Duke Energy Praises DOE’s New Nuclear Funding, Accelerates U.S. SMR Deployment

• Aligns with Duke Energy’s focus to reduce costs while supporting reliability and economic prosperity
• Federal cost-share project will support small modular reactor deployment by Tennessee Valley Authority and GE Vernova Hitachi

CHARLOTTE, N.C., Dec. 4, 2025 — Duke Energy reaffirmed its commitment to advanced nuclear development as part of a newly announced U.S. Department of Energy cost‑share project.

Earlier this week, the DOE disclosed a $400 million grant to the Tennessee Valley Authority (TVA) to accelerate deployment of GE Vernova Hitachi’s BWRX‑300 small modular reactor (SMR) technology. Duke Energy’s involvement in TVA’s technology grant application underlines its emerging nuclear strategy, which emphasizes collaborative, cost‑effective advancement of a standardized SMR design while incorporating industry lessons learned.

“Public‑private partnerships accelerate technology development and reduce costs and risks for customers and investors,” said Harry Sideris, president and chief executive officer of Duke Energy. “Our work with TVA and GE Vernova Hitachi will advance the BWRX‑300, paving the way for future SMR deployments that strengthen grid reliability and support economic growth.”

SMRs are positioned to become a cornerstone of Duke Energy’s diversified generation portfolio. By offering a compact, factory‑fabricated reactor that can be sited near existing transmission infrastructure, SMRs promise lower capital expenditures, shorter construction timelines, and a reduced regulatory footprint compared with traditional large‑scale reactors. For utilities grappling with the dual imperatives of decarbonization and cost containment, the BWRX‑300’s potential to deliver carbon‑free electricity at a competitive levelized cost of electricity (LCOE) is especially attractive.

From a business perspective, the DOE’s $400 million cost‑share reduces the financial risk for early adopters and signals strong federal backing for the nascent SMR market. Analysts expect the grant to catalyze a pipeline of projects that could bring SMR capacity online by the early 2030s, creating new revenue streams and bolstering the domestic nuclear supply chain. The partnership also aligns with the administration’s broader energy‑security agenda, which seeks to reduce reliance on fossil fuels while maintaining grid resilience.

Duke Energy plans to evaluate potential SMR sites, including a prospective location at Belews Creek in North Carolina. The utility intends to submit an early site permit application to the Nuclear Regulatory Commission by year‑end, a step that would give the project regulatory clarity and potentially unlock additional financing.

Technologically, the BWRX‑300 is a boiling water reactor that leverages passive safety systems and modular construction techniques. Its 300‑megawatt electric output is modest compared with conventional reactors, but the ability to replicate modules at scale could drive economies of scope. Industry observers note that successful deployment will hinge on supply‑chain maturation, streamlined licensing processes, and demonstrated operational performance.

Strategically, Duke Energy’s SMR engagement supports its long‑term goal of delivering reliable, affordable, carbon‑free power to its customers across six states. The company’s broader energy transition includes significant investments in grid modernization, renewable generation, natural‑gas‑based peaking capacity, and large‑scale energy storage. Integrating SMRs could provide firm, zero‑emission baseload capacity that complements intermittent renewables, enhancing overall system flexibility.

Duke Energy (NYSE: DUK) is a Fortune 150 company headquartered in Charlotte, North Carolina. Its electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, with a combined generation portfolio of roughly 55,100 megawatts. Its natural‑gas utilities serve an additional 1.7 million customers in five states.

As the utility executes an ambitious energy‑transition roadmap, it continues to invest in major grid upgrades and cleaner generation technologies, positioning itself to meet evolving regulatory standards and stakeholder expectations.