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Part 1 of 3 Parts
The U.S. Department of Energy (DoE) announced yesterday that it would begin a six billion nuclear credit program in about four months. The intent of the program is to help keep U.S. commercial power reactors operating. This program will fulfill a mandate in the bipartisan infrastructure bill that President Biden intends to sign Monday.
Jeremiah Baumann is the DoE’s deputy chief of staff. He told reporters yesterday that the owners and operators of commercial nuclear power plants will need to submit application to prove a need and to ensure that taxpayers’ money will be well spent. He went on to say that more details will be released in the coming weeks and months about the process and exactly how the money will be allocated. The program could run for up to five years.
Baumann said, “It’s designed to support those nuclear facilities that need economic support in order to keep operating and keep providing the benefits of that emissions-free power to communities across the country. So it’s not sort of a universally available automatic piece that goes out to anyone.”
Bauman spoke during a DoE briefing that was intended to highlight key energy components of the infrastructure bill which was passed by the U.S. House of Representatives last Friday after months of negotiation. The Biden administration is promoting the benefits of the bill in order to win public support as questions remain about high energy prices. Yesterday in Baltimore, Biden referred to the bill as “a once-in-a-generation investment to create good-paying jobs, modernize infrastructure, turn the climate crisis into an opportunity.” The larger “Build Back Better Act” is still pending in Congress. It could provide even more benefits to the nuclear industry if it becomes law. It may include a production tax credit for operating nuclear power plants.
Nuclear power reactors remain a critical piece of the U.S. grid. The U.S. Energy Information Administration stated that it accounted for about twenty percent of the nation’s electricity generation mix last year. However, nuclear power still remains controversial among critics who point to operational safety problems and to issues with permanently dispose of spent nuclear fuel.
Some advocates have raised concerns about giving economic aid to reactors that could affect prices for other power generators or delay renewable energy expansion. Some reactors have closed or announced plans to shutter in recent years. Some states have sought to provide subsidies to keep them running.
The Electric Power Supply Association (ESPA) represents competitive electricity suppliers. They declined to comment yesterday on the nuclear credit program in the recently passed infrastructure bill. The ESPA has stated that subsidies for existing nuclear sources such as zero-emission credits would “distort market outcomes, inhibit private development of clean energy alternatives and divert government funds away from research and development for nascent advanced nuclear technologies.”
Bauman told reporters that the U.S. “can’t afford to have this setback of losing a lot of carbon-free electricity” from a climate standpoint. He pointed out that it is a “top priority” to keep the country’s fleet of operating nuclear reactors “wherever appropriate and safe” as additional clean energy is needed.
Please read Part 2 next