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Technology

Three Mile Island Is Coming Back Online to Power Microsoft Data Centers

On major nuclear news, the Doomsday Glacier, and Canada’s emissions

Three Mile Island Is Coming Back Online to Power Microsoft Data Centers
Heatmap Illustration/Getty Images

Current conditions: Cleanup efforts have begun in Italy’s washed out Emilia-Romagna region • Endangered freshwater dolphins are washing ashore at Brazil’s Lake Tefe as water levels recede due to drought • The Colorado Rockies could see some snow this weekend.

THE TOP FIVE

1. Three Mile Island nuclear plant to come back online to power Microsoft data centers

We’ll start with some breaking news today: Pennsylvania’s Three Mile Island nuclear plant, the site of an infamous 1979 partial reactor meltdown, will be revived by 2028 as part of a plan to provide power for Microsoft’s data centers. Constellation Energy, the plant’s owner and the largest nuclear operator in the country, announced the news today. Microsoft agreed to buy all of the plant’s power for 20 years – enough energy to power 800,000 homes.

If approved, this decision “would mark a bold advance in the tech industry’s quest to find enough electric power to support its boom in artificial intelligence,” The Washington Post reported. “The symbolism is enormous,” Joseph Dominguez, chief executive of Constellation, told The New York Times. “This was the site of the industry’s greatest failure, and now it can be a place of rebirth.”

“Now, THIS is additional clean supply,” said Heatmap Shift Key co-host Jesse Jenkins. “Bravo. It is remarkable to see a handful of nuclear reactors shuttered in the last decade due to poor revenues contemplating restart now. Palisades, now TMI. Who is next? Maybe it was unwise to let these plants close in the fist place eh?”

2. World Bank climate financing reaches record high

The World Bank Group yesterday announced it delivered a record $42.6 billion in climate finance in fiscal year 2024 (which ran from July to June), a 10% increase year-over-year. Climate financing made up 44% of the group’s total lending, which is awfully close to its goal, set at COP28, of 45% for fiscal year 2025. However this remains “well short of the trillions of dollars in additional resources needed annually to finance the clean energy transition in emerging markets and developing countries,” noted Reuters.

3. Equatic starts producing its breakthrough anode

Carbon removal startup Equatic announced it has started manufacturing its “oxygen-selective anode,” which has the potential to pave the way for a two-for-one climate solution: commercial hydrogen production and carbon removal. Equatic wants to use seawater electrolysis – sending an electrical current through seawater – to sequester carbon dioxide from the air in the ocean while also producing hydrogen. But as Heatmap’s Emily Pontecorvo reported, electrolysis tends to turn the salt in the water into the toxic and corrosive gas chlorine, which makes commercializing such a process challenging. So Equatic set out to find the right combination of catalysts to make an anode – a sheet of conductive, positively-charged metal – that, when used in electrolysis, would screen out the salt and not allow it to react. Using ARPA-E funding, they landed on a design that produced less than one part per million of chlorine (lower than the amount in drinking water) and performed reliably for more than 20,000 hours of testing.

The company’s San Francisco facility will be able to produce 4,000 of these anodes per year to start, and is expected to operate at full capacity by the end of 2024. It will produce the anodes for Equatic’s first demonstration-scale project, a new plant in Singapore designed to remove 10 metric tons of CO2 and produce 300 kilograms of hydrogen per day — 100 times larger than the pilot version. Equatic also has plans to build an even bigger plant in Quebec that can remove 300 tons per day. That’s about three times the capacity of Climeworks’ Mammoth plant, the world’s largest direct air capture plant operating today.

4. Outlook for Doomsday Glacier looking ‘grim’

Scientists who spent six years examining the Thwaites Glacier in Antarctica warned this week that the outlook for the glacier is “grim.” Thwaites, often referred to as the “Doomsday Glacier,” is massive, spanning an area equal to the state of Florida. It has been retreating for nearly a century, but this melting has accelerated significantly over the last 30 years and the new research suggests it is set to worsen. Within 200 years, the glacier could collapse, raising sea levels worldwide. CNN succinctly summarized why this matters:

“Thwaites holds enough water to increase sea levels by more than 2 feet. But because it also acts like a cork, holding back the vast Antarctic ice sheet, its collapse could ultimately lead to around 10 feet of sea level rise, devastating coastal communities from Miami and London to Bangladesh and the Pacific Islands.”

Dr. Ted Scambos, U.S. science coordinator of the International Thwaites Glacier Collaboration and glaciologist at the University of Colorado, said “immediate and sustained climate intervention will have a positive effect, but a delayed one.”

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5. WRI considers city life at 3 degrees Celsius of warming

A sweeping new report from the World Resources Institute paints a bleak picture of what 996 of the world’s biggest cities will feel like in a world that is 1.5 degrees Celsius warmer than pre-industrial records, and compares that to a scenario in which temperatures warm by 3 degrees Celsius. Here are some stats:

  • 6.4 – heat waves, on average, cities will experience each year with 3 degrees C of warming, compared to 4.9 heat waves annually at 1.5 degrees C of warming.
  • 24.5 – average length, in days, of the year’s longest heat wave at 3 degrees C of warming, compared to 16.3 days for 1.5 degrees C of warming.
  • 16 – percentage of big cities that would experience a heat wave that lasts for a month or longer annually at 3 degrees C of warming.
  • Two-thirds – the share of the global population that will live in cities by 2050.

The report also looks at what warmer temperatures mean for mosquito-borne diseases. Some, like dengue, Zika, and West Nile, will become more common. But malaria could actually decline “as temperatures in many places become warmer than what is optimal for malaria-transmitting mosquitos.”

THE KICKER

Canada’s carbon emissions dropped last year for the first time since the pandemic, falling 0.8% between 2022 and 2023.

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AM Briefing

Uncommon Wealth

On ‘precariously low’ oil stockpiles, China’s ammonia milestone, and a PFAS destroyer

Hundred dollar bills.
Heatmap Illustration | Unsplash

Current conditions: The wildfires in France and Europe are slowing, but three firefighters have died and the looming heat wave could bring yet more disaster • New York and New Jersey are facing flash floods as a storm system makes its way across the Northeast United States • Days of thunderstorms are causing floods across Vientiane, Laos’ sprawling capital.

THE TOP FIVE

1. Commonwealth Fusion Systems raises another $1 billion

Last month, I toured Commonwealth Fusion Systems’ headquarters in small-town central Massachusetts. The place was abuzz in activity. On the factory floor side, workers were assembling the magnets needed to ultimately form the torus-shaped reactor — think a giant doughnut with an interior that curves like the core of an apple — called the tokamak. On the actual reactor side, SPARC — the prototype that CFS expects will make history next year as the first private enterprise and only tokamak to ever generate more energy that it took to start the fusion reaction — was starting to look like a functional machine from my view on a second-story walkway overlooking the sterile assembly room. The old joke that fusion is the energy source of tomorrow — and always will be — certainly didn’t ring as funny now. I’ll tell you who isn’t laughing: All the new investors that just poured another $1 billion into CFS. The company announced its latest funding round early this morning, which brings the startup’s total fundraising since its launch as a spinout from the Massachusetts Institute of Technology in 2018 to $4 billion. CFS now accounts for 30% of all the private capital that has flowed into fusion. What distinguishes this round, my colleague Katie Brigham wrote, is that the money is coming from a bunch of institutional investors, such as pension funds and sovereign wealth funds, rather than venture capitalists. On a call with reporters this week, CFS’s newly-named chief financial officer, Lorence Kim, said it’s the first-time institutional investors comprised the majority of the new funding. When I asked the company’s spokeswoman for a percentage estimate breaking down the new versus old investors in this round, she declined to comment. Kim cautioned that the funding isn’t the kind of capital you raise before launching on a stock market. But his hire is notable. The former Goldman Sachs banker famously helped take the pharmaceutical giant Moderna public and held the top financial role through the start of the Covid-19 pandemic.

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Energy

Commonwealth Fusion Systems Wins Over New Class of Investors With $1 Billion Raise

Risk-averse but deep-pocked institutional investors join the party.

Commonwealth Fusion Systems Wins Over New Class of Investors With $1 Billion Raise

When the Fusion Industry Association surveyed the sector earlier this month, it found that the industry’s 56 active companies had collectively raised more than $14.2 billion over the past five years. But an ever-larger share of that money is ending up in the hands of one startup: Commonwealth Fusion Systems.

With its latest $1 billion funding round, announced today, the MIT spinout now accounts for nearly 30% of all capital in the industry. The new financing, led by a wave of institutional investors entering the sector for the first time, will support construction of the company’s first commercial power plant in Chesterfield County, Virginia, which CEO Bob Mumgaard says is on track to come online in the early 2030s.

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Meta Down, Permitting Odds Up

At least one hyperscaler’s big bets seem to be paying off.

Circles.
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This is an edition of Heatmap Daily, an evening review of the day’s news written by our executive editor. Sign up for it here.

Good evening. Let’s start with the news. Meta and Microsoft released their most recent quarterly earnings this evening, and Wall Street was watching to figure out if their enormous AI spending plans are paying off. We were watching because those proposals are shaping one of the most important energy stories today: the data center boom and the sharp return of electricity demand.

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