NuScale Power Small Modular Reactors The Future of Nuclear Energy South Australia Nuclear Fuel Cycle Royal Commission Mike McGough Chief Commercial Officer Adelaide, South Australia November 5th, 2015

What is a NuScale Power Module? A NuScale Power Module (NPM) includes the reactor vessel, steam generators, pressurizer and containment in an integral package that eliminates reactor coolant pumps and large bore piping (no LB-LOCA) Each NPM is 50 MWe and factory built for easy transport and installation Each NPM has its own skid-mounted steam turbine-generator and condenser Each NPM is installed below-grade in a seismically robust, steel-lined, concrete pool NPMs can be incrementally added to match load growth - up to 12 NPMs for 600 MWe gross (~570 net) total output 2

Size Comparison *Source: NRC 3

Coolant Flow Driven By Physics Convection – energy from the nuclear reaction heats the primary reactor coolant causing it to rise by convection and natural buoyancy through the riser, much like a chimney effect Conduction – heat is transferred through the walls of the tubes in the steam generator, heating the water (secondary coolant) inside them to turn it to steam. Primary water cools. Gravity – colder (denser) primary coolant “falls” to bottom of reactor pressure vessel, cycle continues 4

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NuScale Safety Systems Systems and Components Needed to Protect the Core: Reactor Pressure Vessel Containment Vessel Reactor Coolant System Decay Heat Removal System Emergency Core Cooling System Control Rod Drive System Containment Isolation System Ultimate Heat Sink Residual Heat Removal System Safety Injection System Refueling Water Storage Tank Condensate Storage Tank Auxiliary Feedwater System Emergency Service Water System Hydrogen Recombiner or Ignition System Containment Spray System Reactor Coolant Pumps Safety Related Electrical Distribution Systems Alternative Off-site Power Emergency Diesel Generators Safety Related 1E Battery System Anticipated Transient without Scram (ATWS) System 7

NuScale Announces Major Safety Breakthrough Wall Street Journal April 16, 2013 NuScale design has achieved the “Triple Crown” for nuclear plant safety. The plant can safely shut-down and self-cool, indefinitely, with: No Operator Action No AC or DC Power No Additional Water Safety valves align in their safest configuration on loss of all plant power. Details of the Alternate System Fail-safe concept were presented to the NRC in December 2012. 8

Reduced Core Damage Frequency 10-8 10-7 10-6 10-5 10-4 10-3 NRC Goal (new reactors) Operating PWRs Operating BWRs New LWRs (active) New PWRs (passive) NuScale 10-9 Source: NRC White Paper, D. Dube; basis for discussion at 2/18/09 public meeting on implementation of risk matrices for new nuclear reactors 9

More Barriers Between Fuel & Environment Conventional Designs Fuel Pellet and Cladding Reactor Vessel Containment NuScale’s Additional Barriers Water in Reactor Pool Stainless Steel Lined Concrete Reactor Pool Biological Shield Covers Each Reactor Reactor Building 1 2 3 4 5 6 7 Ground level 10

(depending on site characteristics) 10 mi EPZ Fuel Cladding Reactor Vessel Containment Traditional PWR Fuel Cladding Reactor Vessel Containment Reactor Pool Reactor Building Site Boundary EPZ (depending on site characteristics) NuScale Plant Passive Safety Additional Fission Product Barriers Significant Delay in Release of Fission Products

NuScale Reactor Qualification Test Plan NuScale Reactor Qualification Test Plan outlines Design Certification and First Of A Kind Engineering (FOAKE) projects for reactor safety code development, validation, reactor design and technology maturation to reduce First Of A Kind (FOAK) design risk. 12

NuScale Integrated System Test (NIST) Facility Full Length DHRS Condenser Test Section 13

Reactor Pressure Vessel SS304 pressure vessel built in 4 sections: heater shell lower shell SG coil pressurizer Insulated 14

Upper Module Mockup OIW design figures 15

UMM with ACRS Tour 7/22/15

Full-length Helical Coil Steam Generator successfully installed in the SIET facility 17

Full-Scale Main Control Room Simulator NRC Review of HFE Program and Site Visit 1/13 18

Construction Cost Summary Overall EPC Overnight Plant Costs ($1,000,000) 5078 $/kWe net $ 5,078 per kWe net Note: Delivered costs shown are in 2014 $’s.

NuScale Levelized Cost of Electricity Estimates (LCOE) NuScale LCOE results of $98-$108/MWhr (2015 $’s) Key Assumptions: Financing is 55% debt (@5.5%) and 45% equity (@10.0%). Modeled as a 40 year project life, but the plant is designed for 60 years Excludes owner’s costs such as: HR and management infrastructure, central office COLA, permits, NRC and ITAAC inspections, and legal fees Switchyard Owner's project development costs Owner's engineering services (post-COLA) Owner contingency Including an estimate of owners costs would add ~ $6/MWhr

Levelized Cost in 2015 US Dollars LCOE Breakdown Levelized Cost in 2015 US Dollars FOAK with Regulated Utility Financing (IOU) 55% debt at 5.5%, 45% equity at 10% FOAK with Municipal Financing 100% debt at 3.5%, no equity $ 108 USD $ 74 USD Note: Capital costs reflect the Fluor SE estimate completed in 2014.

Program WIN (Western Initiative for Nuclear) Western Initiative for Nuclear (WIN) is a multi-western state collaboration to deploy a series of NuScale Power Projects Involved Program WIN participants: NuScale, UAMPS, Energy Northwest, ID, UT, OR, WA, WY, AZ, NM, MT? 22

Overall UAMPS CFPP Project Schedule 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Define Team Members and structure Develop Business Model Onboard Partners Project Development (see detail) Site Selection Site Use Agreements Start Finalized Plant Design Complete Final Plant Design Reference Plant Design Design & Engineering Submit DCA NRC Issue DC Draft DSRS Final DSRS Licensing Start COLA Submit COLA NRC Issue COL Site Characterization Site Prep & Mobilization 1st Fuel load 1st Safety Concrete Pour Construction and Fabrication Deliver Module 12 Module 1 Start Module Fabrication Order Modules Module 12 COD Start Operational Readiness Program Complete Operational Readiness Program Module 1 Operator Training Program Accreditation Operations 23

Disclaimer “This material is based upon work supported by the Department of Energy under Award Number DE-NE0000633.” “This report was prepared as an account of work sponsored by an agency of the United States (U.S.) Government. Neither the U.S. Government nor any agency thereof, nor any of their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise does not necessarily constitute or imply its endorsement, recommendation, or favoring by the U.S. Government or any agency thereof. The views and opinions of authors expressed herein do not necessarily state or reflect those of the U.S. Government or any agency thereof.” 24

Mike McGough Chief Commercial Officer MMcGough@nuscalepower.com www.nuscalepower.com The Element of Nu