Xcel Energy Joins Terrestrial Energy’s Industrial Advisory Board
Oakville, Ontario – February 25, 2020 – Terrestrial Energy announced today that Xcel Energy has joined its Industrial Advisory Board. In late 2018, Xcel Energy became the first major U.S. energy company to report plans to move to 100-percent clean energy, and nuclear energy is an essential part of that plan. Xcel Energy’s website notes: “Nuclear energy is America’s largest source of clean, carbon-free energy, and emits no greenhouse gases.”
Xcel Energy’s carbon-free energy goal recognizes that carbon-free energy must be reliable and delivered at the lowest possible prices to its customers. While existing nuclear power plants and other carbon-free technologies can make a significant contribution to achieving its carbon-free energy goal, Xcel Energy also recognizes that to complete its carbon-free energy journey, a breakthrough technology, such as Generation IV reactor technology, is needed.
“Nuclear energy is an essential part of our plans to provide 100-percent carbon-free energy to our customers. Advanced Generation IV nuclear technology can provide the reliable, carbon-free power that existing nuclear plants do today, with designs that are more affordable and versatile than traditional designs,” said Xcel Chief Generation Officer Timothy O’Connor. “Terrestrial Energy’s IMSR® technology has great potential for producing that more affordable and versatile carbon-free energy over a range of applications. We are pleased to advise Terrestrial Energy as it works to bring its Generation IV IMSR® technology to market.”
“Xcel Energy is moving to decarbonize energy supply for its many millions of customers, and it recognizes the value of nuclear energy in that effort,” said Terrestrial Energy CEO Simon Irish. “Terrestrial Energy is developing its IMSR® nuclear plant to produce affordable, cost-competitive, carbon-free electricity as well as heat for energy-intensive industries. Our IMSR® development program will benefit greatly from the Xcel Energy’s leadership and extensive operating experience.”
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. Xcel Energy owns and operates two nuclear power plants: Monticello Nuclear Generating Plant near Monticello, MN, and Prairie Island Nuclear Generating Plant near Red Wing, MN. These plants generate nearly 30 percent of the electric power that Xcel Energy supplies millions of homes and businesses in eight Midwestern and Western states.
About Terrestrial Energy
Terrestrial Energy is a developer of Generation IV advanced nuclear power plants that use its proprietary Integral Molten Salt Reactor (IMSR®) technology. IMSR® technology represents true innovation in cost reduction, versatility and functionality of nuclear power plants. IMSR® power plants will provide zero-carbon, reliable, dispatchable, cost-competitive electric power and high-grade industrial heat for use in many industrial applications, such as chemical synthesis and desalination, and in so doing extend the application of nuclear energy far beyond electric power markets. They have the potential to make important contributions to industrial competitiveness, energy security, and economic growth. Their deployment will support rapid global decarbonization of the primary energy system by displacing fossil fuel combustion across a broad spectrum. Using an innovative design, and proven and demonstrated molten salt reactor technology, Terrestrial Energy is engaged with regulators and industrial partners to complete IMSR® engineering and to commission first IMSR® power plants in the late 2020s.
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