Dow CEO Jim Fitterling on advanced nuclear reactor project in Texas
Dow CEO Jim Fitterling on advanced nuclear reactor project in Texas
Dow CEO Jim Fitterling joins ‘Squawk on the Street’ to discuss Dow’s new nuclear project, safety concerns around nuclear plants, and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
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Content
0 -> joining us now is Dow CEO Jim fitterling
3.06 -> Jim thanks for joining us
6.54 -> good morning Sarah thanks for having me
8.28 -> good morning this is really interesting
9.9 -> when I think of nuclear plants I think
12.54 -> of powering electricity for a city or
16.379 -> more I don't necessarily think of it as
18.6 -> powering it for a plant is this A New
20.58 -> Concept concept
24.18 -> well we're pleased to be working with X
26.76 -> energy our partner under the does
29.06 -> Advanced reactor demonstration program
31.5 -> to bring Advanced nuclear or small
34.559 -> modular nuclear reactors into industry
37.079 -> this will be first of its kind in
39.18 -> Industry to basically take our power and
43.739 -> steam production at the Seadrift Texas
45.78 -> site completely to nuclear and we chose
49.02 -> xenergy because their technology allows
51.96 -> us not only to generate the electricity
53.64 -> we need at the site but to generate high
56.399 -> pressure steam and most most of Industry
58.68 -> our industry in particular but many
60.899 -> materials Industries require a lot of
63.48 -> process heat and steam as much as they
65.76 -> do electricity
68.64 -> interesting because nuclear
75.24 -> nuclear Germany just last week shut down
77.82 -> the last three nuclear plants I know
80.1 -> it's kind of a controversial decision
81.54 -> but was it tough to get Department of
83.82 -> energy on board with this
86.82 -> foreign
87.72 -> well this is a whole new nuclear
90.86 -> application that's coming out these
93.36 -> Advanced small modular reactors will be
95.64 -> the future of safe reliable base load
98.64 -> power one of the challenges that you can
101.28 -> see happening in the country right now
103.02 -> from California even Texas up and down
106.619 -> the east coast is we're starting to have
108.96 -> times of day where you're starting to
110.939 -> have power outages and that's because
112.619 -> we've taken out base load power and
115.14 -> replaced it primarily with wind and
116.82 -> solar we're big Advocates of wind and
118.86 -> solar and we use a lot of wind and solar
120.96 -> but we need 24 7 reliable power it needs
124.86 -> power needs to be sustainable reliable
127.5 -> and affordable and that's where we think
129.899 -> new nuclear fits this is an inherently
133.14 -> safer technology than what you're used
135.72 -> to seeing in the utility sector nuclear
139.26 -> is based on light water reactors and
140.94 -> you're thinking about large one gigawatt
142.739 -> units one module of the x-energy xc100
146.58 -> is an 80mb one module that generates
149.819 -> enough power and steam for us we'll put
152.459 -> four of those small modules together at
155.58 -> the site and we'll take the site to zero
158.94 -> carbon emissions from power and steam so
160.86 -> it'll eliminate 440 000 tons of carbon
164.76 -> and steam emissions just by that one
166.62 -> application and we think on top of
169.319 -> hydrogen and carbon capture which will
171.599 -> also be critical small modular nuclear
174.78 -> will be the future for industry and
177.54 -> probably for utilities it's interesting
180.12 -> Jim you know your point about the grid
181.8 -> demand is a good one and I wonder if you
184.68 -> think concerns about that are going to
186.72 -> get more acute because of I don't know
189.18 -> EV adoption or is the market efficient
191.879 -> enough to get that Supply out in front
194.099 -> of that kind of curve
197.7 -> yeah I think two things have to happen
200.159 -> one of we have to realize that clean
202.92 -> natural gas has been one of the things
204.84 -> that got us to this point and it's a
208.44 -> simple calculation on the grid if you
210.72 -> take a thousand megawatts of coal-fired
213.12 -> power off the grid
214.8 -> you can't just replace it with a
216.72 -> thousand megawatts of wind and solar
218.58 -> that thousand megawatts of wind and
220.44 -> solar delivers about 240 megawatts
223.08 -> reliably to the grid that thousand
225.42 -> megawatts of coal delivers 900 megawatts
228.299 -> reliably to the grid so if you were to
230.64 -> replace that coal with Advanced nuclear
233.4 -> much more reliable supply to the Grid or
236.099 -> natural gas much more reliable Supply
238.519 -> and I think we have to realize that from
241.14 -> an economic standpoint people at home
243.9 -> are not going to want to live through
245.459 -> days where they have hours of power
247.319 -> outages people in Industry are not going
250.62 -> to move their factories back to a
252.78 -> country that can't provide them 24 7
255.36 -> reliable power so we think we think
258 -> nuclear is part of that future equation
260.34 -> we think hydrogen and carbon capture are
262.8 -> a big part as well
Source: https://www.youtube.com/watch?v=uqSY6dgGOtY