Nuclear could revitalise US shipbuilding

Small modular reactors (SMR) represent a unique opportunity for US industrial policy, according to ABS chair and chief executive, Christopher J. Wiernicki, who believes the next step is development of an SMR demonstrator for marine use.

“It is a key transformational technology,” he said.

“New nuclear can be highly competitive. The economics are compelling over the life of a vessel when you account for fuel differentials, the cost of compliance and residual value, it costs roughly the same as fossil options,” he added.

He explained that SMR technology was a huge opportunity for US shipbuilding but there remained much work needed to support its adoption.

“New nuclear could be US shipbuilding’s secret weapon, but we need to invest in the technology, and we need a new nuclear playbook to make it happen,” he continued.

“We have to separate the commercial approach from the military and land-based applications from marine and enhance public engagement and education.”

Regulation and licensing are also key in unlocking nuclear’s potential, he says.

“Current regulations are designed for large land-based reactors, specific technologies and domestic deployment,” said Wiernicki.

“We need to look at the regulatory gaps and develop a dedicated framework to support SMRs and a global collaboration for international licensing standards.”

ABS published the industry’s first comprehensive rules for floating nuclear power in October last year.