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Plans for the first U.S. small modular nuclear power reactor got a boost on Tuesday as some Western U.S. cities vowed to continue with the NuScale Power Corp (SMR.N) project despite a jump in projected costs.
NuScale plans to build a demonstration small modular reactor (SMR) power plant at the Idaho National Laboratory. If successful, the six-reactor, 462 megawatt Carbon Free Power Project will run in 2030.
NuScale said in January the target price for power from the plant is $89 per megawatt hour, up 53% from the previous estimate of $58 per MWh, a jump that raised concerns about whether customers would be willing to pay for the power it generates.
But the consortium of cities in Utah, Idaho, New Mexico and Nevada called Utah Associated Municipal Power Systems, or UAMPS, greenlighted the project's budget and finance plan with 26 of 27 approving.