Duke Energy management has doubled down on plans to invest in small modular reactors, and intends to submit an early permit application this year to use one of its North Carolina sites for the nuclear technology.
Duke’s pursuit of small modular reactors (SMRs) includes seeking Department of Energy backing to help defray some of the costs. The company said recently SMRs are part of Duke’s overall goal of moving away from coal-fired power and toward more non-carbon-emitting sources.
In Duke’s latest final quarterly earnings report, released on Feb. 13, CEO Lynn Good and other Duke executives said they were “on track to submit an early site permit application” for SMRs at the company’s Belews Creek Steam Station, about 20 miles northeast of Winston-Salem. Duke is aiming for an October submission.
Small modular reactors are reactors with electric generating capacity of 300 megawatts or less, in contrast to an average of about 1,000 megawatts for existing commercial reactors. Those who support SMRs say the technology is safer, more reliable, cheaper, and easier to build than larger commercial reactors.
In August 2023, Duke announced plans to “retire coal by 2035”, when it released its updated resource plan. The plan includes new nuclear power at Belews Creek, as well as plans to increase natural gas, solar, and other energy forms.
In February 2024, the company met with the Nuclear Regulatory Commission (NRC) about its plans for the Belews Creek site. Duke’s slide presentation from the meeting highlighted the plan to submit an early permit application late 2025, with a goal of getting approval by 2027.
From there, Duke plans to submit in 2028 a certificate of public convenience and necessity, a legal standard that states if a proposed project is needed and will benefit the public — and hopes to get approval a year later. In 2030, the company wants to begin production of its first SMR and begin operation in early 2034.
In addition to Duke’s proposed SMR production, the company’s earnings report also mentions Duke’s joint application with DOE’s Tennessee Valley Authority (TVA) site for an SMR technology grant. Duke and TVA submitted the application last month and are awaiting a decision from the Energy Department.
Duke was contacted for more information on its transition to nuclear energy, but did not provide a response before deadline.
