Marsh Risk said it has secured comprehensive insurance coverage for TerraPower’s Kemmerer Unit 1 in Kemmerer, Wyoming, considered the nation’s first commercial-scale, advanced nuclear power plant approved for construction by the Nuclear Regulatory Commission.
According to Marsh, the placement is backed by U.S., London, and Bermuda insurers alongside traditional nuclear insurance pools and risk-retention vehicles. Marsh said the placement also marks the first time a next-generation U.S. nuclear plant has gained direct access to the commercial insurance marketplace.
The insurance program provides cover for TerraPower and its partners throughout the construction phase of the power plant, which is expected to commence shortly.
TerraPower’s Natrium plant is designed to combine advanced fast reactor technology with integrated energy storage. The Natrium technology features a 345 MWe sodium-cooled fast reactor with a molten salt-based energy storage system. The storage technology can boost the system’s output when needed, as it is designed to keep base output steady.
The first Natrium project is being developed through a public-private partnership with the U.S. Department of Energy. When completed, the Natrium plant will be the first utility-scale advanced nuclear power plant in the U.S, according to the Nuclear Regulatory Commission.
Marsh Risk is a business of Marsh, a global insurance broker and risk advisor.
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