NuScale Power Corporation announced that the Project Management Committee (PMC) for the Carbon Free Power Project (CFPP) reaffirmed its commitment to NuScale's small modular reactor (SMR) technology by approving a new Budget and Plan of Finance (BPF) and an update to the Development Cost Reimbursement Agreement (DCRA). This key milestone was reached with the receipt and acceptance of the CFPP's Class 3 Project Cost Estimate (PCE), which further refines the anticipated total cost of the project. The CFPP will be the first NuScale Power SMR power plant to begin operation in the United States near Idaho Falls, Idaho, at the U.S. Department of Energy'sIdaho National Laboratory.

The SMR plant will deploy six, 77-megawatt modules to generate 462 megawatts of carbon-free electricity. The CFPP remains on schedule and is a cost-competitive, carbon-free and dispatchable resource that is an important part of a diversified resource portfolio. As part of the PCE, NuScale worked with its partners at the Utah Associated Municipal Power Systems (UAMPS) to update the project's BPF, which is designed to manage and reduce risk to CFPP participants.

The BPF provides UAMPS with an option to withdraw from the project and be reimbursed for most out-of-pocket expenses if the CFPP's price of energy per megawatt hour exceeds a certain threshold. The new DCRA that was approved by the PMC also establishes an updated target price of $89 per megawatt hour, which reflects the changing financial landscape for the development of energy projects nationwide. NuScale and the CFPP have yet to execute the amendment to the DCRA adopting the new price target.

The Class 3 PCE determined that the cost of the CFPP has been influenced by external factors such as inflationary pressures and increases in the price of steel, electrical equipment and other construction commodities not seen for more than 40 years.