Türkiye in Talks with US to Cooperate on Nuclear Energy Projects

Russia's Rosatom continues construction of the first nuclear power plant in Akkuyu, southern Türkiye (Asharq Al-Awsat)
Russia's Rosatom continues construction of the first nuclear power plant in Akkuyu, southern Türkiye (Asharq Al-Awsat)
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Türkiye in Talks with US to Cooperate on Nuclear Energy Projects

Russia's Rosatom continues construction of the first nuclear power plant in Akkuyu, southern Türkiye (Asharq Al-Awsat)
Russia's Rosatom continues construction of the first nuclear power plant in Akkuyu, southern Türkiye (Asharq Al-Awsat)

Türkiye is holding talks with the United States on the construction of large-scale nuclear power plants and small modular reactors (SMR), a senior Turkish Energy Ministry official said on Tuesday.

“The USA is showing serious interest in Türkiye’s goal of increasing its nuclear energy capacity and building new power plants,” Yusuf Ceylan told Reuters at a conference on nuclear power plants.

Asked about the projects under discussion, he said: “We can consider the areas of existing power plants or new power plants.”

“We are negotiating with the USA for both large-scale power plants and small modular reactors. This is a statement of intent,” he said.

Last month, US Ambassador to Türkiye Jeff Flake told Reuters that Ankara “talked to us and others about (building) small modular reactors.”

Ceylan said negotiations continued with South Korea and Russia for a second nuclear power plant planned to be built in the Black Sea region of Sinop, and with China's SPIC for a third nuclear power plant in northwest Türkiye’s Thrace region.

The construction of Türkiye's first 4,800 MW nuclear power plant by Russia's Rosatom is continuing at Akkuyu in Türkiye’s Mediterranean region.

Ankara plans to build three four-reactor nuclear plants and complement them with SMRs for a total of 20,000 MW generation capacity to diversify its electricity production mix.

The United States earlier held talks with Türkiye on the construction of SMRs, which are still under development. However, no reports showed that the two sides were negotiating large-scale power plants that require billions of dollars of investment.

In May, Turkish Energy and Natural Resources Minister Alparslan Bayraktar said that Türkiye and the US are ready to collaborate in the energy and mining sectors.

Speaking on the sidelines of the 39th American-Turkish Conference in Washington, the Minister said: “We are ready to enhance our bilateral cooperation with the US in the field of energy, minerals and liquified gas.”

US Assistant Secretary for the Bureau of Energy Resources Geoffrey R. Pyatt earlier emphasized the importance of the ongoing talks on energy between Ankara and Washington.

He said both countries have opportunities for cooperation in small modular reactors in nuclear energy and energy transition. Their cooperation comes at a time when the energy issue has become one of the most important global priorities since the Russian-Ukrainian war.

Pyatt had visited Türkiye, Romania and Bulgaria in October 2022 to meet government officials and energy sector leaders for bilateral discussions. In Ankara, he held talks with Deputy Energy and Natural Resources Minister, Alparslan Bayraktar, and other Turkish officials.



US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.