GE Hitachi Nuclear Energy says that Dominion Energy will provide funding to help develop the BWRX-300, a 300 MW small modular nuclear reactor design. The size of the investment was not disclosed.

The seed money is intended for work that could lead to commercializing the technology. The Richmond-based utility says it has no plans to build one of the reactors at any of its commercial nuclear stations.

Dan Stoddard, Chief Nuclear Officer, said, "Our view is that a modest investment now to support further development of this technology is in the interest of both companies.”

GE Hitachi projects the BWRX-300 will require up to 60 percent less capital cost per megawatt when compared to other proposed water-cooled small modular reactors or existing large nuclear designs. If these savings can be achieved, the BWRX-300 can become cost-competitive with power generation from combined cycle gas and renewables, the company claims.

In early May, Dominion's Virginia utility said it could add at least 4,720 megawatts (MW) of solar generating capacity in the next 15 years. In addition to renewable energy resources, the plan includes natural gas-fired power plants and extending the operating lives of four nuclear generating units.

The utility says that it believes carbon emissions regulation is "virtually assured in the future," either through federal initiatives or through measures adopted at the state level. Although the final scope and form are uncertain, a proposed regulation from the Virginia Department of Environmental Quality is moving through the regulatory process.