The Nuclear Regulatory Commission (NRC) today approved Dominion Energy (NYSE:D) Virginia's application to extend North Anna Power Station's operating licenses for an additional 20 years.
The power station operates two nuclear reactors in Louisa County, Va., and generates enough carbon-free electricity to power 500,000 homes. Dominion Energy's
"For more than 50 years, nuclear power has been the most reliable workhorse of our fleet and the largest source of carbon-free power in
To ensure North Anna's longevity, Dominion Energy is conducting numerous upgrades at the station, including replacing the reactors' main generators and condensers, refurbishing reactor coolant pumps and converting instrument and control systems from analog to digital. The company is also implementing 80 enhancements to station procedures, such as additional inspections and equipment testing.
The North Anna units were originally licensed to operate for 40 years in 1978 and 1980. Their licenses were renewed for an additional 20 years in 2003, following a stringent federal review process. Under its current licenses, North Anna reactors 1 and 2 could have operated through 2038 and 2040, respectively. With the renewed licenses, the units can operate through 2058 and 2060, respectively.
The thorough federal review process ensures that the facilities will continue operating in a safe and reliable manner. Dominion Energy plans to seek recovery of the costs associated with the license extension from the Virginia State Corporation Commission later this year.
The nuclear units at North Anna Power Station are both three-loop Westinghouse pressurized water reactors – capable of providing nearly 2,000 megawatts at peak capacity, or about 17 percent of the electricity delivered to Dominion Energy Virginia customers.
Dominion Energy's affiliated companies also plan to seek NRC approval to extend to 80 years the operating licenses of
D: is this perennial leader facing new challenges?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Sure, there are always opportunities in the stock market – but finding them feels more difficult now than a year ago. Unsure where to invest next? One of the best ways to discover new high-potential opportunities is to look at the top performing portfolios this year. ProPicks AI offers 6 model portfolios from Investing.com which identify the best stocks for investors to buy right now. For example, ProPicks AI found 9 overlooked stocks that jumped over 25% this year alone. The new stocks that made the monthly cut could yield enormous returns in the coming years. Is D one of them?
Unlock ProPicks AI to find out