Speaker Introduction:
Emcee introduces Nathan Myhrvold as a special guest speaker who will discuss boosting innovation in nuclear energy to meet the demand for clean energy in the 21st century.

Nathan Myhrvold’s Background:
Myhrvold is an inventor, technologist, entrepreneur, research scientist, cookbook author, and food photographer. He is the founding CEO of Intellectual Ventures, a prominent invention and investment firm. He is also a co-founder and vice chairman of TerraPower, a company focused on developing advanced nuclear energy technologies. He and Bill Gates created and oversee the Global Good Fund, which invents for humanitarian impact. Myhrvold is a prolific inventor with over 800 issued patents. He is the author of the highly acclaimed multi-volume book on the science of cooking and baking called “Modernist Cuisine.”

Stephen Colbert Interview:
Emcee recalls an interview between Stephen Colbert and Myhrvold on Colbert’s comedy show. Colbert initially introduced Myhrvold’s book on modernist cuisine as “cutting-edge food made with modern science,” humorously defining it as Taco Bell meat filling. However, Myhrvold impressed Colbert with his scientific approach to cooking, particularly with dishes like pastrami cooked for 72 hours in warm water and pistachio ice cream made without cream.

Academic Credentials and Research Interests:
Myhrvold holds a Ph.D. in theoretical physics from Princeton University. He conducts scientific research in planetary science, paleobiology, and other fields. He has a keen interest in dinosaurs.

Innovation and Regulatory Framework:
Innovation alone is not enough to drive progress in nuclear energy. A proactive regulatory framework that supports innovation is crucial for the success of advanced nuclear energy.

Global Energy Consumption:
The world’s energy consumption has been steadily increasing, and it is projected to continue rising. This growth is driven by the increasing demand for energy in developing countries and the rising population.

Toaster Analogy:
The average American uses about 9.2 kilowatts of power, which is equivalent to having nine toasters running continuously. This analogy illustrates the significant amount of energy consumed by each individual.

Global Energy Needs:
The rest of the world, including Europe, China, and other developing countries, is also striving to achieve a similar level of energy consumption, leading to a substantial increase in global energy demand.

Jevons Paradox:
Increased efficiency and conservation efforts often lead to increased energy consumption due to the availability of more affordable and accessible energy. This phenomenon is known as Jevons Paradox.

Population Growth and Energy Demand:
The world’s population is projected to continue growing, further increasing the demand for energy. This growth, combined with rising per capita energy consumption, will require a significant expansion of energy production capacity.

Nuclear Energy’s Role:
To maintain its current share of the energy market, nuclear energy needs to expand by five times its current capacity. Additionally, there are compelling reasons to consider increasing the share of nuclear energy due to its safety, public health benefits, and ability to provide heat for industrial processes.

Advanced Nuclear Reactors:
Innovation in nuclear reactor design is crucial to address public concerns about safety and waste disposal. Advanced reactors offer the potential for improved safety, efficiency, and waste management, making them more acceptable to the public.

Safety as a Priority:
Ensuring the safety of advanced nuclear reactors is paramount. A strong safety case is essential for gaining public trust and acceptance of nuclear energy.

Design Principles for Nuclear Safety:
Use non-volatile coolants to eliminate high pressure and extend response time. Develop designs that reduce the size of the safety perimeter around nuclear plants. Encourage innovation through proactive regulation.

Importance of Regulation in Driving Innovation:
Regulation can stimulate car companies to develop safety features, leading to a significant reduction in fatalities. Regulation can also encourage innovation in the airline industry, resulting in lower costs and improved safety.

Addressing the Cost of Nuclear Energy:
Nuclear energy needs to be able to compete with renewables and gas on price. Emphasizing the advantages of nuclear energy, such as its reliability and ability to provide baseload power, is important.

Potential of Fourth-Generation Nuclear Reactors:
Fourth-generation nuclear reactor designs have the potential to significantly improve safety and efficiency. Nonvolatile coolants, such as molten salt or metal, can provide more time to respond to emergencies.

Cost Competitiveness:
The nuclear industry must focus on cost competitiveness to achieve large-scale growth. The fourth generation of nuclear plants promises cost benefits due to inherent safety, reduced mass, and less concrete and steel.

Public Acceptance:
Winning the public case for nuclear energy requires addressing concerns about safety, site issues, and fuel. Long-term design and scalability are crucial to ensure the industry’s growth.

Uranium Depletion:
Uranium is a valuable resource, but most of it is past its optimal use-by date. Natural reactors in West Africa demonstrate the potential for uranium utilization over billions of years.

Fuel Options:
U-235 enrichment is insufficient for large-scale nuclear expansion. Burning U-238 requires fast reactors, which offer advantages in fuel utilization.

Fast Reactors and Scalability:
Fast reactors are essential for burning U-238 and achieving scalability in nuclear power. TerraPower’s focus on fast spectrum reactors aligns with the goal of meeting the 21st century’s energy demands.

Diverse Applications:
Nuclear plants should serve a wide range of uses, addressing various power market needs. More diversity in design and size will allow nuclear energy to address a broader spectrum of the global power market.

Siting Challenges for Tiny Reactors:
Tiny reactors face siting challenges due to the “not in my backyard” sentiment, which is independent of power output. Floating reactors, placed offshore, are a potential solution to this siting issue.

Encouraging Faster Innovation in Nuclear Energy:
Innovation requires an environment that fosters persistence and supports long-term research and development efforts. The nuclear industry needs to attract young talent to sustain its growth and development.

The Importance of Building New Plants:
Without building new plants, the nuclear industry will decline and eventually cease to exist, similar to a retirement community without new residents. A healthy nuclear industry requires the ability to build new plants, which is currently challenging in the United States.

Lessons from History:
Past innovative nuclear projects, such as FFTF, molten salt reactors, and EBR2, have contributed to the progress made by companies like TerraPower. It is important to connect young people with the history of nuclear innovation to inspire future advancements.

Balancing Innovation with Practicality:
While innovation is crucial, it is essential to focus on practical projects that can be implemented in the near future. Striking a balance between ambitious goals and achievable outcomes is necessary for the sustainable growth of the nuclear industry.

Funding Issues:
Nuclear companies face a significant hurdle in attracting investment due to the vast amount of money required and the uncertain timeline for project completion.

Regulatory Challenges:
The nuclear industry is subject to stringent regulations, similar to the pharmaceutical industry. While these regulations are necessary to protect the public, they can be costly and time-consuming, deterring potential investors.

Lack of Faith in the Nuclear Industry:
Investors have become skeptical of the nuclear industry due to its history of delays, cost overruns, and unpredictable outcomes. This lack of faith makes it difficult for nuclear companies to secure the necessary funding for new projects.

Consequences of Unpredictability:
Unpredictability in the nuclear industry leads to investor concerns about the viability of projects and the potential for financial losses. This uncertainty discourages investment and hinders the growth of the nuclear industry.

Comparison to the Pharmaceutical Industry:
The pharmaceutical industry has a track record of successfully bringing drugs to market despite the rigorous regulatory process. This fundamental faith in the pharmaceutical industry allows investors to tolerate the challenges of the regulatory system.

The Need for Regulatory Reform:
The nuclear industry needs to address the issue of unpredictability and uncertainty in order to attract investment and grow. Regulatory reforms aimed at reducing uncertainty and providing greater clarity could help restore investor confidence in the nuclear industry.

In Silico Testing:
Nathan Myhrvold strongly advocates for in silico testing using advanced computing in the nuclear industry. In silico testing has been proven to improve efficiency and safety in various fields such as aviation and automotive industries. Nuclear regulators need to understand how to treat in silico testing results and incorporate them into regulations. Simulators are valuable tools for training pilots in unlikely scenarios that would be irresponsible to practice in real life.

Combination of Practical and Simulated Testing:
TerraPower utilizes both simulations and an active laboratory program to calibrate and validate the accuracy of simulations. The Navier-Stokes equation governing fluid flow is well-understood, allowing for accurate simulation within the relevant Reynolds number and thermal environment. Combining practical hands-on testing with simulations accelerates innovation and reduces costs.

Proactive Regulation:
Proactive regulation is necessary to encourage new ideas, technologies, and approaches in the nuclear industry. Incremental innovations are beneficial but insufficient for achieving significant changes. Creating an environment that allows for the construction of new plants is crucial for innovation and improving public perception.

Challenges and Opportunities:
Uncertainties, including technical, political, and financial risks, hinder investment in new nuclear plants. Government funding is essential for first-of-a-kind nuclear plants due to their strategic importance and high costs. Building more nuclear power plants is necessary to address climate change and meet growing energy demands.

TerraPower’s Work:
TerraPower’s work on nuclear technology has been conducted in Bellevue, national labs in the United States, and international labs supported by the company. Their joint venture to build plants in China is now terminated due to restrictions imposed by the current US administration. Nuclear is a strategic and regulated industry, subject to export controls and licensing requirements.

TerraPower’s Geopolitical Situation:
TerraPower’s joint venture was affected by geopolitical factors, including trade wars and security concerns, leading to export restrictions on nuclear technology.

Innovation in Nuclear Technology:
Nathan Myhrvold highlights the challenges of applying the Silicon Valley model to nuclear technology due to its highly regulated nature and long development cycles.

Comparison with Other Industries:
Myhrvold uses industries like drug development, cars, and airplanes as analogies to illustrate the complexities of nuclear innovation, emphasizing the need for safety and extensive testing.

The Decline of Nuclear Power:
Myhrvold points out the irony of canceling nuclear plants in the past, leading to a halt in R&D and the closure of facilities like FFTF.

Regulatory Requirements for Safety:
The NRC currently lacks a specific requirement for new reactors to be safer than existing ones, which Myhrvold believes is less important than encouraging innovation.

Fostering Innovation:
Myhrvold emphasizes the importance of allowing innovation to thrive, avoiding strict regulations that stifle creativity and experimentation.

Unaffordability of New Nuclear Power Stations:
The continuous evolution of designs in new nuclear power stations leads to high costs, driven by first-of-a-kind expenses rather than regulatory requirements.

Overcoming Design Challenges in Nuclear Power Plants:
Nuclear power plants are facing affordability issues, particularly in the UK, due to the high costs associated with first-of-a-kind designs and continual innovation.

Avoiding Cost Escalation in Advanced Reactors:
To prevent cost escalation in advanced reactors and future designs, it is crucial to find a balance between innovation and standardization. Standardization allows for lower costs through economies of scale and reduced design complexity.

The Significance of Radical Changes:
Incremental changes often result in increased costs without significant benefits. Radical changes, on the other hand, can lead to substantial leaps in efficiency and performance.

The Influence of the Nuclear Navy Program:
The current nuclear power plants in operation are heavily influenced by the design choices made during the nuclear Navy program in the late 1940s and 1950s. While these designs have served their purpose, they may not be the optimal choices for modern applications.

The Challenge of Standardization:
Achieving standardization in nuclear power plant designs can be difficult due to the complexity of the technology and the need for stringent safety measures. Balancing innovation and standardization is essential to ensure cost-effectiveness and safety.

The Role of Demonstration Reactors and Operating Data:
Historical demonstration reactors and operating data from past nuclear projects provide valuable insights for improving future designs. Learning from past experiences can help avoid pitfalls and accelerate the development of mature and efficient nuclear power plants.

The Thermodynamic Efficiency of Combined Cycle Gas Turbines:
Combined cycle gas turbines offer high thermodynamic efficiency, reaching over 60%, compared to nuclear power plants. This efficiency advantage poses a challenge for nuclear power in terms of economic competitiveness.

The Need for Innovation in Nuclear Power:
Despite the challenges, innovation is essential for the advancement of nuclear power. New ideas and technologies have the potential to address the limitations of current designs and make nuclear power more competitive and sustainable.

Challenges of Technological Diversity in Nuclear Energy:
Various reactor designs are being explored, including the traveling wave reactor, liquid sodium cooling, high temperature gas-cooled reactors, and thorium fuel. Each design has its own unique challenges and advantages, leading to a wide range of possibilities. Independent companies and research institutions are pursuing different approaches, similar to the diversity seen in industries like cars and airplanes.

Role of Government Support in Nuclear Research:
Government funding is necessary for long-range research and development in nuclear energy, especially for projects with strategic importance. Government support is crucial for testing and evaluating various materials and designs before constructing reactors. Historically, governments have played a role in funding nuclear research and development due to the strategic implications of the industry.

Addressing Private Investment Concerns:
Private investors are hesitant to invest large sums of money in nuclear energy due to the highly regulated nature of the industry. Private companies cannot conduct research and development without government oversight and approval. There is a need for government support to establish a favorable regulatory environment and provide incentives for private investment.

Personal Investment Limitations:
While individuals with significant wealth may be able to fund nuclear research, they are still reluctant to risk large sums of money. Long-range research projects require sustained funding over a long period, which is difficult for individuals to provide consistently.

Conclusion:
Technological diversity in nuclear energy presents challenges in selecting the most promising designs. Government support is crucial for long-range research and development, especially for testing and evaluating materials and designs. Private investment in nuclear energy is limited due to regulatory hurdles and the need for sustained funding.