NRG Energy (NYSE: NRG) can expand its Texas nuclear power plant after it received the green light from the U.S. Nuclear Regulatory Commission (NRC).
The Atomic Safety and Licensing Board overruled NRC’s 2013 decision against construction of units 3 & 4 at the South Texas Project and gave NRG tentative approval to move ahead with construction, according to The Dallas Morning News.
In May 2013, the NRC said that Nuclear Innovation North America, a joint venture between NRG and Toshiba American Nuclear Energy, did not meet foreign ownership requirements to build the new units. The Atomic Energy Act does not allow foreign ownership, control or domination of a U.S. nuclear reactor. TANE is a subsidiary of Japan-based Toshiba. NRG announced a month after the 2011 Fukushima Daiichi nuclear plant disaster that it would write down $481 million of its investment in the new units, but Toshiba wholly funded the licensing process. NRG still owns a 90 percent stake in the joint venture.
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