ATLANTA, Jan. 15, 2016 /PRNewswire/ -- Southern Company today announced it has been awarded up to $40 million from the U.S. Department of Energy (DOE) to explore, develop and demonstrate advanced nuclear reactor technologies through subsidiary Southern Company Services.
The effort will be managed through a new public-private partnership with TerraPower, Oak Ridge National Laboratory, the Electric Power Research Institute and Vanderbilt University. Housed at the DOE's Oak Ridge National Laboratory, in Oak Ridge, Tennessee, the research will bolster the development of molten chloride fast reactors (MCFR), an advanced concept for nuclear generation.
"Nuclear energy currently accounts for about 20 percent of the nation's energy mix, and its importance will continue to grow as America transitions to a low-carbon energy future," said Southern Company Chairman, President and CEO Thomas A. Fanning. "This collaborative research effort will help accelerate the development of next generation nuclear reactors."
Researchers believe MCFRs could provide enhanced operational performance, safety, security and economic value, relative to other advanced reactor concepts. The MCFR project is one of two DOE cost-shared advanced reactor concept development projects awarded $6 million in 2016, with an opportunity for $40 million each in total funding over multiple years.
"In order to ensure that nuclear energy remains a key source for U.S. electricity generation well into the future, it is critically important that we invest in these technologies today," said Secretary of Energy Dr. Ernest Moniz. "Public-private partnerships to develop advanced nuclear capabilities will enable low-carbon nuclear energy to power America for years to come."
A long-standing proponent of nuclear power, Southern Company – through its subsidiaries – is the only electric utility in America today developing the full portfolio of energy resources, including being one of the first to build new nuclear units in more than 30 years. The company is building the two new nuclear units at subsidiary Georgia Power's Plant Vogtle, which are expected to provide enough emission-free generation to power 500,000 homes and businesses.
An industry leader in robust, proprietary research and development, Southern Company has managed approximately $2 billion in research and development investments since the 1960s, leading to the development and deployment of new, innovative technologies that are changing the way America produces electricity. In addition to leading the MCFR effort, Southern Company operates the DOE's National Carbon Capture Center in Alabama, and the company is conducting the nation's largest demonstration of carbon capture on a pulverized-coal power plant at subsidiary Alabama Power's Plant Barry.
With more than 4.5 million customers and approximately 46,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast through its subsidiaries. A leading U.S. producer of clean, safe, reliable and affordable electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America's energy future by developing the full portfolio of energy resources, including nuclear, 21st century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a 2014 Top Employer for Hispanics by Hispanic Network. The company earned the 2014 National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development, and is continually ranked among the top utilities in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.
SOURCE Southern Company