NUKE NEWS

Nuclear makes a comeback in the Netherlands

15 December 2021

The Netherlands' new coalition government has placed nuclear power at the heart of its climate and energy policy. Some EUR500 million (USD564 million) has been earmarked to support new nuclear build in the period to 2025.

Borssele, the Netherlands' only operating nuclear power plant (Image: EPZ)

"We want to make every effort to keep our country and our planet liveable and habitable," wrote the VVD, D66, CDA and ChristenUnie parties. Today they released the coalition's plans for the period to 2025 as the result of negotiations that began after the general election in March.

"Nuclear energy can complement solar, wind and geothermal energy in the energy mix and can be used to produce hydrogen," the document said. "It also makes us less dependent on gas imports."

"That is why the nuclear power plant in Borssele will remain open longer, with due regard for safety," said the government. The 482 MWe single-unit plant has operated since 1973 and meets around 3% of the country's electricity needs.

"This government is also taking the necessary steps to build two new nuclear power stations," the policy continued. "This means, among other things, that we will facilitate market parties in their explorations, support innovations, invite tenders, review the government's contribution (financial and otherwise), and put legislation and regulations in order where necessary."

Accordingly, the government said it would provide financial support to the goal of building new nuclear power plants. It outlined EUR50 million (USD56 million) for this in 2023, EUR200 million in 2024 and EUR250 million in 2025.

It anticipated that cumulative support for new nuclear would reach EUR5 billion by 2030, while not assuming the power plants would be online by that time.

This nuclear investment will support higher ambition on climate. "In order to be climate-neutral by 2050 at the latest, we are raising the 2030 target in the Climate Act to at least 55% CO2 reduction," the policy said. "In order to meet this target, we have agreed to focus our policy on a higher target, which is around 60% in 2030." Subsequent goals are a 70% reduction in CO2 emissions by 2035 and 80% by 2040.

Elsewhere in the energy sector, the government will support wind deployment while focusing solar deployment on rooftops rather than open land. Gas production will be phased out in Groningen and the government will not issue new licences for production in the Wadden Sea, close to the coast. Gas production in the North Sea will be supported because it reduces imports. The use of woody biomass will be restricted to fuels sourced within the EU so that its sustainability can be closely monitored.

Polish support for nuclear on a high

15 December 2021

Support for nuclear energy in Poland is overwhelming with 78% of people supporting the technology as a response to climate change, according to opinion polling. It comes as the country experiences a series of developments towards nuclear deployment.

Nuclear energy is strongly supported in Poland, with few undecided (Image: Polish Ministry of Climate and Environment)

"These are the best results in the history of research carried out since 2012," said Poland's Ministry of Climate and Environment, which commissioned the annual poll. The market research company DANAE used the CATI method to find the views of a representative group of 2148 people aged 15 to 75 years of age during November.

Results indicated that 74% of people support nuclear power plants in Poland, with 20% opposed. This was an increase in support of 11%, the government noted.

A similar increase was found among people who would be supportive of a nuclear power plant in their area. Some 58% said they would support this, up from 46% last year, with 39% opposed.

These results come in the context that 80% of respondents said they had heard of plans to introduce nuclear power to Poland.

Constructing nuclear power plants in Poland was "a good way of fighting climate change" agreed 78% of people, with only 17% in disagreement.

A large majority of 82% said that building nuclear power plants would be a good way to increase Poland's energy security, which the government noted was up 9% from last year.

Energy prices have been high across Europe through the last quarter of 2021 as the economic recovery from the COVID-19 pandemic collided with low stocks of gas. At the same time, Poland has seen a series of positive developments in nuclear energy.

Run of developments

In September it was announced that six new large reactors could be built by 2040 as part of Poland's plan to reduce its historic heavy reliance on coal, which is incompatible with climate commitments. EDF of France submitted an offer to supply six large EPR reactors in October, and Westinghouse has stepped up its engineering centres in Poland.

Separately Polish heavy industry is embracing small reactors as a way to avoid burning coal for process heat and power. Chemical producer Synthos has established a subsidiary which has right to develop projects around GE-Hitachi's BWRX-300, and is working with chemical producers PKN Orlen and Ciech on the potential for the BWRX to replace coal at their plants. Synthos is also working with power company ZE Pak to examine whether BWRX-300s could replace coal at the Pątnów power plant.

NuScale is working with liquid fuel supplier Unimot and USA-based Getka to explore whether its power modules could be used instead of coal. NuScale also has a similar project with KGHM Polska Miedź SA and Piela Business Engineering.

THEY WILL DUMP RADIOACTIVE WASTE WATER INTO LAKE MICHIGAN

Licence transfer expands Holtec decommissioning fleet

15 December 2021

The US Nuclear Regulatory Commission (NRC) has approved the transfer of the licences for the Palisades nuclear power plant from Entergy Nuclear Operations Inc to Holtec International following the plant's retirement next year. Holtec plans to take control of the Michigan plant and begin its decommissioning with a month of its retirement.

The Palisades plant on the shores of Lake Michigan (Image: Holtec)

Holtec said it looks forward to completing the ownership transfer from Entergy in mid-2022 when it will "assume ownership of the site, real property and all nuclear waste, including used nuclear fuel." The licence transfer also includes Palisades' independent spent fuel storage installation (ISFSI) - an associated facility where some of the plant's used fuel is in dry storage - as well as the licences for the decommissioned Big Rock Point nuclear power plant and its associated used fuel storage facility.

A new subsidiary called Holtec Palisades will be the owner of the site, while Holtec Decommissioning International (HDI) will be the operator and therefore responsible for nuclear safety as it is decommissioned. Holtec said it uses a fleet management model across the Oyster Creek, Pilgrim and Indian Point sites it is in the process of decommissioning.

Palisades is an 805 MWe pressurised water reactor, which has operated for 50 years. Big Rock Point operated from 1962 to 1997. It is fully decommissioned and only the dry fuel storage facility remains.

Entergy in 2018 agreed to sell the Pilgrim nuclear power plant, in Massachusetts, and Palisades to Holtec after their closures. Pilgrim shut down for the last time on 31 May 2019, and Holtec completed its acquisition of the plant in August of that year. Holtec plans to decommission Pilgrim (with the exception of the ISFSI) on an eight-year schedule to permit NRC partial site release.

"The ongoing dose, safety, and environmental protection metrics garnered by Holtec Decommissioning provide definitive proof that the dismantling of a nuclear plant can be a non-intrusive societal presence and an environmentally safe undertaking," the company said.

Palisades is scheduled to shut down on 31 May 2022. Holtec and Entergy expect to conclude the transaction by 30 June, and Holtec plans to move all the fuel in the plant's used fuel pool into dry cask storage within three years of shutdown. NRC's order approving the licence transfer is effective immediately, but the transfer will not be finalised until after the plant's permanent shutdown and the completion of the transaction between Entergy, Holtec and HDI, NRC said.

Separately, Holtec International is developing a small modular reactor called SMR-160. It said in November it is "actively exploring the possibility" of deploying an SMR-160 at Oyster Creek as well as its other sites.

Second community partnership forms in Cumbria

14 December 2021

The second of two community partnerships has been formed in Copeland, Cumbria, UK, to take forward discussions around siting a geological disposal facility (GDF) for high-level radioactive waste. Following the formation of the Mid Copeland GDF Community Partnership last month, neighbouring South Copeland has now put itself forward as a possible host for the facility.

The South Copeland search area (in solid purple) identified by the Copeland GDF Working Group for consideration (Image: RWM)

As well as Copeland Borough Council and Radioactive Waste Management (RWM), initial membership of the South Copeland GDF Community Partnership also includes local councillors and the Cumbria Association of Local Councils.

South Copeland GDF Community Partnership will now focus further engagement activities in a search area covering the electoral wards of Millom and Black Combe & Scafell.

"The formation of a second Community Partnership in Copeland marks another step forward in the nationwide search to find a willing community and suitable site for a geological disposal facility for the safe and secure disposal of higher-activity radioactive waste," said RWM.

Initially, RWM will explore the potential of deep geology beyond the coast for the underground elements of a GDF, as recommended by Copeland GDF Working Group. This would mean a land-based surface facility could provide access to a disposal area in rock deep below the seabed. The Lake District National Park and proposed extension will not be considered.

Now that two Community Partnerships have formed, the Copeland Working Group comes to an end as it has fulfilled its remit to begin conversations about GDF, identify search areas and identify initial members for Community Partnerships.

Community Partnerships are longer-term groups made up of a larger number of people to consider the possibilities of hosting a GDF within the identified search areas in more detail. Progressing to the formation of Community Partnerships unlocks access to GBP1.0 million (USD1.3 million) per year investment funding for communities, per partnership, for local projects, rising to GBP2.5 million per year if deep borehole investigations to assess geology take place.

"We're delighted to see the formation of another Community Partnership in Copeland. It provides a platform to increase community engagement and trigger investment funding for projects that should really benefit the communities involved," said RWM CEO Karen Wheeler. "We look forward to continuing discussions and beginning investigations in these areas for a site that could be suitable for a GDF."

Construction of a GDF requires both a suitable site and willing community. If a suitable site is eventually found in Copeland - which could take 10-15 years - a Test of Public Support, which would give people a direct say, would be held with those living in the wards affected. Without public support the project would not go ahead.

During an earlier site selection process, two communities in Cumbria - Copeland and Allerdale - had expressed interest in hosting a repository, but the process stopped in January 2013 when the local county council voted against moving to the next stage of the process. A new search for a site was launched in December 2018.

The Allerdale GDF Working Group has identified an area for further investigation covering 320 square kilometres comprising 13 electoral wards of Allerdale Borough Council, as well as an inshore area up to 22.2 kilometres off the coast. The working group has recommended that a community partnership is formed in the borough.

A GDF comprises a network of highly-engineered underground vaults and tunnels built to permanently dispose of higher activity radioactive waste so that no harmful levels of radiation ever reach the surface environment. Countries such as Finland, Sweden, France, Canada and the USA are also pursuing this option.

Opal conducts self-review of safety

14 December 2021

The Australian Nuclear Science and Technology Organisation (ANSTO) has undertaken a review of safety and security performance at the Opal research reactor, saying its future plans are "very much anchored on high standards."

The Opal research reactor at ANSTO's Lucas Heights site (Image: ANSTO)

"Challenging our approach is something we do well at Ansto," said Opal Reactor Manager David Vittorio.

The review looked at Opal managers' performance on 15 safety factors and 19 security factors over the last ten years "to give a view on future performance", ANSTO said. "The outcome provided a strong vote of confidence in Australia’s expertise in nuclear activities and research," it stated in an announcement of the work.

Vittorio said the review "has led to an action plan that will ensure Opal continues to maintain its position as one of the world's best multi-purpose research reactors." More specifically, “the report considered the performance over the past decade and how to sustain and enhance the safety, security and reliability of the reactor over the next decades."

ANSTO said it followed an approach advocated by the International Atomic Energy Agency for the Period Safety and Security Review.

ANSTO CEO Shaun Jenkinson said the oganisation "is the custodian of Australia's most significant national infrastructure for research, and Opal, as the only nuclear reactor in the country, is the centrepiece." 

Jenkinson added, “Our future plans to progress cutting-edge developments in nuclear medicine production, research, and partnerships with industry, are very much anchored by the high standards achieved through the safe and secure operation of Opal.”

Opal is a 20 MWt open-pool research reactor that started up at ANSTO's Lucas Heights site, near Sydney, in 2007. It was designed by Invap of Argentina and is the design reference for the Brazil Multipurpose Reactor under construction in that country as well as the RA-10 reactor under construction in Argentina, although those units will be larger at 30 MWt.

In September, the Australian government announced AUD30 million (USD12.8 million) would be spent on the design of a new nuclear medicine manufacturing facility at Lucas Heights. It would replace a facility which is said to be nearing the end of its service life, but has an important role providing up to 12,000 doses of nuclear medicine annually.

Researched and written by World Nuclear News

Bugs across globe are evolving to eat plastic, study finds

Surprising discovery shows scale of plastic pollution and reveals enzymes that could boost recycling

Plastic washed ashore on Berawa Beach, Bali, Indonesia. 

Photograph: Anadolu Agency/Getty Images


Damian Carrington

Environment editor
THE GUARDIAN
Tue 14 Dec 2021 

Microbes in oceans and soils across the globe are evolving to eat plastic, according to a study.

The research scanned more than 200m genes found in DNA samples taken from the environment and found 30,000 different enzymes that could degrade 10 different types of plastic.

The study is the first large-scale global assessment of the plastic-degrading potential of bacteria and found that one in four of the organisms analysed carried a suitable enzyme. The researchers found that the number and type of enzymes they discovered matched the amount and type of plastic pollution in different locations.

The results “provide evidence of a measurable effect of plastic pollution on the global microbial ecology”, the scientists said.

Millions of tonnes of plastic are dumped in the environment every year, and the pollution now pervades the planet, from the summit of Mount Everest to the deepest oceans. Reducing the amount of plastic used is vital, as is the proper collection and treatment of waste.

But many plastics are currently hard to degrade and recycle. Using enzymes to rapidly break down plastics into their building blocks would enable new products to be made from old ones, cutting the need for virgin plastic production. The new research provides many new enzymes to be investigated and adapted for industrial use.

“We found multiple lines of evidence supporting the fact that the global microbiome’s plastic-degrading potential correlates strongly with measurements of environmental plastic pollution – a significant demonstration of how the environment is responding to the pressures we are placing on it,” said Prof Aleksej Zelezniak, at Chalmers University of Technology in Sweden.

Jan Zrimec, also at Chalmers University, said: “We did not expect to find such a large number of enzymes across so many different microbes and environmental habitats. This is a surprising discovery that really illustrates the scale of the issue.”

The explosion of plastic production in the past 70 years, from 2m tonnes to 380m tonnes a year, had given microbes time to evolve to deal with plastic, the researchers said. The study, published in the journal Microbial Ecology, started by compiling a dataset of 95 microbial enzymes already known to degrade plastic, often found in bacteria in rubbish dumps and similar places rife with plastic.

The team then looked for similar enzymes in environmental DNA samples taken by other researchers from 236 different locations around the world. Importantly, the researchers ruled out potential false positives by comparing the enzymes initially identified with enzymes from the human gut, which is not known to have any plastic-degrading enzymes.

About 12,000 of the new enzymes were found in ocean samples, taken at 67 locations and at three different depths. The results showed consistently higher levels of degrading enzymes at deeper levels, matching the higher levels of plastic pollution known to exist at lower depths.

The soil samples were taken from 169 locations in 38 countries and 11 different habitats and contained 18,000 plastic-degrading enzymes. Soils are known to contain more plastics with phthalate additives than the oceans and the researchers found more enzymes that attack these chemicals in the land samples.

Nearly 60% of the new enzymes did not fit into any known enzyme classes, the scientists said, suggesting these molecules degrade plastics in ways that were previously unknown.

“The next step would be to test the most promising enzyme candidates in the lab to closely investigate their properties and the rate of plastic degradation they can achieve,” said Zelezniak. “From there you could engineer microbial communities with targeted degrading functions for specific polymer types.”

The first bug that eats plastic was discovered in a Japanese waste dump in 2016. Scientists then tweaked it in 2018 to try to learn more about how it evolved, but inadvertently created an enzyme that was even better at breaking down plastic bottles. Further tweaks in 2020 increased the speed of degradation sixfold.

Another mutant enzyme was created in 2020 by the company Carbios that breaks down plastic bottles for recycling in hours. German scientists have also discovered a bacterium that feeds on the toxic plastic polyurethane, which is usually dumped in landfills.

Last week, scientists revealed that the levels of microplastics known to be eaten by people via their food caused damage to human cells in the laboratory.

MUSK CCS BS

Elon Musk Says SpaceX Plans To Extract Carbon Dioxide From Atmosphere And Use As Rocket Fuel, Invites Talent

Rachit Vats , Benzinga Staff Writer 

December 14, 2021 

Tesla Inc 

TSLA +1.82%

 (Get Free Alerts for TSLA) CEO Elon Musk-owned SpaceX has a plan to draw carbon dioxide from the earth’s atmosphere and use it as rocket fuel.

What Happened: Musk tweeted to his 66.3 million followers on Monday about the new program and invited those interested to join the company.

 

Musk later added that the program would be important for Mars, without revealing more details.

Why It Matters: Billionaire Musk dreams of colonizing Mars and founded SpaceX with the mission to make humanity multiplanetary. He has in the past said he remains “highly confident” that SpaceX would land humans on Mars by 2026.

See Also: Elon Musk Says SpaceX's Starship Fleet Can Deliver 1,000 Times More Payload Than All Rockets On Earth Combined

Musk had in July said SpaceX is developing a fully-reusable Starship that can deliver a payload of around 150 tonnes to low Earth Orbit and about 250 tonnes when expendable.

SpaceX aims for Starship to replace its existing rockets — Falcon 9, Falcon Heavy, and Dragon 2 — and be able to carry much more mass into orbit.

The ambitious transportation system can also carry humanity to the moon, Mars and make interplanetary travel possible.

The Starship system was selected in April to assist NASA with its Artemis moon-landing program.

 Elon Musk Wants To Turn CO2 Into Rocket Fuel

By Charles Kennedy - Dec 14, 2021

SpaceX is launching a program to capture carbon dioxide (CO2) from the atmosphere and turn it into rocket fuel, the company’s founder Elon Musk said on Monday.

“SpaceX is starting a program to take CO2 out of atmosphere & turn it into rocket fuel. Please join if interested,” Musk tweeted, adding that it “Will also be important for Mars.”

SpaceX, a space transportation services and communications corporation, ultimately aims to colonize Mars, according to Musk, who is also chief executive of Tesla.

Musk, the world’s richest man, tweeted about the SpaceX CO2-to-rocket fuel project just after he was named 2021 Person of the Year by TIME.

Capturing CO2 from the atmosphere and turning it into rocket fuel will need a lot of development as the direct air capture (DAC) technology has not been fully developed and tested yet, Bloomberg notes.

Musk often tweets ideas, and at times trolls his followers and other celebrities or politicians on Twitter.

Just last week, Tesla and SpaceX’s founder tweeted, “thinking of quitting my jobs & becoming an influencer full-time.”

On Tuesday, Musk said that “Tesla will make some merch buyable with Doge & see how it goes.”

Meanwhile, he continues to sell shares in Tesla, the latest batch being 934,091 shares worth $906.5 million, according U.S. securities filings from Monday, cited by Reuters.

Musk is looking to offset taxes on the exercising of options to buy 2.1 million shares. In early November, Musk said he would sell 10 percent of his stake in Tesla if his Twitter followers approved such a sale. The poll said yes.

“Much is made lately of unrealized gains being a means of tax avoidance, so I propose selling 10% of my Tesla stock. Do you support this?” Musk tweeted on November 6.

According to the poll results, 57.9 percent were in favor of this move, with 42.1 percent against it. Ten percent of Tesla stock would be worth some $21 billion.

By Charles Kennedy for Oilprice.com

 

NuScale merger to accelerate SMR commercialisation

14 December 2021
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NuScale Power has announced plans to merge with Spring Valley Acquisition Corp to create a new "first of its kind" energy company to accelerate the commercialisation of NuScale's small modular reactor (SMR). The new publicly listed company will be named NuScale Power Corporation and is projected to be 60%-controlled by NuScale's current majority owner Fluor Corporation.

How a future NuScale plant could look (Image: NuScale)

"NuScale is building the next generation of nuclear power technology that is safer, more versatile and more cost-efficient than ever before," NuScale President and CEO John Hopkins said. "The scale of our ambition is only matched by the world's enormous decarbonisation needs, and now is the right time to accelerate and expand our efforts to bring our trailblazing SMR technology to more customers around the world. Spring Valley will be a highly complementary strategic partner for NuScale as we enter this next phase of growth, with leadership that brings deep expertise in sustainable energy and a strong operating and investment record in the energy sector, including in nuclear power."

NuScale's proprietary NuScale Power Module is a pressurised water reactor with all the components for steam generation and heat exchange incorporated into a single unit, capable of generating up to 77 MWe. In 2020, it became the first - and to date, only - SMR to receive standard design approval from the US Nuclear Regulatory Commission. The company offers plant configurations of four, six and 12 power modules under the recently announced VOYGR name.

NuScale is currently working with Utah Associated Municipal Power Systems to deploy a NuScale VOYGR power plant in 2029, on a site at the US Department of Energy's (DOE's) Idaho National Laboratory. It has also been working to develop its customer pipeline beyond the USA, and has some 19 Memoranda of Understanding or agreements in 11 countries.

Under the terms of the merger agreement, the transaction is valued to be worth an estimated USD1.9 billion. NuScale expects gross cash proceeds of USD413 million on completion, including USD181 million of so-called PIPE investments from Samsung C&T Corporation, DS Private Equity, Segra Capital Management and Pearl Energy. NuScale intends to use these proceeds to fund its path to commercialisation.

Existing NuScale shareholders, including majority owner Fluor, will retain their equity in NuScale and roll it into the combined company. Fluor will also continue to provide NuScale with engineering services, project management, administrative and supply chain support. Additional existing strategic investors in NuScale include Doosan Heavy Industries and Construction, Samsung C&T Corporation, JGC Holdings Corporation, IHI Corporation, Enercon Services Inc, GS Energy, Sarens and Sargent & Lundy.

"Fluor expects that the proposed transaction will bolster and accelerate the path to commercialisation and deployment of NuScale Power's unique small modular nuclear reactor technology," Fluor Corporation Executive Chairman Alan Boeckmann said, adding that this is the "next step" in a plan first outlined by the company ten years ago to work with NuScale Power, the US Congress and the DOE to commercialise the technology. "Today's announcement is further evidence that cost-shared government funding to build first-of-a-kind commercial scale technology can attract private investment and yield results," he said.

Spring Valley CEO Christopher Sorrells described NuScale as a "bellwether" company that has developed pioneering technology that can have a transformational impact on humanity. "This is the rare chance to invest in an industry-defining technology. We are very pleased to partner with NuScale and its deeply knowledgeable management team to bring this critical technology to market," he said.

The transaction is expected to close in the first half of 2022 and is subject to approval by Spring Valley's shareholders as well as other customary closing conditions. Following the transaction, NuScale will continue to be led by its current leadership team.

Researched and written by World Nuclear News

Fluor-Backed NuScale Power Signs Agreement to Accelerate Small Modular Reactor Commercialization

Tue., December 14, 2021


- Merger agreement with Spring Valley Acquisition Corp. anticipated to close in first half of 2022

- Combined company expected to be first publicly-traded advanced small modular reactor (SMR) technology developer

- NuScale’s module design enables future low-carbon power generation

IRVING, Texas, December 14, 2021--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR)

 announced today that NuScale Power, LLC, in which Fluor is the majority investor, has signed a merger agreement with Spring Valley Acquisition Corp. (NASDAQ: SV) (Spring Valley). Fluor has invested more than $600 million in NuScale Power since 2011 to help bring its technology to market. The proposed transaction is anticipated to close in the first half of 2022 subject to customary closing conditions. Upon completion of the transaction, Fluor projects to own approximately 60 percent of the combined company, based on the PIPE investment commitments received and the current equity and in-the-money equity equivalents of NuScale Power and Spring Valley.

"Fluor expects that the proposed transaction will bolster and accelerate the path to commercialization and deployment of NuScale Power’s unique small modular nuclear reactor technology," said Alan Boeckmann, executive chairman, Fluor. "This is the next step in Fluor’s plan, first outlined 10 years ago, to work closely with NuScale Power, Congress and the Department of Energy to commercialize this unique carbon-free energy technology.

"Today’s announcement is further evidence that cost-shared government funding to build first-of-a kind commercial scale technology can attract private investment and yield results. Fluor will continue to serve as an important partner by providing NuScale Power and its clients with world-class expertise in engineering services, project management and supply chain support," Boeckmann said.

NuScale Power is the developer of the only SMR technology that has received Standard Design Approval from the U.S. Nuclear Regulatory Commission (NRC). After merging with Spring Valley, the combined company will become the first and only publicly-traded company focused on development of advanced SMR technology.

NuScale Power’s innovative, carbon-free nuclear power solution offers clients safe, scalable and deployable 77-megawatt modules in configurations of four, six or 12 modules. The SMR technology can be integrated into electric grids to complement existing renewable energy sources and provide ongoing, consistent and reliable baseload power.

Fluor, together with NuScale Power, continues to advance the first SMR cost-reimbursable services contract with Utah Associated Municipal Power Systems (UAMPS). UAMPS awarded Fluor a contract in January 2021 to provide estimating, development, design and engineering services for its Carbon-Free Power Project.

Forward-Looking Statements

This release may contain forward-looking statements (including without limitation information concerning the timing and results of the proposed transaction and statements to the effect that Fluor or its management "will," "believes," "expects," "anticipates," "plans" or other similar expressions). Actual results may differ materially as a result of a number of factors. Caution must be exercised in relying on these and other forward-looking statements. Due to known and unknown risks, Fluor’s results may differ materially from its expectations and projections.

Additional information concerning factors that could affect Fluor’s results can be found in Fluor’s public periodic filings with the Securities and Exchange Commission, including the discussion under the heading "Item 1A. Risk Factors" in Fluor’s Form 10-K filed on February 26, 2021. Such filings are available either publicly or upon request from Fluor’s Investor Relations Department: (469) 398-7222. Fluor disclaims any intent or obligation other than as required by law to update its forward-looking statements in light of new information or future events.

About Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

Why Fluor Stock Jumped Nearly 10% in Early Trading Today

The construction company backed a start-up, and that company is going public via a blank check company.

Reuben Gregg Brewer
(TMFReubenGBrewer)
Dec 14, 2021 at 11:32AM


Key Points
Not much is actually happening with Fluor, but a company it has been funding for a decade is about to make big changes.

What happened

Shares of engineering and construction giant Fluor (NYSE:FLR) rose nearly 10% at one point in the first hour of trading on Dec. 14. The big news really wasn't directly related to Fluor, however, as it was NuScale Power that had agreed to be bought by a blank check company. Here are the top-level details and why Fluor's stock jumped on the deal.
So what

Essentially, NuScale Power is going public, using the special-purpose acquisition company (SPAC) route to avoid what would likely be a more time-consuming and complicated initial public offering (IPO). Spring Valley Acquisition (NASDAQ:SV), which barely moved on the news, is the buyer, with the deal expected to close in the first half of 2022. The combined company, which will be called NuScale Power after the deal is consummated, is expected to have an enterprise value of $1.9 billion.

IMAGE SOURCE: GETTY IMAGES.

What does any of this have to do with Fluor? The engineering company is the majority owner of NuScale Power, having invested $600 million in the company over the past decade or so. The investment makes sense, given that NuScale is developing a new modular nuclear reactor that Fluor could end up building. The blank check transaction, meanwhile, is expected to result in more than $400 million in cash that can be used to fund NuScale's research and development efforts. That would reduce Fluor's need to keep putting money into the nuclear upstart. Fluor, meanwhile, will own roughly 60% of the newly public NuScale Power. So there's a reason investors are excited here, noting that the value of some blank check companies have risen sharply subsequent to their mergers. Thus, there's potential upside here, as well.
Now what

If you own Fluor and are happy with it, there's probably nothing worth doing at this point. It is, basically, the same company as before, only there's some additional upside potential thanks to its investment in NuScale. That said, it might be worth keeping an eye on this deal and the company that comes out of it, given that Fluor will be the majority owner of NuScale Power after it "goes public."

#corp

View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005543/en/

Record highs, rain and beaver damage noted in 'alarming' Arctic report card

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'The trends are consistent, alarming and undeniable,' says Rick Spinrad

Seth Borenstein · The Associated Press · Posted: Dec 14, 2021

In this July 24, 2017 file photo, an iceberg floats past Bylot Island in the Canadian Arctic Archipelago. In their annual report card on the Arctic, U.S. scientists say it's alarming how rapidly the region is changing because of global warming. (David Goldman/The Associated Press)

The Arctic continues to deteriorate from global warming, not setting as many records this year as in the past, but still changing so rapidly that federal scientists call it alarming in their annual Arctic report card.

The 16th straight health check for the northern polar region spotlighted the first ever rainfall at Greenland summit station, record warm temperatures between October and December 2020, and the new problem of expansion of beavers in the Arctic.

"The trends are consistent, alarming and undeniable," U.S. National Oceanic and Atmospheric Administration chief Rick Spinrad said presenting the findings by 111 scientists from 12 countries at the American Geophysical Union conference Tuesday. "The loss of the great white cap that once covered the top of the world is one of the most iconic indicators of climate change."

"The Arctic is Earth's air conditioning," Spinrad said. "Billions of people rely on its moderating influence on climate. We have a narrow window of time to avoid very costly, deadly and irreversible future climate impacts."

The 2020-2021 polar year — scientists study the Arctic on a yearly basis from October to September — was only the 7th warmest on record. However, October to December in 2020 set a record for the warmest autumn.

• Nunavut breaks 47 daily temperature records in 1st 6 days of October

• FEATURE
  October saw 'extraordinary, record-setting heat' in parts of Arctic Canada

This report card comes out as the Arctic warms two to three times faster than the rest of the planet. The region's melting ice opens the door to more pressures, including the potential for more oil and gas drilling and more mining and more tensions between countries wanting to exploit the area. For the people who live there, it means having to adapt to a ground that is getting softer as permafrost melts and changes to traditional hunting and fishing.

A drop of water falls off an iceberg melting in the Nuup Kangerlua Fjord near Nuuk in southwestern Greenland, Tuesday, Aug. 1, 2017. According to a report by the U.S. National Oceanic and Atmospheric Administration released on Tuesday, the Arctic continues to deteriorate from global warming. (David Goldman/The Associated Press)

"It's really tough for us to live up there, let alone thrive," said report co-author Kaare Sikuaq Erickson, a community science liaison from the Bering Sea village of Unalakleet.

'Extremely scary'

When sea ice hit its annual minimum in September for how far it extends, it was only the 12th lowest on record. But the rarer thick sea ice, which stays around for more than a year, was the second lowest at the end of the summer since records began in 1985, reflecting a problem in the more crucial type of ice for the Arctic.

"The sea ice loss in the Bering Sea is extremely, extremely scary," Erickson said. "It's an ecosystem collapse situation. I think the sea ice loss in my region is probably the biggest concern."

Report editor Twila Moon, a scientist at the National Snow and Ice Data Center, said people may think "if something is not setting a brand new record, then it's going pretty well. And that is not true."

The Arctic is on a roller coaster of acceptable conditions and horrible ones, Moon said, pointing to Greenland.

In this Aug. 16, 2019, file photo, large icebergs float away as the sun rises near Kulusuk, Greenland. (Felipe Dana/The Associated Press)

"If you had asked me in early July how we're doing for the Greenland ice sheet, I would have given you two thumbs up. We were having, surprisingly, what felt like a normal year," Moon said.

"And then we had these really extreme melt events coming in late July and in August, creating brand new records, giving us rainfall observed at the summit of Greenland for the first time ever."

It's usually so cold there that precipitation always had fallen as snow.

Expansion of beavers

Another weird situation was the expansion of beavers into western Alaska, something Moon called "stunning." There are more than 12,000 dams there, double the amount from two decades ago.

Beavers are a problem because they dam an area causing more water to pool on the surface, which enhances permafrost thaw, making roads, airports, pipelines and structures less stable, Moon said. It's changed where fish and even beluga whales live, Erickson said.

• Reports from the land: N.W.T. hunters and trappers describe unusually warm fall

"It's a real transformation or disruption of the existing ecosystem," Moon said.

Hours before the report card release, the World Meteorological Organization announced that it confirmed a new record warm temperature set for the Arctic in June 2020 in the Russian town of Verkhoyansk. Temperature in that Siberian town hit 100.4 degree s (38 degrees Celsius).

That's an absurd temperature for the Arctic, Moon said.

Climate change has destabilized the Earth’s poles, putting the rest of the planet in peril

New research shows how rising temperatures have irreversibly altered both the Arctic and Antarctic. Ripple effects will be felt around the globe.

The National Oceanic and Atmospheric Administration (NOAA) released 2021’s Arctic report card on Dec. 14. (NOAA)

By Sarah Kaplan

LONG READ

The ice shelf was cracking up. Surveys showed warm ocean water eroding its underbelly. Satellite imagery revealed long, parallel fissures in the frozen expanse, like scratches from some clawed monster. One fracture grew so big, so fast, scientists took to calling it “the dagger.”

“It was hugely surprising to see things changing that fast,” said Erin Pettit. The Oregon State University glaciologist had chosen this spot for her Antarctic field research precisely because of its stability. While other parts of the infamous Thwaites Glacier crumbled, this wedge of floating ice acted as a brace, slowing the melt. It was supposed to be boring, durable, safe.

Now climate change has turned the ice shelf into a threat — to Pettit’s field work, and to the world.

Planet-warming pollution from burning fossil fuels and other human activities has already raised global temperatures more than 1.1 degrees Celsius (2 degrees Fahrenheit). But the effects are particularly profound at the poles, where rising temperatures have seriously undermined regions once locked in ice.

The Arctic could get more rain and less snow sooner than projected. Here’s why that matters.

In research presented this week at the world’s biggest earth science conference, Pettit showed that the Thwaites ice shelf could collapse within the next three to five years, unleashing a river of ice that could dramatically raise sea levels. Aerial surveys document how warmer conditions have allowed beavers to invade the Arctic tundra, flooding the landscape with their dams. Large commercial ships are increasingly infiltrating formerly frozen areas, disturbing wildlife and generating disastrous amounts of trash. In many Alaska Native communities, climate impacts compounded the hardships of the coronavirus pandemic, leading to food shortages among people who have lived off this land for thousands of years.

“The very character of these places is changing,” said Twila Moon, a glaciologist at the National Snow and Ice Data Center and co-editor of the Arctic Report Card, an annual assessment of the state of the top of the world. “We are seeing conditions unlike those ever seen before.”

The rapid transformation of the Arctic and Antarctic creates ripple effects all over the planet. Sea levels will rise, weather patterns will shift and ecosystems will be altered. Unless humanity acts swiftly to curb emissions, scientists say, the same forces that have destabilized the poles will wreak havoc on the rest of the globe.

“The Arctic is a way to look into the future,” said Matthew Druckenmiller, a scientist at the National Snow and Ice Data Center and another co-editor of the Arctic Report Card. “Small changes in temperature can have huge effects in a region that is dominated by ice.”

“The Arctic is a way to look into the future.”Matthew Druckenmiller, scientist and Arctic Report Card co-editor

This year’s edition of the report card, which was presented at the American Geophysical Union annual meeting Tuesday, describes a landscape that is transforming so fast scientists struggle to keep up. Temperatures in the Arctic are rising twice as fast as the global average. The period between October and December 2020 was the warmest on record, scientists say.

Separately on Tuesday, the World Meteorological Organization confirmed a new temperature record for the Arctic: 100 degrees Fahrenheit in the Siberian town of Verkhoyansk on June 20, 2020.

Adrift in the Arctic: The biggest North Pole expedition in history aims to understand climate change

These warm conditions are catastrophic for the sea ice that usually spans across the North Pole. This past summer saw the second-lowest extent of thick, old sea ice since tracking began in 1985. Large mammals like polar bears go hungry without this crucial platform from which to hunt. Marine life ranging from tiny plankton to giant whales are at risk.

“It’s an ecosystem collapse situation,” said Kaare Sikuaq Erickson, whose business Ikaagun Engagement facilitates cooperation between scientists and Alaska Native communities.

The consequences of this loss will be felt far beyond the Arctic. Sea ice has traditionally acted as Earth’s “air conditioner”; it reflects as much as two thirds of the light that hits it, sending huge amounts of solar radiation back into space.

By contrast, dark expanses of water absorb heat, and it is difficult for these areas to refreeze. Less sea ice means more open ocean, more heat absorption and more climate change.

“We have a narrow window of time to avoid very costly, deadly and irreversible climate impacts,” National Oceanic and Atmospheric Administration head Rick Spinrad told reporters Tuesday.

Record highs have also sounded the death knell for ice on land. Three historic melting episodes struck Greenland in July and August, causing the island’s massive ice sheet to lose about 77 trillion pounds. On Aug. 14, for the first time in recorded history, rain fell at the ice sheet summit.

“I think my jaw would have hit the floor,” Moon said, imagining what she might have felt had she witnessed the unprecedented event. “This fundamentally changes the character of that ice sheet surface.”

A critical ocean system may be heading for collapse due to Arctic warming

Though the Greenland ice sheet is more than a mile thick at its center, rain can darken the surface, causing the ice to absorb more of the sun’s heat, Moon said. It changes the way snow behaves and slicks the top of the ice.

The consequences for people living in the Arctic can be dire. In Greenland and elsewhere, meltwater from shrinking glaciers has deluged rivers and contributed to floods. Retreating ice exposes unstable cliffs that can easily collapse into the ocean, triggering deadly tsunamis. Roads buckle, water systems fail and buildings cave in as the permafrost beneath them thaws.

Some 5 million people living in the Arctic’s permafrost regions are at risk from the changes happening at their shores and under their feet.

“It’s not just about polar bears, it’s about actual humans,” said Rick Thoman, a climate specialist at the International Arctic Research Center at the University of Alaska Fairbanks and another co-editor of the Arctic Report Card. “These changes are impacting people and their lives and livelihoods from ‘What’s for dinner tonight?’ up to the international scale.”

In Antarctica, said University of Colorado at Boulder glaciologist Ted Scampos, “climate change is more about wind changes and ocean changes than warming — although that is happening in many parts of it as well.”

Though the continent stays frozen for much of the year, rising temperatures in the Pacific have changed how air circulates around the South Pole, which in turn affects ocean currents. Warm, deep ocean water is welling up toward coastlines, lapping at the ice sheet’s frozen underbelly, weakening it from below.

“This is triggering the beginnings of a massive collapse,” Scampos wrote in an email from Antarctica’s McMurdo Station, where he is preparing for a field trip to the Thwaites Glacier’s failing ice shelf.

The disintegration of the Thwaites ice shelf won’t immediately increase sea levels — that ice already floats on top of the water, taking up the same amount of space whether it’s solid or liquid. But without the ice shelf acting as a brace, the land-bound parts of the glacier will start to flow more quickly. Thwaites could become vulnerable to ice cliff collapse, a process in which towering walls of ice that directly overlook the ocean start to crumble.

If the entire glacier failed, it would raise sea levels by several feet. Island nations and coastal communities would be inundated.

“We don’t know exactly if or when ice cliff failure is going to initiate,” said Anna Crawford, a glaciologist at the University of St. Andrews who works on models of the process. “But we’re certain Antarctica is going to change.”

“There’s ample evidence to support reducing emissions,” she added, “because it’s giving us enough to be worried about already.”

Radical warming in Siberia leaves millions on unstable ground

For some in the Arctic, this rapid thaw represents opportunity. Tundra vegetation flourishes in the warmer weather. Beavers have migrated northward, digging their paws into the once-frozen earth.

Satellite images show that the number of beaver ponds in western Alaska — formed when the large rodents build their dams along waterways — has at least doubled since 2000. These ponds can contribute to the rapid thaw of permafrost, unleashing carbon that has been locked in soil for thousands of years. But it’s not yet clear what beaver engineering means for the planet, or even for the ecosystems just downstream.

Warmer conditions have also allowed people to infiltrate new environments, and here the detrimental impacts are plain to see. New shipping routes have been established through areas once blocked by sea ice, disrupting wildlife and polluting the ocean with unnatural noise.

Passing ships also leave behind huge amounts of garbage; in summer 2020, hundreds of items washed ashore in Alaskan communities along the Bering Strait. Residents — most of them Alaska Natives — found clothes, equipment, plastic food packaging and cans of hazardous oils and insecticides in waters where they regularly fish. Labels in English, Russian, Korean and a host of other languages illustrated the international nature of the problem.

Ice and snow on the shoreline at Teshekpuk Lake in North Slope Borough, Alaska, on May 28, 2019. The lake is the largest in Arctic Alaska and is a significant location for geese to molt and for caribou to migrate and calf. (Bonnie Jo Mount/The Washington Post)

For many Arctic residents, climate change is a threat multiplier — worsening the dangers of whatever other crises come their way. Another essay in the Arctic Report Card documents the threats to Alaska Natives’ food security caused by the coronavirus pandemic. Quarantine restrictions prevented people from traveling to their traditional harvesting grounds. Economic upheaval and supply chain issues left many grocery stores with empty shelves.

But the essay, which was co-written by Inupiaq, Hadia, Ahtna and Supiaq researchers, along with experts from other Native communities, also highlights how Indigenous cultural practices helped communities stave off hunger. Existing food sharing networks redoubled their efforts. Harvesting traditions were adapted with public health in mind.

Native Americans’ farming practices may help feed a warming world

“Our people, we’ve had to have these underlying characteristics of resiliency, sharing, respect,” said Erickson, the Inupiaq researcher. “We focus on practical solutions, otherwise we won’t survive.”

“The rest of the world,” he added, “is going to have to face that as well.”

Though no place on Earth is changing as fast as the Arctic, rising temperatures have already brought similar chaos to more temperate climes as well. Unpredictable weather, unstable landscapes and collapsing ecosystems are becoming facts of life in communities around the globe.

None of this represents a “new normal,” Moon cautioned. It’s merely a pit stop on a path to an even stranger and more dangerous future.

Global greenhouse gas emissions are on track to keep rising. Governments and businesses have not taken the steps needed to avert catastrophic warming beyond 1.5 degrees Celsius (2.7 degrees Fahrenheit) above preindustrial levels. There is every reason to believe that instability at the poles — and around the planet — will get worse.

But achieving the best case climate scenarios could cut the volume of ice lost from Greenland by 75 percent, research suggests. International cooperation could prevent garbage from getting into the oceans and alleviate the effects of marine noise. Better surveillance and early warning systems can keep people safe when melting triggers landslides and floods.

“There’s such a big range and difference in what the future of the Arctic and the future anywhere on our globe can look like,” Moon said. “It all depends on human actions.”