ML25251A127
| ML25251A127 | |
| Person / Time | |
|---|---|
| Site: | Kemmerer File:TerraPower icon.png |
| Issue date: | 09/09/2025 |
| From: | George Wilson TerraPower |
| To: | Office of Nuclear Reactor Regulation, Document Control Desk |
| Shared Package | |
| ML25251A001 | List: |
| References | |
| TP-LIC-LET-0437 | |
| Download: ML25251A127 (1) | |
Text
An enclosure transmitted herewith contains TerraPower confidential information. When separated from the confidential information, this document is decontrolled.
15800 Northup Way, Bellevue, WA 98008 www.TerraPower.com P. +1 (425) 324-2888 F. +1 (425) 324-2889 TP-LIC-LET-0437 Docket Number 50-613 September 9, 2025 U.S. Nuclear Regulatory Commission Washington, DC 20555-0001 ATTN: Document Control Desk
Subject:
Revision to Exemption Request from 10 CFR 50.33(f) and 10 CFR 50 Appendix C Financial Qualification Documentation Requirements and Revision to the General and Financial Information of the Kemmerer Power Station Unit 1 Construction Permit Application
Reference:
- 1. TerraPower, LLC on behalf of US SFR Owner, LLC, Submittal of the Construction Permit Application for the Natrium Reactor Plant, Kemmerer Power Station, Unit 1, March 28, 2024, ML24088A060.
TerraPower, LLC (TerraPower), on behalf of US SFR Owner, LLC (USO), a wholly owned subsidiary of TerraPower, submitted the Kemmerer Power Station Unit 1 (KU1) construction permit application (CPA) in Reference 1. Enclosure 4 of Reference 1 contained an exemption request from Title 10 of the Code of Federal Regulations (10 CFR) 50.33(f) and 10 CFR 50 Appendix C financial qualification documentation requirements. TerraPower hereby supersedes the request in Reference 1 with this submittal to provide additional information and apply the financial qualification standards required by 10 CFR 70.23(a)(5) for applicants under 10 CFR 70, specifically, "that the applicant appears to be financially qualified," in lieu of the construction financial qualification requirements in 10 CFR 50.33(f) and 10 CFR 50 Appendix C.
The Enclosure 1 to this letter provides the basis for the exemption requested from 10 CFR 50.33(f) and 10 CFR 50 Appendix C financial qualification documentation requirements in support of the KU1 CPA. of Reference 1 contained the proprietary (non-public) General and Financial Information in support of the KU1 CPA. Enclosure 3 (public) and Enclosure 4 (non-public) to this letter provide a revision to the General and Financial Information in support of the revised exemption request. contains proprietary and as such, it is requested that it be withheld from public disclosure in accordance with 10 CFR 2.390, Public inspections, exemptions, requests for withholding. An affidavit certifying the basis for the request to withhold proprietary information from public
Date: September 9, 2025 Page 2 of 2 15800 Northup Way, Bellevue, WA 98008 www.TerraPower.com P. +1 (425) 324-2888 F. +1 (425) 324-2889 disclosure is included as Enclosure 2. Proprietary information has been redacted from Enclosure 3 identified using (( ))(a)(4).
This letter and enclosure make no new regulatory commitments.
If you have any questions regarding this submittal, please contact Nick Kellenberger at nkellenberger@terrapower.com or Ian Gifford at igifford@terrapower.com.
Sincerely, George Wilson Senior Vice President, Regulatory Affairs TerraPower, LLC :
Revised Exemption Request from 10 CFR 50.33(f) and 10 CFR 50 Appendix C Financial Qualifications :
TerraPower, LLC Affidavit and Request for Withholding from Public Disclosure (10 CFR 2.390(a)(4)) :
Revised General and Financial Information (Public) :
Revised General and Financial Information (Non-Public) cc:
Mallecia Sutton, NRC Joshua Borromeo, NRC Nathan Howard, DOE
15800 Northup Way, Bellevue, WA 98008 www.TerraPower.com P. +1 (425) 324-2888 F. +1 (425) 324-2889 ENCLOSURE 1 Revised Exemption Request from 10 CFR 50.33(f) and 10 CFR Appendix C Financial Qualifications Page 1 of 11 Introduction Pursuant to Title 10 of the Code of Federal Regulations (10 CFR) 50.12(a), TerraPower, LLC (TerraPower), on behalf of US SFR Owner, LLC (USO), a wholly owned subsidiary of TerraPower, requests an exemption from 10 CFR 50.33(f) and 10 CFR 50 Appendix C and allow the application of the financial qualification standards required by 10 CFR 70.23(a)(5) for applicants under 10 CFR 70, specifically, "that the applicant appears to be financially qualified," in lieu of the construction financial qualification requirements in 10 CFR 50.33(f) and 10 CFR 50 Appendix C. This exemption request does not alter the underlying purpose of 10 CFR 50.33(f) nor 10 CFR 50 Appendix C.
This exemption request is supported by the construction permit application (CPA) submitted by TerraPower, on behalf of USO, in March 2024 (Reference 1), to deploy the Natrium1 Reactor Plant design at the KU1 site. Specifically, CPA Enclosure 9, General and Financial Information Proprietary (Non-Public), is revised to support this exemption request. The revision to the General and Financial Information contains a financial capacity plan (FCP) consistent with guidance in the Nuclear Regulatory Commission (NRC) regulatory basis document supporting a rulemaking to amend the 10 CFR 50 financial qualification requirements to conform to the 10 CFR 70 financial qualification standards (Reference 2, Reference 3). As reflected in SRM-SECY-18-0026 (Reference 4) and SECY-23-0021, Enclosure 1 (Reference 5) and discussed later in this request, this rulemaking was subsequently disapproved with direction to the staff to consider financial qualifications as part of the 10 CFR 53 rulemaking. The original cost estimate as provided in the KU1 CPA Enclosure 9 is unchanged for this request. The FCP and cost estimate contained in the revised General and Financial Information demonstrate USOs financial capacity to obtain the necessary funding for KU1 construction, and as such are intended to support a determination that the 10 CFR 70.23(a)(5) "appears to be financially qualified" requirement is met under the requested exemption. It is noted that the financial qualification review standard in Reference 2 is substantially the same as that used in support of a similar exemption granted by the Commission as part of the South Texas Project (STP) Units 3 and 4 combined license application (COLA) (Reference 6).
The financial qualification standards of 10 CFR 50.33(f) and 10 CFR 50 Appendix C, require detailed cost and funding documentation to be provided by applicants, including those that are newly formed non-utility entities as defined in NUREG-1577, Revision 1 (Reference 7).
Specifically, 10 CFR 50.33(f) requires applicants to provide as part of the application "information sufficient to demonstrate to the Commission the financial qualification of the applicant to carry out... the activities for which the permit or license is sought." Under 10 CFR 50.33(f)(1), an applicant for a construction permit must show that it "possesses or has reasonable assurance of obtaining the funds necessary to cover estimated construction costs and related fuel cycle costs and shall indicate the source(s) of funds to cover these costs."
10 CFR 50.33(f)(4) prescribes additional requirements on newly formed entities to demonstrate adequate financial qualifications.Section II.A.2 of Part 50 Appendix C requires applicants that are newly formed entities to provide considerable information on the sources of funds needed to cover construction costs, including:
The application should specifically identify the source or sources upon which the applicant relies for the funds necessary to pay the cost of constructing the facility, and the amount to be obtained from each. With respect to each source, the application 1 Natrium is a TerraPower and GE-Vernova Hitachi Nuclear Energy technology.
Page 2 of 11 should describe in detail the applicant's legal and financial relationships with its stockholders, corporate affiliates, or others (such as financial institutions) upon which the applicant is relying for financial assistance. If the sources of funds relied upon include parent companies or other corporate affiliates, information to support the financial capability of each such company or affiliate to meet its commitments to the applicant should be set forth in the application. This information should be of the same kind and scope as would be required if the parent companies or affiliates were in fact the applicant. Ordinarily, it will be necessary that copies of agreements or contracts among the companies be submitted.
It is difficult if not impossible for non-regulated utility applicants to secure project funding to meet the financial qualification requirements in advance of the initial license issuance, particularly when project construction will not begin immediately. Applicants financing a project generally must demonstrate to lenders at financial closing that they have received all necessary regulatory approvals to begin construction, including, in the case of a new nuclear plant, a construction permit. Therefore, financial institutions are hesitant to commit the amounts of money required to construct a nuclear power plant before the construction permit is issued. The failure of an applicant to meet financial qualification requirements would preclude the applicant from obtaining the construction permit.
In April 2014, the Commission directed the staff to conduct a rulemaking to amend the 10 CFR 50 financial qualification requirements to conform with the 10 CFR 70 financial qualification standards for fuel cycle facilities (Reference 3). Specifically, the Commission directed the following:
The rulemaking should seek to develop a standard of review that approximates, as appropriate, the approach currently used for 10 CFR Part 70 applications, but does not reduce the standard of review below that of "appears to be financially qualified."
The staff should consider utilizing an exemption process to address existing and emergent cases, as appropriate and necessary, during the pendency of the rulemaking process and that anticipates the outcome of the proposed changes to the current financial qualification regulations. If the staff intends to grant an applicant an exemption, the staff should notify the Commission by memorandum five business days in advance of issuing the exemption.
As part of the subsequent rulemaking proceedings, the NRC developed a regulatory basis document entitled "Financial Qualifications for Reactor Licensing Rulemaking" dated October 2016 (Reference 2). Chapter 7 of Reference 2 provides specific guidance that an applicant may consider to satisfactorily demonstrate its financial capacity and if followed would meet the "appears to be financially qualified" standard. Applying this guidance, an applicant must provide: (1) a construction cost estimate; and (2) an FCP that includes specified information that would demonstrate "an understanding of the complexities of these types of projects, the challenges in raising capital, and the need to ensure financing before the start of reactor construction." It was the substantially equivalent guidance that had been in an earlier draft version of this regulatory basis document that was applied in support of a similar exemption granted by the Commission as part of the STP Units 3 and 4 combined licenses (Reference 6).
Page 3 of 11 For applicants using the guidance of Reference 2 to demonstrate sufficient financial capacity, the NRC further distinguishes between applicants that have 50 percent or less of their financing versus those with more than 50 percent of their financing at time of application. Specifically, where an applicant has financing of 50 percent or less, the NRC would expect the FCP to be accompanied by one or more license conditions to ensure funding is available before beginning reactor construction. For an applicant that has more than 50 percent, in lieu of the license condition(s), the NRC would expect the FCP to include documentation demonstrating commitments of financing equal to more than 50 percent of the construction cost estimate.
In its staff requirements memorandum (SRM) on SECY-18-0026 (Reference 4), the Commission disapproved the proposed rule that would have amended these requirements and instead directed the staff to address financial qualifications during the development of 10 CFR 53. There is no indication in SECY-18-0026 the Commission had concerns with the safety aspects or regulatory bases for the proposed rule. As directed, the staff has solicited stakeholder feedback as part of the ongoing 10 CFR 53 rulemaking effort (Reference 5) on similar questions to those considered in the previous rulemaking, including: (1) the potential challenge that the current 10 CFR 50 financial qualification regulations pose to non-utility applicants; and (2) the appropriateness of applying the 10 CFR 70 "appears to be financially qualified" standard to non-utility applicants. As such, although the original financial qualification rulemaking is no longer in pendency, the proposed amendment of the 10 CFR 50 financial qualification regulations, including the question of conformance to the 10 CFR 70 standards, remains in a pendent state as it is being addressed as part of the ongoing 10 CFR 53 rulemaking effort per Commission direction (Reference 4).
Regulatory Requirements The financial qualification standards of 10 CFR 50.33(f) and 10 CFR 50 Appendix C require detailed funding documentation for newly formed entities, specifically:
10 CFR 50.33(f) Except for an electric utility applicant for a license to operate a utilization facility of the type described in § 50.21(b) or § 50.22, information sufficient to demonstrate to the Commission the financial qualification of the applicant to carry out, in accordance with regulations in this chapter, the activities for which the permit or license is sought. As applicable, the following should be provided:
(1) If the application is for a construction permit, the applicant shall submit information that demonstrates that the applicant possesses or has reasonable assurance of obtaining the funds necessary to cover estimated construction costs and related fuel cycle costs. The applicant shall submit estimates of the total construction costs of the facility and related fuel cycle costs, and shall indicate the source(s) of funds to cover these costs.
[]
(4) Each application for a construction permit, operating license, or combined license submitted by a newly-formed entity organized for the primary purpose of constructing and/or operating a facility must also include information showing:
(i) The legal and financial relationships it has or proposes to have with its stockholders or owners; (ii) The stockholders' or owners' financial ability to meet any contractual obligation to the entity which they have incurred or proposed to incur; and (iii) Any other information considered necessary by the Commission to enable it to determine the applicant's financial qualification. []
Page 4 of 11 10 CFR 50 Appendix C - A Guide for the Financial Data and Related Information Required to Establish Financial Qualifications for Construction Permits and Combined Licenses
[]
II. Applicants Which Are Newly Formed Entities A. Applications for Construction Permits or Combined Licenses
- 1. Estimate of construction costs. The information that will normally be required of applicants which are newly formed entities will not differ in scope from that required of established organizations. Accordingly, applicants should submit estimates as described above for established organizations.
- 2. Source of construction funds. The application should specifically identify the source or sources upon which the applicant relies for the funds necessary to pay the cost of constructing the facility, and the amount to be obtained from each.
With respect to each source, the application should describe in detail the applicant's legal and financial relationships with its stockholders, corporate affiliates, or others (such as financial institutions) upon which the applicant is relying for financial assistance. If the sources of funds relied upon include parent companies or other corporate affiliates, information to support the financial capability of each such company or affiliate to meet its commitments to the applicant should be set forth in the application. This information should be of the same kind and scope as would be required if the parent companies or affiliates were in fact the applicant. Ordinarily, it will be necessary that copies of agreements or contracts among the companies be submitted.
As noted earlier in this appendix, an applicant which is a newly formed entity will normally not be in a position to submit the usual types of balance sheets and income statements reflecting the results of prior operations. The applicant should, however, include in its application a statement of its assets, liabilities, and capital structure as of the date of the application. []
10 CFR 50.12(a) establishes requirements an applicant must meet for the NRC to grant an exemption from regulations in 10 CFR:
(a) The Commission may, upon application by any interested person or upon its own initiative, grant exemptions from the requirements of the regulations of this part, which are--
(1) Authorized by law, will not present an undue risk to the public health and safety, and are consistent with the common defense and security.
(2) The Commission will not consider granting an exemption unless special circumstances are present. Special circumstances are present whenever--
(i) Application of the regulation in the particular circumstances conflicts with other rules or requirements of the Commission; or (ii) Application of the regulation in the particular circumstances would not serve the underlying purpose of the rule or is not necessary to achieve the underlying purpose of the rule; or (iii) Compliance would result in undue hardship or other costs that are significantly in excess of those contemplated when the regulation was adopted, or that are significantly in excess of those incurred by others similarly situated; or Page 5 of 11 (iv) The exemption would result in benefit to the public health and safety that compensates for any decrease in safety that may result from the grant of the exemption; or (v) The exemption would provide only temporary relief from the applicable regulation and the licensee or applicant has made good faith efforts to comply with the regulation; or (vi) There is present any other material circumstance not considered when the regulation was adopted for which it would be in the public interest to grant an exemption. If such condition is relied on exclusively for satisfying paragraph (a)(2) of this section, the exemption may not be granted until the Executive Director for Operations has consulted with the Commission.
Exemption Request Pursuant to 10 CFR 50.12, USO requests a specific exemption from the financial qualification requirements for construction in 10 CFR 50.33(f) and 10 CFR 50 Appendix C. The exemption requested herein would allow USO to use the financial qualification standards required by 10 CFR 70.23(a)(5) for applicants under 10 CFR 70, specifically, "that the applicant appears to be financially qualified," in lieu of the construction financial qualification requirements in 10 CFR 50.33(f) and 10 CFR 50 Appendix C.
To support the requested exemption, USO has included in revision to the General and Financial Information with this request to include an FCP for KU1 construction that satisfies the review standards in Reference 2. The cost estimate for construction of KU1 is unchanged from Reference 1. Consistent with Section 7.2.1.2 of Reference 2, in lieu of license conditions, USOs FCP includes documentation demonstrating commitments of financing equal to more than 50 percent of the KU1 construction cost estimate. The construction cost estimate and FCP contained in the revision to the General and Financial Information demonstrate USOs financial capacity to obtain the necessary funding for KU1 construction, and as such are intended to support a determination that the 10 CFR 70.23(a)(5) "appears to be financially qualified" requirement would be met under the requested exemption.
Basis for Exemption The underlying purpose of the financial qualification requirements in 10 CFR 50.33(f) and 10 CFR 50 Appendix C was reflected in the following statements from the NRC Final Safety Evaluation Report (FSER) for the STP Units 3 and 4 COLA (Reference 6):
Financial qualification regulations are intended to protect public health and safety.
Specifically, the objective is to prevent safety lapses caused by underfunding during the construction or operation of a nuclear power plant.
As acknowledged in Reference 6 and further detailed in Reference 2, the staff has not found a direct correlation between an applicant's financial qualification prior to commencing construction activities and later safe construction practices or safe operating performance. Section 6.2 of Reference 2 states, in part:
The proposed review standard would not compromise public health and safety because the NRC maintains a number of oversight programs and processes that directly ensure Page 6 of 11 safe plant construction and operation. These include a detailed technical licensing review, the Construction Reactor Oversight Process (cROP), the Reactor Oversight Process (ROP), the Resident Inspectors Program, the Reactor Operating Experience Program, the Vendor Inspection Program (VIP), and the quality assurance (QA) inspection program.
As reflected in this regulatory basis, the NRC has well-established and reliable direct mechanisms for identifying potential safety issues during power reactor construction and operation. The oversight programs (cROP and ROP) provide the basis for the NRC to identify any degradation in licensee performance during construction and operation, independent of root causes and independent of status as a merchant plant or rate-based utility. These tools support the staff's conclusion that the detailed review required in current FQ requirements is not necessary to protect public health and safety.
The financial qualification standards required to be met for newly formed and non-utility entities do not account for the limitations of data available to these entities at the time of construction permitting, and thus could represent an unwarranted barrier to new reactor licensing. In addition, considering that preliminary cost estimates for previous nuclear plant construction typically diverge significantly from actual costs, aligning a preliminary cost estimate with detailed funding assurances has not been shown to provide consequential financial qualification determinations. This is acknowledged in Reference 2 and Reference 6, both of which state that "there is no evidence that cost overruns led to safety problems during construction." Based on the above, financial qualification documentation that includes detailed funding statements is not required for the CPA in order to meet the underlying purpose of the regulations.
In addition, the financial qualification standard described in Reference 2 reflects the applicants capacity to obtain the necessary funding for the project. The financial capacity of the applicant is not predictive of the applicant being able to obtain all financing required for a project. Rather it reflects the applicants understanding of the size, scope, and financial commitment required to undertake a project, including the organizational, experience, skills, and expertise required to obtain the necessary funding. Whether an applicant is successful in obtaining financing for a project or not does not eliminate the various NRC regulatory requirements to ensure safety of the reactor design nor eliminate the requirement to follow quality assurance requirements.
NRCs oversight programs and process during construction ensure an applicant maintains the safety of the reactor design and follows NRC approved quality assurance programs.
Finally, the requested exemption is consistent with the Commission's direction that the "staff should consider utilizing an exemption process to address existing and emergent cases, as appropriate and necessary, during the pendency of the rulemaking process and that anticipates the outcome of the proposed changes to the current financial qualification regulations" (Reference 3). Although the original financial qualification rulemaking is no longer in pendency, the proposed amendment of the 10 CFR 50 financial qualification regulations remains in a pendent state as it is being addressed as part of the ongoing 10 CFR 53 rulemaking effort per the Commission's direction (Reference 4). Thus, USO contends that the requested exemption to allow use of the 10 CFR 70.23(a)(5) standards for KU1 construction financial qualification is aligned with the Commission direction issued in Reference 3 for use of the exemption process.
Page 7 of 11 Criteria of 10 CFR 50.12(a)(1) 1.
The exemption is authorized by law.
The NRC has the authority under 10 CFR 50.12 to grant the requested exemption. The exemption would not conflict with any provision of the Atomic Energy Act (AEA) or any other law. The NRC has broad discretion to prescribe requirements for financial qualifications, as provided in Section 182a. of the AEA. The Commission itself has observed that the AEA "does not impose any financial qualification requirement; it merely authorizes the Commission to impose such financial requirements as it may deem appropriate."
(
Reference:
Public Service Company of New Hampshire (Seabrook Station Units I & 2),
CLI-78-1, 7 NRC 1, 9 (1978)). Federal courts have agreed, finding that "[the AEA] gives the NRC complete discretion to decide what financial qualifications are appropriate."
(
Reference:
New England Coalition v. NRC, 582 F.2d 87, 93 (1st Cir. 1978)). Therefore, the exemption is authorized by law.
2.
The exemption will not present an undue risk to the public health and safety.
The exemption does not pertain to any NRC safety requirements that directly govern design, construction, and operation activities for KU1. Use of the 10 CFR 70 financial qualification standards for KU1 construction would not compromise public health and safety. Specifically, no direct correlation has been identified between an applicant's financial qualification prior to commencing construction activities and later safe construction practices or safe operating performance. Protection of public health and safety was a stated primary consideration in the NRC's regulatory analysis of the proposed financial qualification rulemaking described in Reference 2:
The regulatory objective of the rulemaking is to remove an unnecessary impediment to licensing while ensuring the protection of public health and safety.
The NRC proposes accomplishing this by amending the standard of 10 CFR 50.33(f) from "reasonable assurance of obtaining the funds" for construction and operations to a standard of "appears to be financially qualified."
Further, the NRC regulatory analysis credits the well-established, proven, and reliable NRC regulatory oversight programs and processes to support a conclusion that use of the 10 CFR 70 financial qualification standards in lieu of those in 10 CFR 50 would not adversely affect protection of public health and safety. This is reflected in Section 6.2 of Reference 2, which states in part:
The proposed review standard would not compromise public health and safety because the NRC maintains a number of oversight programs and processes that directly ensure safe plant construction and operation. As further explained in the subsections below, these direct programs and processes have evolved over the last 40 years, reducing the need for the current level of reliance on the FQ indirect measure of safety.
The oversight programs support the staff's conclusion that the detailed review required in current FQ requirements is not necessary to protect public health and safety.
Page 8 of 11 Finally, USOs construction cost estimate and FCP in the revised General and Financial Information, including documentation demonstrating commitments of financing equal to more than 50 percent of the KU1 construction cost estimate, satisfy the review standards in Reference 2 and as such represent a sufficient demonstration of financial capacity with no risk to public health and safety. This conclusion is supported by the following from Section 7.2.1.2 of Reference 2:
The cost estimate and AFCP are intended to demonstrate an applicant's financial capacity. The NRC staff believes that an applicant with commitments for at least 50 percent of its construction funding has made a sufficient demonstration of financial capacity. In fact, having such commitments is a stronger showing of financial capacity than the license condition outlined in Section 7.2.1.1.
Based on the above and further detailed in Subsection 2.2.1.4 and Reference 2, the exemption does not present an undue risk to the public health and safety.
3.
The requested exemption is consistent with the common defense and security.
The exemption pertains only to the construction financial qualification requirements for KU1 and does not pertain to any NRC security requirements that directly govern security-related activities for KU1. The exemption does not affect the design, function, or operation of structures, systems, or components or equipment that are necessary to maintain the secure status of the plant, and has no impact on plant security or safeguards procedures. In addition, USO's construction cost estimate and FCP, including documentation demonstrating commitments of financing equal to more than 50 percent of the KU1 construction cost estimate, are consistent with the review standards in Reference 2 and demonstrate USOs financial capacity to obtain the necessary funding for KU1.
Criteria of 10 CFR 50.12(a)(2) 1.
10 CFR 50.12(a)(2)(ii) - Special circumstances are present in that application of the regulation is not necessary to achieve the underlying purpose of 10 CFR 50.33(f) and 10 CFR 50 Appendix C.
The special circumstance described in 10 CFR 50.12(a)(2)(ii) applies in that requiring the detailed financial qualification documentation required under 10 CFR 50 is not necessary to achieve the underlying purpose of the rule. The underlying purpose of the financial qualification requirements for construction in 10 CFR 50.33(f) and 10 CFR 50 Appendix C, is to protect public health and safety by preventing safety lapses during construction from underfunded projects. This purpose is met as acknowledged in Reference 6 and further detailed in Reference 2. The NRC staff has not found a direct correlation between an applicant's financial qualification prior to commencing construction activities and later safe construction practices or safe operating performance. USOs construction cost estimate and FCP provided in the revision to the General and Financial Information includes documentation demonstrating commitments of financing and funds spent to date equal to more than 50 percent of the KU1 construction cost estimate. This satisfies the review standards in Reference 2 and as such represents a sufficient demonstration of financial capacity with no risk to public health and safety. Therefore, the special circumstances described in 10 CFR 50.12(a)(2)(ii) are present that support granting the requested exemption.
Page 9 of 11
- 2. 10 CFR 50.12(a)(2)(v) - Special circumstances are present in that the exemption would provide only temporary relief from the applicable regulation and USO has made good faith efforts to comply with the regulation.
The special circumstance described in 10 CFR 50.12(a)(2)(v) applies in that USO remains required to show financial qualifications for construction and has made good faith efforts to comply with 10 CFR 50.33(f), but requests temporary relief from the timing of when achieving full financial qualification is required. Temporary relief from 10 CFR 50.33(f) allows USO to demonstrate its financial qualifications at the start of construction using information provided in the FCP as part of the revised General and Financial Information. This financial qualification approach is similar to that in 10 CFR Part 70 and detailed in Reference 2. USO has provided documentation demonstrating commitments of financing and funds spent to date equal to more than 50 percent of the KU1 construction cost estimate. USO will provide additional funds for construction costs as construction progresses to maintain safety and ensure applicable quality assurance requirements are met.
- 3. 10 CFR 50.12(a)(2)(vi) - Special circumstances are present in that another material circumstance not considered when the regulation was adopted for which it would be in the public interest to grant the exemption.
The special circumstance described in 10 CFR 50.12(a)(2)(vi) applies because there is a material circumstance not considered when the regulation was adopted for which it would be in the public interest to grant an exemption. Specifically, in Reference 3, the Commission directed the staff to initiate a rulemaking to amend the financial qualification requirements of 10 CFR 50 and to apply financial qualification standards similar to those in 10 CFR 70. The staff prepared a regulatory analysis (Reference 2) that concluded there is sufficient regulatory basis to proceed with the rulemaking. It was an earlier draft version of this regulatory basis document that was applied in support of a similar exemption granted by the Commission as part of the STP Units 3 and 4 combined licenses (Reference 6).
The NRC's final safety evaluation report for the STP Units 3 and 4 combined licenses (Reference 6) referred to the then-ongoing financial qualification rulemaking in the context of the STP requested exemption and the presence of a material circumstance not considered when the regulation was adopted:
After closely examining this issue, the NRC has determined that the current detailed Part 50 financial qualification standards go well beyond the NRC's mandate of ensuring safety. Also, the nuclear industry asserts that the current Part 50 standards have created an unnecessary impediment to initial licensing for merchant applicants that cannot be resolved absent a change in Commission policy or regulation. The regulatory objective of the rulemaking is to remove an unnecessary impediment to licensing while ensuring the protection of the public health and safety. The NRC proposes accomplishing this by amending the standard of 10 CFR Part 50.33(f) from "reasonable assurance of obtaining the funds" for construction and operations to a standard of "appears to be financially qualified."
The above notwithstanding, in its SRM on SECY-18-0026 (Reference 4), the Commission disapproved the proposed rule that would have amended these requirements and instead directed the staff to address financial qualifications during the development of 10 CFR 53.
Page 10 of 11 There is no indication in SECY-18-0026 the Commission had concerns with the safety aspects or regulatory bases for the proposed rule. As directed, the staff has solicited stakeholder feedback as part of the ongoing 10 CFR 53 rulemaking effort (Reference 5) on similar questions to those considered in the previous rulemaking, including: (1) the potential challenge that the current 10 CFR 50 financial qualification regulations pose to non-utility applicants; and (2) the appropriateness of applying the 10 CFR 70 "appears to be financially qualified" standard to non-utility applicants. As had been the case in the earlier rulemaking, industry responses to these questions are largely supportive of the use of the 10 CFR 70 "appears to be financially qualified" standard instead of the financial qualification regulations in 10 CFR 50, with some comments suggesting the NRC's financial qualification requirements should be further reduced or eliminated.
In summary, although the original financial qualification rulemaking is no longer in pendency, the proposed amendment of the 10 CFR 50 financial qualification regulations, including the question of conformance to the 10 CFR 70 standards, remains in a pendent state as it is being addressed as part of the ongoing 10 CFR 53 rulemaking effort per Commission direction (Reference 4). For this reason and with consideration for the 2015 precedent where the NRC granted an exemption for STP Units 3 and 4 substantially equivalent to that requested herein, USO contends that the material circumstance not considered when the regulation was adopted as described in 10 CFR 50.12(a)(2)(vi) is present and applicable to the requested exemption.
Precedent This proposed exemption request is similar to the exemption request submitted for the STP, Units 3 and 4, Combined License Application. STP requested an exemption from the current financial qualification requirements in 10 CFR 50.33(f) and 10 CFR 50 Appendix C to allow the use of a financial qualification standard similar to that in 10 CFR Part 70, in accordance with the SRM on SECY-13-0124 and the Draft Regulatory Basis for the proposed financial qualifications rulemaking (Reference 2). NRC concluded that STP satisfied the standards in Reference 2 and met the 10 CFR Part 70 standard of appears to be financially qualified and approved the exemption request on September 29, 2015 (Reference 6). The major difference between this exemption and STPs is STP did not meet the 50% construction cost threshold and therefore proposed License Conditions in the exemption. USO does not propose License Conditions as part of this exemption request because the FCP demonstrates funding greater than 50% of construction costs will be achieved. However, the purpose of the STP exemption, including application of the Draft Regulatory Basis for the proposed financial qualifications rulemaking (Reference 2), and conclusions of the NRC approval are identical to those in this exemption request. There are no differences in the technical justification of this exemption request to that of the STP exemption that would prevent NRC from granting approval.
Page 11 of 11 Conclusion The exemption request satisfies the necessary criteria of 10 CFR 50.12(a). The exemption proposed is authorized by law, does not present an undue risk to the public health and safety, and is consistent with the common defense and security. Special circumstances are present in accordance with 10 CFR 50.12(a)(2)(ii) and (vi). Therefore, USO requests the NRC grant an exemption allowing the application of the financial qualification standards required by 10 CFR 70.23(a)(5) for applicants under 10 CFR 70, specifically, "that the applicant appears to be financially qualified," in lieu of the construction financial qualification requirements in 10 CFR 50.33(f) and 10 CFR 50 Appendix C.
References
- 1. TerraPower, LLC on behalf of US SFR Owner, LLC, Submittal of the Construction Permit Application for the Natrium Reactor Plant, Kemmerer Power Station, Unit 1, March 28, 2024, ML24088A060.
- 2. U.S. NRC, Financial Qualifications for Reactor Licensing Rulemaking, RIN Number: 3150-AJ43, NRC Docket ID: NRC-2014-0161, Regulatory Basis Document, October 2016, ML15322A185.
- 3. U.S. NRC, Staff Requirements - SECY-13-0124 - Policy Options for Merchant (Non-Electric Utility) Plant Financial Qualifications, April 24, 2014, ML14114A358.
- 4. U.S. NRC, Staff Requirements - SECY-18-0026 - Proposed Rule: Financial Qualifications Requirements for Reactor Licensing (RIN 3150-AJ43), July 14, 2022, ML22195A097.
- 5. U.S. NRC, Proposed Rule Federal Register Notice, Risk-Informed Technology-Inclusive Regulatory Framework for Advanced Reactors, RIN 3150-AK31, Enclosure 1 to SECY-23-0021, ML21162A102.
Units 3 and 4, Combined License Application, September 29, 2015, FSER Chapter 1, ML15271A126.
- 7. U.S. NRC, NUREG-1577, Revision 1, Standard Review Plan on Power Reactor Licensee Financial Qualifications and Decommissioning Funding Assurance, December 13, 2001, ML013330264.
ENCLOSURE 2 TerraPower, LLC Affidavit and Request for Withholding from Public Disclosure (10 CFR 2.390(a)(4))
TerraPower, LLC Affidavit and Request for Withholding from Public Disclosure (10 CFR 2.390(a)(4))
I, George Wilson, hereby state:
1.
I am the Senior Vice President, Regulatory Affairs and I have been authorized by TerraPower, LLC (TerraPower) to review information sought to be withheld from public disclosure in connection with the development, testing, licensing, and deployment of the Natrium reactor and its associated fuel, structures, systems, and components, and to apply for its withholding from public disclosure on behalf of TerraPower.
2.
The information sought to be withheld, in its entirety, is contained in Enclosure 4, which accompanies this Affidavit.
3.
I am making this request for withholding, and executing this Affidavit as required by 10 CFR 2.390(b)(1).
4.
I have personal knowledge of the criteria and procedures utilized by TerraPower in designating information as a trade secret, privileged, or as confidential commercial or financial information that would be protected from public disclosure under 10 CFR 2.390(a)(4).
5.
The information contained in Enclosure 4 accompanying this Affidavit contains non-public details of the TerraPower regulatory and developmental strategies intended to support NRC staff review.
6.
Pursuant to 10 CFR 2.390(b)(4), the following is furnished for consideration by the Commission in determining whether the information in Enclosure 4 should be withheld:
a.
The information has been held in confidence by TerraPower.
b.
The information is of a type customarily held in confidence by TerraPower and not customarily disclosed to the public. TerraPower has a rational basis for determining the types of information that it customarily holds in confidence and, in that connection, utilizes a system to determine when and whether to hold certain types of information in confidence. The application and substance of that system constitute TerraPower policy and provide the rational basis required.
c.
The information is being transmitted to the Commission in confidence and, under the provisions of 10 CFR 2.390, it is received in confidence by the Commission.
d.
This information is not available in public sources.
e.
TerraPower asserts that public disclosure of this non-public information is likely to cause substantial harm to the competitive position of TerraPower, because it would enhance the ability of competitors to provide similar products and services by reducing their expenditure of resources using similar project methods, equipment, testing approach, contractors, or licensing approaches.
I declare under penalty of perjury that the foregoing is true and correct. Executed on: September 9, 2025 George Wilson Senior Vice President, Regulatory Affairs TerraPower, LLC
ENCLOSURE 3 Revised General and Financial Information (Public)
SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054 NAT-1911 Rev. 6 Verify Current Revision Document
Title:
General and Financial Information Natrium Document No.:
NAT-9402 Rev. No.:
1 Page:
1 of 11 Doc Type:
RPRT Target Quality Level:
N/A Alternate Document No.:
N/A Alt. Rev.:
N/A Originating Organization:
LIC Quality Level:
N/A Natrium MSL ID:
N/A Status:
Released Open Items?
No Approval Approval signatures are captured and maintained electronically; see Electronic Approval Records in EDMS.
Signatures or Facsimile of Electronic Approval Record attached to document.
NAT-9402 Rev 1 General and Financial Information Page 2 of 11 Controlled Document - Verify Current Revision SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054 REVISION HISTORY Revision No.
Affected Section(s)
Description of Change(s) 0 All Initial issue 1
2.2 Clarify when construction begins and add the Financial Capacity Plan. Update the list of company directors and officers. Correct spelling error in the TerraPower address.
NAT-9402 Rev 1 General and Financial Information Page 3 of 11 Controlled Document - Verify Current Revision SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054 TABLE OF CONTENTS 1
GENERAL INFORMATION..................................................................................................................... 4 1.1 Description of Applicant.................................................................................................................. 4 1.2 Address of Applicant....................................................................................................................... 4 1.3 License Type.................................................................................................................................. 4 1.4 Construction Schedule................................................................................................................... 4 1.5 Restricted Data or Other Defense Information............................................................................... 5 1.6 Technical Qualifications.................................................................................................................. 5 2
FINANCIAL QUALIFICATION................................................................................................................. 5 2.1 Combined Project Costs................................................................................................................. 6 2.2 Financial Qualifications................................................................................................................... 6 2.3 Decommissioning Funding Assurance........................................................................................... 9 2.4 Foreign Ownership or Control........................................................................................................ 9 LIST OF TABLES Table 1-1, Applicant General Information................................................................................................... 10
NAT-9402 Rev 1 General and Financial Information Page 4 of 11 Controlled Document - Verify Current Revision SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054 1
GENERAL INFORMATION This Construction Permit Application (CPA) is submitted by US SFR Owner, LLC (USO), a wholly-owned subsidiary of TerraPower, LLC (TerraPower), for the construction of a nuclear-powered generating plant designated as Kemmerer Power Station Unit 1 (hereafter referred to as Kemmerer Unit 1).
1.1 Description of Applicant US SFR Owner, LLC (USO)
USO is a special purpose entity that was created on July 10, 2020, to serve as a vehicle for TerraPowers US Department of Energy (DOE) Advanced Reactor Demonstration Project (ARDP) bid for the Natrium1 Demonstration Project. USO is focused on the development and funding of Kemmerer Unit 1. USO will own 100 percent of Kemmerer Unit 1 and is responsible for the safe operation of the plant from pre-operational testing through commercial operation.
USO is a Delaware limited liability company with its principal place of business in Bellevue, WA.
TerraPower is the direct and controlling owner of USO. Pursuant to the terms of its agreement with USO, TerraPower is responsible for the administration and development of Kemmerer Unit 1 during the design and construction phase of the project, including support services in connection with filings by USO with any government authority, specifically the U.S. Nuclear Regulatory Commission. TerraPower, a Delaware limited liability company with its principal place of business in Bellevue, WA, is a nuclear technology company and is engaged in the development of new and novel reactor technology to support electricity generation.
1.2 Address of Applicant The headquarters for TerraPower and USO are located at 15800 Northup Way, Bellevue, WA 98008.
1.3 License Type This application is for a construction permit for a utilization facility under 10 CFR 50. USO expects to apply for a future Class 103 operating license for a 40-year period pursuant to 10 CFR 50.22 (for commercial and industrial facilities), as well as future licenses for byproduct material under 10 CFR 30, for receipt, possession, and use of source material under 10 CFR 40, and for special nuclear material under 10 CFR 70.
1.4 Construction Schedule USO is requesting NRC review and approval of the construction permit application by the third quarter of 2026 to support construction as defined in 10 CFR 50.10(a)(1). Construction is projected to complete in the fourth quarter of 2029. Non-construction site work as defined in 10 CFR 50.10(a)(2) is expected to begin in the first quarter of 2025.
1 Natrium is a TerraPower and GE Vernova-Hitachi Energy technology
NAT-9402 Rev 1 General and Financial Information Page 5 of 11 Controlled Document - Verify Current Revision SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054 1.5 Restricted Data or Other Defense Information This construction permit application does not include any Restricted Data or other defense information requiring separation from the remainder of the application in accordance with 10 CFR 50.33(j). TerraPower and USO will not permit any individual to have access to any facility to possess Restricted Data or classified National Security Information until the individual and/or facility has been approved for access under the provisions of 10 CFR Parts 25 and/or 95.
1.6 Technical Qualifications TerraPower was launched in 2008 as a nuclear innovation company and has expanded into a team of highly trained nuclear physicists, engineers, project managers, and operators with experience developing, building, and operating fast and light water reactors for a variety of applications. The team includes expert staff and consultants, many of whom have worked for the worlds most prestigious laboratories and energy and engineering organizations. Major contributors also include individuals who have received the highest honors in their fields including technical society fellows, international prizewinners and recipients of the Enrico Fermi Prize and the E.O. Lawrence Award. The team currently has over 500 full time employees and contractors combined.
GE-Vernova Hitachi Nuclear Energy, LLC (GVH) is a world-leading provider of advanced reactors, fuel, and nuclear services. TerraPower partnered with GVH to develop the Natrium reactor, employing the GVH Power Reactor Innovative Small Modular (PRISM) reactor technology.
Bechtel Power Corporation (Bechtel), an industry leader in nuclear plant engineering and construction since the 1950s, was selected by TerraPower to be a design, licensing, procurement, and construction partner for the Natrium Reactor Plant.
TerraPower, GVH, and Bechtel collectively submitted an application to the DOE ARDP, with TerraPower or its wholly-owned subsidiary identified as the prime recipient for the award. Through merit selection, TerraPowers Natrium reactor was chosen for the award and on May 3, 2021, USO entered into a Cooperative Agreement with the DOE. The ARDP award will provide funding to support the demonstration of the Natrium Reactor Plant.
This information demonstrates TerraPower and its partners technical qualifications to engage in the activities discussed in this application in accordance with NRC regulations, pursuant to 10 CFR 50.34(a)(9).
2 FINANCIAL QUALIFICATION USO provides the following information required by 10 CFR 50.33(f), 10 CFR 50 App C, and NUREG-1577, Rev. 1, as modified by the exemption from 10 CFR 50.33(f) and 10 CFR 50 Appendix C provided with the construction permit application, to demonstrate that TerraPower and USO possess or have reasonable assurance of obtaining the funds necessary to cover estimated construction costs and related fuel cycle costs.
NA T-9402 Rev 1 General and Financial Information Page 6 of 11 Controlled Document - Verify Current Revision 2.1 Combined Project Costs The table below contains estimates which represent the combined cost projections (as of October 2023) for the construction of Kemmerer Unit 1. All estimates are in current year dollars.
(a) Total nuclear production plant cost
$ rr 11(a)(4)
(b) Transmission, distribution, and general plant costs
$ ((
))(a)(4)
(c) Nuclear fuel inventory cost for the first core
$ ((
))(a)(4)
Total Estimated Cost
$ ((
))(a)(4) 2.2 Financial Qualifications Information demonstrating adequate financial qualification will be provided to the NRC Staff for review before the projected start of construction as defined by 10 CFR 50.1 0(a)(1 ). Construction will not begin until Staff review is complete. An associated exemption request from 10 CFR 50.33(f) and Part 50, Appendix C is included with the construction permit application.
The USO financial capacity plan (FCP) for Kemmerer Unit 1 construction is provided below. The FCP and the construction cost estimate described in Section 2.1 demonstrate USO's financial capacity to obtain the necessary funding for Kemmerer Unit 1 construction, and as such are intended to support a determination that the 10 CFR 70.23(a)(5) "appears to be financially qualified" requirement is met under the revised exemption from 10 CFR 50.33(f) and 10 CFR 50 Appendix C.
2.2.1 Financial Capacity Plan Purpose This plan demonstrates USO's level of understanding of the size and scope of construction of Kemmerer Unit 1, including the level of capital necessary to undertake the project. The plan also discusses the organizational and human resources, experience, skills, and expertise required to obtain proper financing and ultimately finance the project. The plan includes a description of the management team and resources available to the management team as it pertains to financing, including experience and expertise in the areas of finance, capital sourcing, and large build megaprojects.
Description of Management Team for Financing Section 1.1 describes USO and TerraPower. TerraPower has experienced finance and project management professionals within the organization. The finance organization works to obtain public and private investment in TerraPower and ensure the financial viability of the company, subsidiaries, and associated projects. The project management organization works to ensure TerraPower projects' schedule and costs are managed within project requirements.
Experience of TerraPower with Large-Build Projects TerraPower's Board of Directors and Leadership Team is diversely experienced in management and financing of projects in the sectors of energy, software development, utilities, and policy, both domestic and internationally. Members have experience leading major new reactor build SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054
NA T-9402 Rev 1 General and Financial Information Page 7 of 11 Controlled Document - Verify Current Revision efforts in the U.S., Europe, and Asia, as well as experience safely operating existing nuclear power plants and providing regulatory oversight. The TerraPower Board has over 50 years of nuclear executive experience which it leverages to ensure a culture exists at the company where rigorous standards are maintained for nuclear safety, safety culture, and construction.
TerraPower has partnered with Bechtel for engineering and construction. Bechtel has participated in the design and construction of over 150 nuclear power projects in 25 countries since the 1950s. TerraPower has also partnered with KBR Inc. for long-term collaboration for the commercialization and deployment of Natrium reactors in North America and Europe. KBR may provide engineering, procurement, and construction management services including design, commissioning, and financial leadership. TerraPower leverages the experience of its partners to ensure the safe design and construction of Kemmerer Unit 1. TerraPower has also partnered with GVH on the Natrium reactor. GVH has decades of experience in design, construction, and project management of nuclear power and fuel facilities globally.
Description of Anticipated Funding Methods and Sources
- 1. USO Funding USO is focused on the development and funding of Kemmerer Unit 1 and receives funding through public and private investment in TerraPower. TerraPower was formed in 2008 and has raised billions of dollars through private equity to fund operations and capital expenditures. The strong investor base is evidenced by an $830 million equity raise in 2022 and securing $650 million in financing in 2024 that is a convertible debt expected to bridge to the next equity raise in 2026. Since 2020, the Natrium project has had matching funds to date with the Department of Energy as part of the Advanced Reactor Demonstration Program.
TerraPower's funding strategy of raising capital every 18 to 24 months following cost estimation that is informed by financial advisors, typically leading global banks, and capital is raised from a variety of domestic and international investors, including institutional and high net worth individuals. Mr. Bill Gates, Chairman of the Board, has publicly expressed a willingness to support the Natrium project in addition to the following publicly known investors: NVIDIA, SK Group, ArcelorMittal, Hyundai Heavy Industries Group / Korea Shipbuilding and Offshore Engineering (KSOE), and Korea Hydro and Nuclear Power (KHNP). TerraPower has consistently raised the funds needed and remains confident in the ability to continue to raise private equity.
The TerraPower Isotope (TPI) business segment is generating revenues with a high margin. As TPI grows, TerraPower expects to increase the amount of self-generated cash flow. ((
)) (aX4)
Natrium commercial revenues are expected to begin with work performed for early design, engineering, and site evaluation revenue. Technology license fees will grow through concurrent and separate domestic and international reactor deployment programs.
SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054
NA T-9402 Rev 1 General and Financial Information Page 8 of 11 Controlled Document - Verify Current Revision
- 2. U.S. Department of Energy In May 2020, the DOE announced the ARDP to facilitate the transition of next generation nuclear reactors from concept to demonstration through cost-share partnerships. The ARDP provides a 50 percent DOE-private sector cost share on all projected costs, up to a specified limit, to deliver an advanced reactor. In May 2021, TerraPower, with its Natrium sodium fast reactor, was selected to deliver a commercial first-of-a-kind advanced nuclear plant with partners GVH and Bechtel. The award granted to TerraPower totals approximately $1.98 billion.
While these funds are subject to Congressional appropriations, no indication has been made suggesting the DOE will not honor the total award granted to TerraPower. As of July 2025, TerraPower has received approximately$ ((
))(a>(4> of the total ARDP award This FCP uses the guidance in the NRC regulatory basis document supporting a rulemaking to amend the 1 O CFR 50 financial qualification requirements to conform to the 1 O CFR 70 financial qualification standards described in NRC's "Financial Qualifications for Reactor Licensing Rulemaking, RIN Number: 3150-AJ43, NRC Docket ID: NRC-2014-0161, Regulatory Basis Document," October 2016 (ML15322A185). USO has estimated the cost of construction of Kemmerer Unit 1 as seen in Section 2.1. Funding to show financial surety at the start of Kemmerer Unit 1 construction must exceed 50% of the Total Estimated Cost. When considering the DOE remaining award funds available from the ARDP and actual spending on activities through July 2025, the anticipated funds required to show financial surety before the start of nuclear construction are shown in the table below.
(a) 50% of Total Estimated Cost The funding required to show financial surety does not consider the approximately $2.23 billion in total equity raised since 2022. A portion of this has been allocated in row (b) of the above table.
Conclusion TerraPower's management team understands the complexities of financing a large build megaproject, including construction of an advanced nuclear reactor plant, and the need for securing financing before beginning reactor construction. The funds required to show financial surety will be available prior to the start of nuclear construction.
SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054
NAT-9402 Rev 1 General and Financial Information Page 9 of 11 Controlled Document - Verify Current Revision SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054 2.3 Decommissioning Funding Assurance This section is reserved for the Operating License Application.
2.4 Foreign Ownership or Control TerraPower, LLC, and its 100% owned subsidiary USO (the Applicant), are not controlled, or dominated by any alien, foreign corporation, or foreign government as defined by the Commissions Final Standard Review Plan on Foreign Ownership, Control, or Domination, 64 Federal Register 52355 (Sept. 28, 1999). The total percentage of foreign non-governmental private entity ownership of TerraPower, LLC, is 19.1%, comprised of five (5) non-U.S.
parties. Collectively, these indirect foreign owners in TerraPower do not have controlling ownership, do not have the ability to control any decisions by TerraPower either at the investor or at the Board level, and cannot dominate TerraPower or USOs actions. Therefore, there are no risks to national defense and security.
NAT-9402 Rev 1 General and Financial Information Page 10 of 11 Controlled Document - Verify Current Revision SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054 Table 1-1, Applicant General Information Sheet 1 of 2 Name of Applicant US SFR Owner, LLC Description of Business USO is a special purpose entity that was created on July 10, 2020, to serve as a vehicle for TerraPowers US DOE ARDP bid for the Natrium Demonstration Project. USO will construct, own and operate Kemmerer Unit 1.
Principal Business Location 15800 Northup Way, Bellevue, WA 98008 Names, addresses and citizenship of directors and officers Company Name and Title Address Citizenship TerraPower Chris Levesque President and CEO Board Member 15800 Northup Way, Bellevue, WA 98008 USA TerraPower John Gilleland Chief Technical Officer Board Member 15800 Northup Way, Bellevue, WA 98008 USA TerraPower Steven Hellman Executive Vice President and Chief Financial Officer 15800 Northup Way, Bellevue, WA 98008 USA TerraPower Eric Williams Executive Vice President & Chief Operating Officer 15800 Northup Way, Bellevue, WA 98008 USA TerraPower Craighton Goeppele Executive Vice President and General Counsel 15800 Northup Way, Bellevue, WA 98008 USA TerraPower George Wilson Senior Vice President of Regulatory Affairs and Licensing 15800 Northup Way, Bellevue, WA 98008 USA TerraPower Bill Gates Chairman of the Board 15800 Northrup Way, Bellevue, WA 98008 USA TerraPower Nathan Myhrvold Vice Chairman of the Board 15800 Northup Way, Bellevue, WA 98008 USA TerraPower Bill Pitesa Board Member 15800 Northup Way, Bellevue, WA 98008 USA
NAT-9402 Rev 1 General and Financial Information Page 11 of 11 Controlled Document - Verify Current Revision SUBJECT TO DOE COOPERATIVE AGREEMENT NO. DE-NE0009054 Table 1-1, Applicant General Information Sheet 2 of 2 TerraPower David Scott Board Member 15800 Northup Way, Bellevue, WA 98008 USA TerraPower Kristine Svinicki Board Member 15800 Northup Way, Bellevue, WA 98008 USA TerraPower Ralph Izzo Non-Voting Board Observer 15800 Northup Way, Bellevue, WA 98008 USA TerraPower Mohamed Al Hammadi Non-Voting Board Observer 15800 Northup Way, Bellevue, WA 98008 United Arab Emirates TerraPower Moohwan Kim Non-Voting Board Observer 15800 Northup Way, Bellevue, WA 98008 Republic of Korea Regulatory Agencies with Jurisdiction over Rates and Services Address of Regulatory Agency Wyoming Public Service Commission 2515 Warren Avenue, Suite 300 Cheyenne, WY 82002 Trade and News Publications to give reasonable notice of the application Address of Publication Kemmerer Gazette 708 JC Penny Dr.
Kemmerer, WY 83101 Uinta County Herald 849 Front St.
Evanston, WY 82930 Bridger Valley Pioneer 317 Bradshaw St #2 Lyman, WY 82937 Wyoming Tribune Eagle 702 W. Lincolnway Cheyenne, WY 82001 END OF DOCUMENT