs
The Korea Chemical Industry Association and the Korea Atomic Energy Research Institute have signed a memorandum of understanding to cooperate in studying the deployment of high-temperature gas-cooled reactors in the petrochemical industry.
(Image: Korea Chemical Industry Association)
High-temperature gas-cooled reactors (HTGRs) are Generation IV, graphite-moderated, helium-cooled reactors (typically 100–600+ MWt) that use TRISO-coated fuel to achieve high outlet temperatures (700°C-1,000°C). They offer enhanced safety through passive heat removal, preventing core meltdowns, and are designed for industrial process heat, hydrogen production, and electricity generation.
The Korea Chemical Industry Association and Korea Atomic Energy Research Institute (KAERI) said they signed the MoU to "establish a foundation for mutual technological cooperation related to high-temperature gas reactors capable of supplying high-temperature process heat to strengthen the competitiveness of the chemical industry". They added: "As a carbon-free energy source, [the HTGR] is considered a key alternative for achieving carbon neutrality in the domestic petrochemical industry."
Through the MoU, the two organisations agreed to establish a practical technology cooperation ecosystem to achieve carbon neutrality by promoting realistic HTGR designs that reflect the needs of domestic petrochemical companies, and creating opportunities for commercialisation of HTGR-related technologies.
A signing ceremony for the MoU was held on 6 March and was attended by key officials from both organisations, including Eom Chan-Wang, vice chairman of the Korea Chemical Industry Association, and Lim In-cheol, vice president of KAERI.
"The petrochemical industry is a key customer for the high-temperature gas reactor that the institute is promoting," Lim In-Cheol said. "Based on this agreement, the Korea Atomic Energy Research Institute will build a close network with the domestic petrochemical industry and create a practical technological cooperation ecosystem."
Eom Chan-wang added: "The chemical industry is being required to achieve carbon neutrality in industrial heat energy amid global environmental regulations. Through this business agreement, we will support the establishment of a technology base that can be practically applied to domestic companies, thereby helping them secure global competitiveness."
Studsvik acquires Swedish SMR project development firm
Swedish nuclear technical services provider Studsvik has announced its acquisition of small modular reactor project development company Kärnfull Next, expanding its role from supporting the world's existing nuclear fleet into the development of new nuclear projects.
(Image: Studsvik)
The enterprise value of Kärnfull Next - which specialises in technology-agnostic small modular reactor (SMR) project development - in the transaction is about EUR6.5 million (USD7.5 million) on a cash-free, debt-free, basis. EUR3 million will be paid in cash and EUR3.5 million in newly issued Studsvik shares at closing. Additional consideration of up to EUR2 million in shares may be payable through staged payments to 2029, alongside performance-based earn-outs of up to EUR14 million linked to the successful development and sale of project development companies.
Subject to customary conditions and regulatory approvals, the transaction is expected to close during the second quarter of 2026.
"The move marks a strategic step as governments and industry increasingly turn to nuclear power to support energy security, electrification, and net-zero ambitions," Studsvik said. "By adding project development capability, Studsvik will now be able to support nuclear projects from their earliest stages through to operation and decommissioning ... the company is expected to announce further partnerships that demonstrate how this expanded capability will be applied in practice."
"Together, Studsvik and Kärnfull Next will build a truly integrated nuclear services platform - and establish Studsvik as the home for entrepreneurial ambition in nuclear," said Daniel Aegerter, founder and CEO of Armada Investment AG and the largest shareholder in Studsvik.
Studsvik AB President and CEO Karl Thedéen added: "Kärnfull Next's project development expertise combined with Studsvik's unrivalled technical capabilities creates a compelling platform for growth."
Under the agreement, Kärnfull Next founders Christian Sjölander and John Ahlberg will join Studsvik's executive team. "Together, we will accelerate Studsvik's transformation into a truly integrated nuclear services champion," they said.
In 2023, Studsvik signed a memorandum of understanding with Kärnfull Next to investigate the possibility of constructing and operating SMRs on the Studsvik industrial site near Nyköping on Sweden's east coast. Studsvik said the site is in a strategic location and houses the company's broad expertise in nuclear technology, including fuel and materials technology, reactor analysis software and fuel optimisation, decommissioning and radiation protection services as well as technical solutions for handling, conditioning and volume reduction of radioactive waste.
In March 2022, Kärnfull Next signed a memorandum of understanding with GE Hitachi Nuclear Energy on the deployment of the BWRX-300 in Sweden.
Kärnfull Next has been conducting site selection and feasibility studies in several municipalities in Sweden since 2022. By establishing multiple SMR parks as part of the same programme, the company expects to achieve economies of scale in terms of technology selection, construction partners, power purchase agreements and financing partners. In February last year, the company secured land rights for the project to build a power plant based on SMRs in the municipality of Valdemarsvik in Östergötland county in southeastern Sweden.
Centrus Energy and Oklo have announced discussions on a joint venture "focused on deconversion services for high-assay low-enriched uranium and the advancement of related fuel-cycle technologies and supply chains".
(Image: Oklo)
The joint venture's activities would take place at Centrus's Piketon site in southern Ohio, which is also near Oklo's planned 1.2 GW power campus.
According to the announcement from the two companies "the potential joint venture would aim to enable an integrated and efficient coupling of uranium enrichment and deconversion to improve efficiency and costs through co-location and expand domestic advanced nuclear fuel capacity to serve Oklo's needs and broader US nuclear deployment".
Deconversion is the step when enriched uranium is converted into a different chemical form, such as uranium oxide or uranium metal, before it is fabricated into fuel.
The two companies believe that having a central hub for deconversion services co-located with high-assay low-enriched uranium (HALEU) enrichment would eliminate the need for each fuel fabrication facility to establish its own deconversion line.
Uranium enrichment and nuclear fuel services provider Centrus's CEO and President, Amir Vexler, said: "We look forward to exploring options to co-locate and scale deconversion services to improve efficiency and support growing demand."
Jacob DeWitte, CEO and co-founder of Oklo, said: "This framework supports deeper discussions with Centrus on potential pathways to expand deconversion capacity, strengthen domestic supply chains, and advance a more efficient fuel cycle model that operates from the same location."
As part of the discussions, the two sides will "explore opportunities for potential coordination of regulatory and R&D activities, including joint engagement with US federal agencies to propose solutions that support co-location of deconversion and enrichment services".
In January Meta said it would support Oklo's project to develop a 1.2 GW power campus in Pike County, Ohio, by prepaying for power and providing funding to advance project certainty for Oklo's sodium-cooled Aurora powerhouse deployment.
The same month, the US Department of Energy awarded Centrus Energy's American Centrifuge Operating USD900 million of funding to provide uranium enrichment services. Centrus said that it intended to leverage the funding to support its multi-billion dollar expansion in Piketon, which - as well as producing HALEU - will also include additional LEU production to serve commercial utilities and the existing reactor fleet.
Decommissioning of Finnish research reactor completed
Finland's Radiation and Nuclear Safety Authority has declared that the site of the country's first nuclear reactor is no longer classified as a nuclear facility following the dismantling of the Finnish Reactor 1 in Espoo.
The FiR1 research reactor (Image: Fortum)
The Finnish Reactor 1 (FiR1) water-cooled, pool-type TRIGA Mark II research reactor was commissioned by the Helsinki University of Technology in 1962. The reactor was originally built for research and education and was later also used for isotope production and radiotherapy. Operational responsibility for the reactor was transferred to the VTT Technical Research Centre in 1971. Although licensed to operate until 2023, VTT decided in 2012 to stop the use of FiR1 for financial reasons. The reactor - with a thermal capacity of 250 kW - ran for the last time on 30 June 2015. In 2017, VTT submitted an application for permission from the Council of State to decommission the reactor, which was granted in June 2021.
In February 2021, partially used irradiated fuel from the reactor was transported to the USA for use in a TRIGA Mark I research reactor operated by the US Geological Survey in Denver, Colorado. The USGS required additional fuel to continue operating its reactor, but the production of suitable fuel had been suspended for several years.
The dismantling of the FiR1 reactor and the management of nuclear waste were carried out by VTT in cooperation with Fortum between 2023 and 2025.
The Radiation and Nuclear Safety Authority (STUK) supervised the planning and execution of the decommissioning from the beginning. The supervision ended last December when STUK decided to release the research reactor from regulatory control. After the decision, the research reactor is no longer considered a nuclear facility. The dismantled reactor area and premises in Otaniemi, Espoo, do not differ in any way from the surrounding area in terms of radiation safety, it said. The building can now be repurposed.
At the same time as FiR1 was released from regulatory control, STUK also released VTT's materials research laboratory, located in the same building, from oversight. The research laboratory had conducted studies on radioactive materials since the 1970s. The operation and decommissioning of the FiR1 research reactor were regulated by nuclear energy legislation, whereas the laboratory's activities were governed by the radiation act. The decommissioning of the laboratory was also subject to the radiation act and was carried out by VTT alongside the decommissioning of FiR1.
VTT delivered the radioactive waste generated from the dismantling and decontamination of the laboratory to Fortum for disposal at the repository located at the Loviisa nuclear power plant, just as with the reactor's waste. Before releasing the laboratory from oversight, STUK confirmed that the premises were free of radioactive contamination.
FiR1 is the first nuclear reactor to be decommissioned in Finland. The decommissioning of the country's nuclear power plants is not expected in the immediate future, but Finland is currently reforming its nuclear energy legislation and the complementary STUK regulations.
Kai Hämäläinen, a principal advisor at STUK, said the lessons learned from dismantling the FiR1 research reactor and supervising the process have been valuable in this work. "Until now, the law and regulations have not described the final stages of a nuclear facility's life cycle and the technical requirements for decommissioning in much detail. The experience gained has now been used in drafting the new law and in writing STUK's regulations," he said.
GBE-N granted licence to generate electricity
Great British Energy - Nuclear has been granted an electricity generating licence - required by all electricity generating companies - by the UK's gas and electricity markets regulator Ofgem.
How a Rolls-Royce SMR might look (Image: Rolls-Royce SMR)
Gaining such a licence, Great British Energy - Nuclear (GBE-N) said, represents "a landmark moment" in its mission to deliver Europe's first small modular reactors (SMRs). "Acquiring a generation licence is one of the first in a chain of approvals needed to construct and operate power infrastructure in the UK. Having this certification means Ofgem deems GBE-N to be a qualified, well-run organisation, which is capable of meeting national safety standards in electricity generation."
"This milestone reflects the dedication and expertise of our team, whose efforts in technical planning and rigorous compliance have enabled us to meet Ofgem's high standards," said Simon Bowen, Chair of GBE-N. "Our newly secured licence empowers us to contribute significantly to the country's energy security, bolstering grid resilience, and decarbonising our economy. This is another proof-point that we are delivering new nuclear at pace and with focus."
The UK government launched GBE-N in 2023 as an arms-length body that will be responsible for driving the delivery of new nuclear projects, with the aim of increasing the share of nuclear in the UK's electricity mix from the current 15% to 25% by 2050.
In June last year, Rolls-Royce SMR was selected as the UK government's preferred technology for the country's first SMR project. A final investment decision is expected to be taken in 2029.
In November, the government announced that Wylfa on the island of Anglesey, North Wales, will host three Rolls-Royce small modular reactors. It said the site - where a Magnox plant is being decommissioned - could potentially host up to eight SMRs.
GBE-N will start activity on the site this year with the aim for Wylfa's SMRs to be supplying power to the grid from the mid-2030s.
The Rolls-Royce SMR is a 470 MWe design based on a small pressurised water reactor. It will provide consistent baseload generation for at least 60 years. Ninety percent of the SMR - measuring about 16 metres by 4 metres - will be built in factory conditions, limiting activity on-site primarily to assembly of pre-fabricated, pre-tested, modules which significantly reduces project risk and has the potential to drastically shorten build schedules.
Alongside the announcement that SMRs would be built at Wylfa, the government announced that GBE-N had been tasked with identifying suitable sites that could potentially host further large-scale reactor projects beyond the current deployments at Hinkley Point C and Sizewell C. GBE-N will report back by Autumn 2026 on potential sites to inform future decisions in the next Spending Review and beyond. The Energy Secretary has requested this includes sites across the UK, including Scotland.
Haiyang 3 completes cold tests
Cold functional tests have been completed at unit 3 of the Haiyang nuclear power plant in China's Shandong province, State Power Investment Corporation has announced.
(Image: SPIC)
Such tests are carried out to confirm whether components and systems important to safety are properly installed and ready to operate in a cold condition. The main purpose of cold functional tests is to verify the leak-tightness of the primary circuit and components - such as pressure vessels, pipelines and valves of both the nuclear and conventional islands - and to clean the main circulation pipes. The tests mark the first time the reactor systems are operated together with the auxiliary systems.
"The cold test confirmed that the four main coolant pumps and their domestically produced frequency converters of Unit 3 are operating normally, the primary loop pressure boundary integrity is good, the pressure-bearing performance meets standards, and the installation quality of related system equipment is excellent," State Power Investment Corporation (SPIC) said. "The test was a success on the first attempt."
Completion of the cold tests lays "a solid foundation for subsequent key milestones such as hot functional testing and reactor fuel loading, as well as high-quality commissioning," it added.
Hot functional tests involve increasing the temperature of the reactor coolant system and carrying out comprehensive tests to ensure that coolant circuits and safety systems are operating as they should. Carried out before the loading of nuclear fuel, such testing simulates the thermal working conditions of the power plant and verifies that nuclear island and conventional equipment and systems meet design requirements.
The construction of two new reactors at each of the Sanmen, Haiyang and Lufeng sites was approved by China's State Council in April 2021. The approvals were for Sanmen units 3 and 4, Haiyang 3 and 4 and units 5 and 6 of the Lufeng plant. The Sanmen and Haiyang plants are already home to two Westinghouse AP1000 units each, and two CAP1000 units - the Chinese version of the AP1000 - were approved for Phase II (units 3 and 4) of each plant.
The first safety-related concrete was poured for the nuclear island of Haiyang unit 3 in July 2022, and in March the outer steel dome of the nuclear island containment building was hoisted into place. Construction of Haiyang 4 began in April last year. The planned construction period for Haiyang 3 and 4 was 56 months, with the two units scheduled to be fully operational in 2027.
Cold functional tests were completed at unit 3 of the Sanmen plant last month.
US establishes Nuclear Energy Launch Pad
The US Department of Energy and the National Reactor Innovation Center are setting up a Nuclear Energy Launch Pad designed to "promote the rapid development and implementation of advanced nuclear technologies by private industry".
(Image: INL)
The Nuclear Energy Launch Pad is intended to build on the Department of Energy (DOE) Reactor Pilot Program - which has 11 projects accepted and a target for three reactors to reach criticality by 4 July - and its Fuel Line Pilot Program, which has had 9 projects accepted and aims to establish a domestic nuclear fuel supply chain for testing new reactors.
The DOE plans to transition the pilot programmes' new and future applicants to the Launch Pad "and expand beyond authorisation to include the testing and operation necessary to scale first-of-a-kind technologies toward widescale commercial deployment. This integrated approach ensures continuity from initial pilot authorisation through extended operational validation, reducing the risk and timelines for advanced reactors and other advanced nuclear facility commercialisation".
There will be two pathways running: the Launch Pad Idaho National Laboratory, which will cover more than 2,000 acres, with eligible projects including advanced reactors, fuel fabrication, recycling, enrichment and other innovations; and Launch Pad USA, which will offer the ability to authorise the operation of nuclear reactors and fuel cycle facilities outside of Idaho National Laboratory.
The DOE will not be providing funding for successful applicants but will be providing resources. Rian Bahran, DOE deputy assistant secretary for Nuclear Reactors, said: "Through this initiative, developers can access infrastructure, expertise, and services essential for the siting, construction, and operation of their nuclear facilities."
Idaho National Laboratory Director John Wagner called it "a significant evolution in the ecosystem for advancing nuclear technologies from concept to deployment" that "offers nuclear developers something unprecedented: An 890-square-mile federal site with more than 75 years of reactor testing experience, existing infrastructure, direct access to national nuclear expertise and streamlined regulatory pathways - all enabling developers to move from demonstration to deployment at the pace America's energy security demands".
The initial request for applications "is expected in the next few months" and it will be an annual process. Applications already submitted to the DOE's pilot programmes may be transferred to the Launch Pad and will not need to reapply.
NRC issues construction permit for first Natrium plant
The US Nuclear Regulatory Commission has approved a construction permit for TerraPower's Kemmerer unit 1 project - the first such permit for a commercial-scale non-light water reactor in the country for four decades.
How a Natrium plant might look, with the nuclear island on the right and the energy island on the left (Image: Natrium)
The technology
The Bill Gates-chaired company's Natrium 345 MWe sodium-cooled fast reactor has a molten-salt-based energy storage system which allows it to temporarily boost output to 500 MWe when needed, enabling the plant to follow daily electric load changes and integrate seamlessly with fluctuating renewable resources.
The licensing process
TerraPower submitted its construction permit application to the Nuclear Regulatory Commission (NRC) in March 2024 and it was docketed by the NRC and the formal review began in May 2024. The NRC established an initial 27-month review schedule, however the review was completed in 18 months after a streamlined mandatory hearing process.
TerraPower began non-nuclear construction for the Kemmerer, Wyoming, plant in June 2024, and expects the project - which is near a retiring coal plant - to be complete in 2030. It is being developed through the US Department of Energy's Advanced Reactor Demonstration Program.
The NRC said it was the first commercial reactor approved for construction for nearly a decade and the first non-light water reactor in more than 40 years: "This is a historic step forward for advanced nuclear energy in the United States and reflects our commitment to delivering timely, predictable decisions grounded in a rigorous and independent safety review," said NRC Chairman Ho Nieh.
TerraPower's President and CEO, Chris Levesque, said: "Today is a historic day for the United States' nuclear industry. This is the first commercial-scale, advanced nuclear plant to receive this permit. Our team has worked relentlessly for over 4 years with the NRC staff to get to this moment. We had extensive pre-application engagement with the NRC; and we submitted a robust and thorough construction permit application almost 2 years ago. We have spent thousands of manpower hours working to achieve this momentous accomplishment."
What’s next?
Levesque said: "We plan to start construction on the Natrium plant in the coming weeks and look forward to bringing the first Natrium reactor and energy storage system to market in the great state of Wyoming."
The NRC said that TerraPower subsidiary US SFR Owner would need to submit a separate operating licence application which would need NRC approval before the facility could operate.
Last month, social media giant Meta announced that its future nuclear energy plans included funding to support the development in the USA of up to eight Natrium sodium fast reactors - two new units capable of generating up to 690 MW of firm power with delivery as early as 2032, plus the rights for energy from up to six other Natrium units capable of producing 2.1 GW and targeted for delivery by 2035.
The Natrium reactor is a TerraPower and GE Vernova Hitachi Nuclear Energy technology. Last month it was accepted into the UK's Generic Design Assessment process.
Largest module installed at second Lufeng unit
The CA20 module - measuring about 20 metres in length, 14 metres in width and with a height of 21 metres - has been hoisted into place at the second unit of the Lufeng nuclear power plant in Guangdong province.
(Image: CNNC)
The 'super module' was hoisted into place on 1 March, China National Nuclear Corporation construction subsidiary CNNC 23 Engineering Co Ltd announced.
(Image: CNNC)
The cuboid-shaped CA20 module - weighing more than 1,000 tonnes - consists of 32 wall modules and 39 floor modules. It will comprise plant and equipment for used fuel storage, transmission, the heat exchanger and waste collection, among other things.
(Image: CNNC)
The proposed construction of four 1250 MWe CAP1000 reactors (units 1-4) at the Lufeng site was approved by China's National Development and Reform Commission in September 2014. However, the construction of units 1 and 2 did not receive State Council approval until 19 August 2024. The first safety-related concrete for the nuclear island of unit 1 was poured on 24 February last year, with that of unit 2 following in December. Approval for units 3 and 4 is still pending. The CAP1000 design is the Chinese version of the Westinghouse AP1000.
The construction of Hualong One reactors as units 5 and 6 at the Lufeng plant was approved by the State Council in April 2022. First concrete for unit 5 was poured on 8 September 2022, with that for unit 6 following on 26 August 2023. Units 5 and 6 are expected to be connected to the grid in 2028 and 2029, respectively.
According to China General Nuclear, once all six units are in operation, the Lufeng plant will generate about 52 TWh, which will reduce standard coal consumption by almost 16 million tonnes and reduce carbon dioxide emissions by more than 42 million tonnes.
ABS & HD Hyundai to Advance Nuclear-Powered Electric Propulsion Systems
(L-R): Matthew Mueller, ABS Vice President, Regional Business Development, Hak-mu Shim, HD HSHI Executive Vice President & Byung-hun Kwon, HD KSOE Executive Vice President
ABS, HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and HD Hyundai Samho Heavy Industries (HD HSHI) signed a joint development project (JDP) for the “Conceptual Design of a Nuclear-Powered Electric Propulsion System.”
The agreement forms a framework to assess the technical feasibility of a nuclear-powered electric propulsion system specific to a 16K TEU container ship.
“This project represents an important step in exploring the potential of a nuclear-powered electric propulsion system for container vessels. By combining HD Hyundai’s shipbuilding expertise with ABS’ deep engineering experience in maritime safety, we aim to evaluate technologies that can support safer, more efficient and lower-emission operations for the next generation of propulsion solutions,” said Matthew Mueller, ABS Vice President, North Pacific Business Development.
Kwon Byung-hun, Head of the Electrification Center at HD KSOE, said: “In response to the growing demand for eco-friendly ships, we are continuously pursuing the development of electric propulsion systems using nuclear energy—a carbon-free energy source. We will expand our R&D efforts to strengthen our technological competitiveness in nuclear-linked electric propulsion.”
Under the agreement, HD KSOE and HD HSHI will develop the basic design, electrical component specifications and arrangement plans for a nuclear-powered electric propulsion system tailored for container ships.
As the marine and offshore industries refocus on nuclear energy, ABS has worked to support its application at sea as well as a series of advanced development projects with leading companies. ABS released a study examining a potential SMR-powered LNG carrier, available here. The ABS Requirements for Nuclear Power Systems for Marine and Offshore Applications are available for download here. ABS also unveiled the industry’s first comprehensive requirements for floating nuclear power plants. The Pathways to a Low Carbon Future Floating Nuclear Power Plant study is available here.
The products and services herein described in this press release are not endorsed by The Maritime Executive
Shell to Sell Jiffy Lube Network to Monomoy in $1.3 Billion Deal
Shell plc (NYSE: SHEL) has agreed to sell Jiffy Lube International and its subsidiary Premium Velocity Auto (PVA) to an affiliate of Monomoy Capital Partners for $1.3 billion, marking a strategic exit from the U.S. quick-lube service business while maintaining its core lubricants brands.
The transaction, announced Monday, involves Pennzoil Quaker State Company—Shell’s U.S. lubricants subsidiary—divesting the Jiffy Lube brand and its network of franchised automotive service centers. The deal also includes the sale of Premium Velocity Auto, the second-largest Jiffy Lube franchisee, which operates more than 360 locations across 20 U.S. states.
As part of the agreement, Shell will enter into a long-term lubricants supply arrangement with Monomoy, ensuring that Jiffy Lube locations continue to use Shell products after the sale. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.
The $1.3 billion divestment enables Shell to monetize a non-core retail service business while preserving demand for its lubricant brands through a supply agreement with the new owner.
Shell executives said the move aligns with the company’s broader effort to optimize its downstream portfolio and allocate capital toward higher-return opportunities.
“By capitalizing on a strong market opportunity, this divestment allows us to monetize an asset that is not central to Shell’s lubricants portfolio in the U.S. and reinvest in opportunities that generate higher returns,” said Machteld de Haan, President of Downstream, Renewables and Energy Solutions at Shell.
Shell will retain ownership of its core lubricant brands—including Pennzoil, Quaker State, Rotella, and other Shell-branded products—along with manufacturing, marketing, and distribution operations across the U.S. and Canada. These businesses supply consumer, commercial, and industrial lubricant markets.
Jiffy Lube has been part of Shell’s lubricant operations in the United States for more than two decades. The brand operates over 2,000 service centers across the U.S., with additional licensees in Canada, offering oil changes, lubrication services, and light automotive repairs for cars and light trucks.
According to Shell, Jiffy Lube accounts for roughly 6.5% of the company’s total lubricants volume in the U.S. and Canada.
Premium Velocity Auto, included in the sale, is one of the largest operators within the franchise network, running hundreds of service centers under the Jiffy Lube brand.
The divestment reflects a broader trend among energy majors to streamline downstream portfolios and focus on core operations with stronger margins or strategic alignment with the energy transition.
Shell has been actively reshaping its asset base in recent years, prioritizing integrated energy operations, LNG trading, and low-carbon businesses while reducing exposure to non-core retail operations. The company remains a dominant player in the global lubricants market, having led the sector by volume for more than 19 consecutive years, according to Kline & Company.
In the United States, Shell maintains a large energy footprint, including its position as the largest producer in the deepwater Gulf of Mexico, the largest buyer of U.S. LNG, and the operator of approximately 12,000 branded retail fuel stations nationwide.
Monomoy Capital Partners, a private investment firm focused on middle-market industrial and consumer businesses, is expected to expand Jiffy Lube’s footprint and operational platform following the acquisition.
With the addition of Premium Velocity Auto’s store network, the deal gives Monomoy direct control over a large portion of the Jiffy Lube ecosystem while maintaining franchise relationships across the broader network.
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