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Advanced nuclear developers are pitching small modular reactors and microreactors as firm, low-carbon power for an increasingly strained grid. But early commercial deployments are being driven less by traditional utility procurement than by hyperscalers and other large energy users willing to help underwrite new projects.
Recent deals are taking shape around a three-party model involving developers, utilities and large energy customers. The arrangements give utilities a role integrating the power without requiring them to finance and own first-of-a-kind reactors, while large customers provide demand and help absorb development risk.
“If [SMRs] come along and they’re $120 a megawatt-hour equivalent, that’s still comparable to what we’re seeing now for natural gas units, if you can get them in the next few years."
Ben Olbrich
