Marsh Risk has arranged a comprehensive insurance program for TerraPower’s Kemmerer Unit 1 project in Wyoming, marking a key development in the construction of advanced nuclear energy infrastructure in the country.
The placement supports what is described as the first commercial-scale advanced nuclear power plant in the US approved for construction by the Nuclear Regulatory Commission. It also represents the first instance of a next-generation US nuclear project gaining direct access to the commercial insurance market, in addition to traditional nuclear insurance pools and risk-retention structures.
The insurance program draws capacity from insurers based in the United States, London, and Bermuda, creating a multi-market structure designed to provide coverage throughout the construction phase of the facility. The program is intended to support TerraPower and its project partners as construction is set to commence.
Kemmerer Unit 1 forms part of TerraPower’s Natrium project, which incorporates a sodium-cooled fast reactor alongside an integrated molten salt energy storage system. The technology is designed to deliver a base output of 345 megawatts electric (MWe), with the ability to increase output to 500 MWe during peak demand periods. This configuration is aimed at maintaining steady power generation while allowing for flexible response to fluctuations in electricity demand.
The project is being developed through a public-private partnership with the US Department of Energy as part of efforts to deploy advanced nuclear technologies for the country’s evolving energy mix.
The insurance placement marks a shift in how advanced nuclear risks are structured and financed. By combining traditional nuclear insurance mechanisms with participation from the commercial insurance market, the program introduces a broader base of underwriting capacity for this type of infrastructure.
It also provides construction-phase protection for the project, covering risks associated with building and commissioning the facility. The inclusion of multiple insurance markets and structures reflects the complexity of the project and the need for layered risk transfer solutions.
The arrangement represents a notable development in the application of insurance solutions to emerging energy technologies, as construction on the Kemmerer Unit 1 facility moves forward.
