New nuclear reactor technology represents a once in a generation opportunity for US industrial policy, with vessels propelled by advanced small modular reactors (SMR) acting as a catalyst for the revitalisation of US shipbuilding.
That is the view of ABS Chairman and CEO Christopher J Wiernicki, who believes the next step is development of a marinised SMR demonstrator, reinforcing the conclusions of a UK classification/industry partnership.
Wiernicki said: “It is a key transformational technology. It changes the commercial model, the economics of shipping, the operation of the vessels and their design. So, while it is a global story, this is also a domestic US story, bringing together national energy and economic security and acting as a catalyst for new industrial policy amid the reinvigoration of US shipbuilding. 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.”
Wiernicki explained that SMR technology was a huge opportunity for US shipbuilding but there remained much work to support its adoption.
He added: “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. 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 seen as the key to unlocking new nuclear’s potential.
Wiernicki concluded: “Current regulations are designed for large land-based reactors, specific technologies and domestic deployment. So, we need to look at the regulatory gaps and develop a dedicated framework to support SMRs and a global collaboration for international licensing standards.”
Image: ABS Chairman and CEO Christopher J Wiernicki (credit: ABS)
