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NRC Accepts the Construction Permit Application for TVA's Small Modular Reactor Project

LCG, July 10, 2025--The U.S. Nuclear Regulatory Commission (NRC) accepted a construction permit application for review from the Tennessee Valley Authority (TVA) to build one of the nation’s first small modular reactors (SMR). TVA submitted its application in late May to use GE Vernova Hitachi’s BWRX-300 design and to install the advanced nuclear plant at its Clinch River site near Oak Ridge, Tennessee. TVA's application is the first in the U.S. that uses GE Vernova Hitachi’s BWRX-300 design.

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Red Oak Power Facility in PJM to be Acquired by Strategic Value Partners

LCG, July 9, 2025--Strategic Value Partners, LLC (together with its affiliates, SVP) yesterday announced that its managed funds (the "SVP Funds") have agreed to acquire Red Oak Power, an 831-MW natural gas-fired combined-cycle power generation facility located in Sayreville, New Jersey.

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Industry News

Agreement Reached on Merging Market Operations

LCG, Apr. 16, 2003--The Midwest Independent Transmission System Operator (MISO), PJM Interconnection and Tennesse Valley Authority issued a statement jointly on Wednesday to announce their intention to work to unify their electric power market rules and operations.

The merger would significantly advance the stated goals of the Federal Energy Regulatory Commission to see implementation of Standard Market Design, lowering any barriers to electricity sales. PJM recently expanded in 2002 by the inclusion of Allegheny Power, which sells power to customers in five Midwestern states. Although plans were in place for American Electric Power Co Inc., Commonwealth Edison, and the Dayton Power & Light Co. to join PJM on May 1, a delay of that process was announced last month.

PJM Interconnection serves to coordinate grid operations and dispatch of generators based on competitive bidding in seven mid-Atlantic states in whole and in part, and in the District of Columbia. The MISO serves nearly as many people as PJM (24 million and 25 million customers respectively), over an area that includes all or part of 15 states Canada. The Tennessee Valley Authority is the exclusive seller of electricity to 8 million residents in Kentucky, Tennessee, Virginia, North Carolina, Georgia, Alabama and Mississippi. The combined customer base of a merger of the three entities would be more than 57 million customers.
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