Marsh Risk, a business of global re/insurance broker Marsh, has secured comprehensive insurance coverage for TerraPower’s Kemmerer Unit 1.
This marks a significant move as the unit is the first commercial-scale, advanced nuclear power plant in the US to receive construction approval from the Nuclear Regulatory Commission.
The placement also marks the first time a next-generation US nuclear plant has gained direct access to the commercial insurance marketplace.
Coverage is backed by leading US, London, and Bermuda insurers alongside traditional nuclear insurance pools and risk-retention vehicles, confirms the broker.
According to Marsh Risk, this development is expected to accelerate the broader adoption of advanced nuclear technologies, which are crucial for transforming the future of clean energy infrastructure.
TerraPower’s Natrium plant, located in Kemmerer, Wyoming, introduces an innovative method for commercial nuclear power, combining advanced fast reactor technology paired with integrated energy storage to provide clean energy that is safe, flexible, and efficient.
The insurance program provides cover for TerraPower and its partners throughout the construction phase of the power plant, which is expected to commence shortly.
Commenting on the program, Michael Kolodner, US Energy & Power Practice Leader, Marsh Risk, said: “Marsh has worked steadily for 70 years to enhance the insurability of nuclear energy assets. By expanding access to all available capacity and enabling direct underwriting by commercial insurers, we are significantly enhancing the insurability and bankability of next-generation nuclear projects. Nuclear risk is insurable risk, and this insurable risk can now be financed more efficiently by our clients.”
Eric Williams, Executive Vice President and Chief Operating Officer, TerraPower, added: “TerraPower is delivering a commercial-scale advanced reactor power plant, and insurance is a key enabler in bringing that product to market. We are excited to see the resounding support from the insurance market for the construction of the first Natrium reactor, as evidenced by the oversubscribed insurance program for Kemmerer Unit 1.”
The Natrium technology features a 345 MWe sodium-cooled fast reactor with molten salt energy storage, a unique advanced reactor feature.
This storage can increase the system’s steady based output to 500 MWe for peak demand, ensuring constant reliability and quick ramp-up.
The first Natrium project is being developed in the US through a public-private partnership with the US Department of Energy. When completed, the Natrium plant will be the first utility-scale advanced nuclear power plant in the US.
