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Greenville Business Magazine

The Business Narrative: Exploration of New Nuclear Technologies

Jan 22, 2025 10:47AM ● By Donna Walker

Duke Energy Joins Industry Group Vying for DOE Grant

(Image courtesy of Duke Energy)

 

Duke Energy announced its participation in a multi-joint public-private application for the Department of Energy's (DOE) U.S. Gen III+ small modular reactor (SMR) technology grant.

 

If awarded by the DOE, the grant, which is being led by Tennessee Valley Authority (TVA), will support Duke Energy's new nuclear strategy by joining with other utilities and technology providers to more cost effectively advance a standard technology design and license, while learning best practices from others in the industry who are also pursuing new nuclear technologies.

 

The goal is to continue to reduce technology risks and costs for the benefit of our customers, communities and investors. 

 

"Our participation in this grant reflects our commitment to nuclear energy's role in our long-term 'all of the above' generation strategy by supporting the rigorous evaluation of future technologies, such as small modular reactors," said Harry Sideris, Duke Energy’s president.

 

Sideris added, "Public-private partnerships such as this accelerate technology development and increase our access to industry learnings and best practices, so we can deliver the best value for our customers, communities and investors."

 

As outlined in the DOE grant application, Duke Energy will participate as a member of a proposed U.S. coalition on SMRs.

 

This includes working as a collective group to assess risks and foster U.S. heavy manufacturing and supply chain capabilities that could result in cost reductions and collaboration across deployments.

 

The coalition will also seek input from local communities, including those impacted by retired fossil plants.

 

In addition, Duke Energy has entered into an agreement with GE Hitachi to invest in activities to advance the standard design and licensing for GE Hitachi's BWRX-300 SMR technology.

 

Officials said this agreement, along with participation in the potential U.S. SMR coalition, will provide another avenue for Duke Energy to exchange valuable insight and best practices with TVA and other collaborators as they implement GE Hitachi's SMR technology.

 

Officials added this work will help inform Duke Energy's near-term evaluation and early development activities for new nuclear, which supports the company's energy transition and will deliver value to its customers and communities.

 

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, North Carolina, is one of America's largest energy holding companies.

 

The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity.

 

Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. 

Governor Requests Reinstatement of Medicaid Work Requirements

Gov. Henry McMaster formally requested the U.S. Department of Health and Human Services (HHS) work with the South Carolina Department of Health and Human Services (SCDHHS) to reinstate the state’s Healthy Connections Community Engagement Initiative, also known as Medicaid Work Requirements.

 

The initiative promotes healthier outcomes and incentivizes financial independence by adding community engagement requirements for qualifying Medicaid members that would include 80 hours of monthly work, job training, education, or community service. 

 

"Granting South Carolina the authorities necessary to reinstitute this initiative will strengthen the Medicaid program's dual missions of financing health services and improving opportunities for independence, self-reliance, and prosperity for the state's citizens," McMaster wrote in the letter to Acting HHS Secretary Dorothy Fink.

 

The governor's letter added: "South Carolina pursued the Section 1115 waivers that made up its Healthy Connections Community Engagement Initiative to close the health care coverage gap created by the Patient Protection and Affordable Care Act (ACA) and incentivize employment among its citizens.

 

“Under the ACA, adults are eligible for subsidized health care coverage on the federal exchange when their earnings reach the federal poverty level. However, Medicaid coverage ends for many working parents at a threshold that is below the federal poverty level.

 

"This flawed structure created a health care coverage gap that disincentivizes many low-income families from earning additional income. This presents working families with an undesirable choice: earn additional income to support their family or lose their healthcare coverage."

 

In January 2018, McMaster directed SCDHHS to seek federal waivers to establish work requirements for qualifying Medicaid recipients. 

 

South Carolina’s application was approved by the Trump Administration in December 2019 but it was paused during the Covid-19 pandemic to comply with federal requirements under the Families First Coronavirus Response Act. 

 

The Biden Administration then withdrew approval of the initiative in August 2021. 

 

The governor's request for reinstatement is centered around restoring the New Coverage for Parents and Community Engagement components of the Palmetto Pathways to Independence section 1115 waiver that was approved by the Centers for Medicare and Medicaid Services in December 2019. 

Ports Labor Resolution Brightens Logistics Outlook

Developers continue to bet big on Charleston’s long-term potential as a logistics hub as 1,544,578 square feet of speculative cross-dock space broke ground in 2024 despite elevated vacancy and volatile leasing volume, according to a new report from Colliers, the largest full-service commercial real estate firm in South Carolina.

 

The report said asking rents continue to rise behind skyrocketing construction, financing and land costs, though an increasing number of leases are signing at discounts to asking price as owners face pressure from an excess of new construction.

 

Colliers said developers are banking land or converting properties to industrial outdoor storage as the Charleston market posted its fifth straight quarter of negative net absorption.

 

Colliers said that despite short-term headwinds, the resolution of an ILA labor dispute impacting the Port of Charleston should contribute to an uptick in new leasing activity in 2025, as should Boeing’s and Google’s announcements of upcoming capital investments exceeding $4B.

 

Researchers said sales volume exceeded $350M as investors focused on fully leased properties with an eye towards the long term.

Beach Renourishment Is On The Way

The United States Army Corps of Engineers Charleston District announced that it awarded a contract to renourish Myrtle Beach and other beaches in the Grand Strand to fix damage caused by Hurricanes Ian and Debby.

The project will place two million cubic yards of material on beaches in the area, including the beach in the city limits of Myrtle Beach.

 

The renourishment is funded entirely by the Corps of Engineers and will cost $72 million.

 

Officials said the project will help reduce the risk to life and infrastructure behind the dunes along the Grand Strand.

Hurricane Ian struck Myrtle Beach and the South Carolina coast in September 2022 and Hurricane Debby in August 2024, causing severe erosion to the beach.

Work is expected to begin this spring.

 

Officials said a more detailed timeline will be released once the contractor’s work plan is finalized and a mobilization date had been coordinated.

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