核能_能源-小型模块化反应堆（SMR）、霍尔特克（Holtec）参与的美国核电小组会要点-_ Nuclear_ Energy, CleanTech & Utilities Conference -Takeaways from US Nuclear Power Panel with SMR, Holtec

Summary of Conference Call on Nuclear Power Panel with SMR and Holtec Industry Overview - The conference focused on the nuclear power sector, specifically small modular reactors (SMR) and clean energy opportunities presented by Holtec International and NuScale Power [1][2]. Key Points from NuScale Power (SMR) Market Outlook - SMR anticipates 2025 as a pivotal year with the receipt of Standard Design Approval (SDA) for its 77 MW module from the NRC and a ~5.5 GW agreement with TVA through partner Entra1 [2]. - The company aims to finalize a firm Power Purchase Agreement (PPA) in 2026, viewing it as critical due to increasing competition in the SMR market [2][3]. Customer Relationships - SMR is leveraging its partnership with Entra1 to enhance customer relationships and has existing agreements with TVA and RoPower [3]. - The company plans to submit a Combined Operating License Application (COLA) and commence Front-End Engineering Design (FEED) efforts post-PPA, targeting electricity generation by 2030 [3]. Supply Chain and Funding - SMR is collaborating with Doosan to manufacture its first 12 modules [4]. - The company is a potential beneficiary of $25 billion in funding from the US/Japan trade deal to advance its SMR design [4]. Key Points from Holtec International Market Outlook - Holtec is active in various nuclear value chain aspects and had a successful 2025, with strong results across business units, except for decommissioning [7]. - The company plans to restart the Palisades reactor in Michigan in 2026 and has entered a $600 million contract with Taiwan for two dry storage facilities [7]. Restart Opportunities - Holtec is responsible for four decommissioning projects and sees potential to restart the Indian Point reactor, which could provide about 2 GW of power, contingent on political and local support [8]. SMR Development - Holtec has been developing its SMR 300 design since 2011, focusing on Pressurized Water Reactor (PWR) technology [9]. - The company aims to deploy its first reactor at Palisades and has started the formal regulatory review process with the NRC [9]. - Holtec received a $400 million grant from the DOE to support its SMR design development and is in advanced discussions with customers for commercial offtake in the first half of 2026 [9]. Valuation and Risks for SMR - SMR is rated Neutral with a 12-month price target of $23, based on a 50/50 weighting of DCF and EV/Sales estimates [10]. - Key risks include execution risk, customer relationships, cash burn, financing needs, delivery costs for modules, competition, and licensing challenges [10]. Additional Notes - Holtec International is a private company, and specific disclosures regarding its operations were not provided [11]. - The conference highlighted the growing interest in nuclear applications among utilities, indicating a potential shift in market dynamics [9].