美国清洁技术：特朗普行政命令设定雄心勃勃的核能目标

Issuer ofreport:HSBC Securities (USA) Inc.View HSBC Global Research at:https://www.research.hsbc.comListen to our insightsFind out moreHSBC Global Research PodcastsSamantha Hoh, CFASenior Analyst, Clean TechHSBC Securities (USA) Inc.samantha.hoh@us.hsbc.com+1 212 525 8783EquitiesElectrical EquipmentUnited States ◆◆◆ Summary of 23 May executive orders on nuclear energyExecutive order:Reinvigorating the nuclear industrial baseThe purpose of this executive order is to “jumpstart America’s nuclear energy industrial base”throughfederal funding for increasing nuclearfuel availability,developing a commercialsupplychain, improvinghowadvanced nuclear reactors are licensed, andgrowing aworkforce. Theexecutive order callsfor:1.Strengthening the domestic nuclear fuel cycle.Within240 days, the DOEshalllead thepublication of areport with recommendations for strengthening the domestic nuclear fuelcycle,including methods formaximizingthe efficiency and effectiveness of nuclear fuelthrough recycling, reprocessing, and reinvigorating the commercial sector. Within 120 days,the Secretary of Energyshallhave a plan to expand domestic uranium conversion capacityand expand enrichment capabilities sufficient to meet projectedcivilian defense reactorneeds of low enriched uranium (LEU), high enriched uranium (HEU),and high assay, lowenriched uranium (HALEU).More imminent deadlines include updating the DOE’s excessuranium management policy within 90 days and seeking voluntary agreements withprivatedomesticnuclear energy companies for the procurement of LEU and HALEU within 30 days.2.Funding fortherestart, completion, uprate, or construction of nuclear plants.TheDOE’s Loan Program Officeshall“prioritizeactivities that support nuclear energy, includingactions to make available resources for restarting closed nuclear power plants, increasingpower output of operating nuclear power plants, completing construction of nuclear reactorsthat wasprematurely suspended, constructing new advanced nuclear reactors, andimproving all associated aspects of the nuclear fuel supply chain.” The DOEshallfacilitatethe construction of5GW of power upratesat existing plants and 10 new,large reactorsby 2030, as well ascoordinate with the Secretary of Defense to assess the feasibilityofrestarting orrepurposing closed nuclear power plants as energy hubs for militarymicrogrids. Within 180 days, the Secretary of Energy and the Small BusinessAdministrationshallprioritize the availability of grants, loans, investment capital, fundingopportunities, and otherfederal fundingfor qualified advanced nuclear technologies.3.Expanding thenuclearenergyworkforce.Within 120 days,the Secretary of Labor andthe Secretary of Educationshallincrease participation in nuclear energy-related RegisteredApprenticeships and Career and Technical Education programs,while the Secretary ofEnergyshalltake steps to increase access to research, development infrastructure,workforce, and expertise at national labsfor students and military personnel affiliated withnuclear energy programs.Executive order: Reforming nuclear reactor testing at the Department of EnergyThe purpose of this executive order is toreform the nuclear reactor testing program attheDOE’snational labs, includingthe Idaho National Laboratory (INL). Specifically targetingadvanced reactors such as microreactors, small modular reactors, and Generation IV andGeneration III+ reactors, the executive order callsfor:1.Reforming the national laboratory process for reactor testing.Within 60 days, theSecretary ofEnergyshallissue guidance regarding what counts as a qualified test reactor.Within 30 days thereafter, the Secretaryshallrevise the regulations, guidance, procedures,and practicesat the national labsand otherentitiesunderitsjurisdiction to expedite thereview, approval, and deployment of advanced reactors, ensuring test reactors can safelyoperatewithin 2 years. 32.Establishing a pilot program outsidethe national labs.The Secretary of Energyshallcreate a pilot program for reactor construction and operation outside of the national labs. Atleast three reactor projectsshallachieve criticalityby 4 July 2026.3.Streamlining environmental reviews.The Secretary of Energy and Chair of the Councilon Environmental Qualityshallbegin reforming NEPA (National Environmental Policy Act)rules by 30 June 2025. The goal is to “eliminateor expedite the Department’senvironmental reviews for authorizations, permits, approvals, leases, and any other activityrequested by an applicant or potential applicant.” The DOE may create categoricalexclusions for certain reactors such asbased onwhere they will be located.Executive order: Ordering the reform of the Nuclear Regulatory CommissionThe purpose of this executive order is to reform theNuclear Regulatory Commission (NRC) forthe stated policy tofacilitatethe expansion of US nuclear energy capacity from c100 GW in2024 to400 GW by 2050.The independent agency wascreatedby Congress in 1974 toregulateandlicensecommer