Biden launches $6B effort to save distressed nuclear plants [View all]

[Omaha Steve]

Source: AP

By JENNIFER McDERMOTT and MATTHEW DALY

WASHINGTON (AP) — The Biden administration is launching a $6 billion effort to rescue nuclear power plants at risk of closing, citing the need to continue nuclear energy as a carbon-free source of power that helps to combat climate change.

A certification and bidding process opened Tuesday for a civil nuclear credit program that is intended to bail out financially distressed owners or operators of nuclear power reactors, the U.S. Department of Energy told The Associated Press exclusively, shortly before the official announcement. It’s the largest federal investment in saving financially distressed nuclear reactors.

Owners or operators of nuclear power reactors that are expected to shut down for economic reasons can apply for funding to avoid closing prematurely. The first round of awards will prioritize reactors that have already announced plans to close.

The second round will be opened up to more economically at-risk facilities. The program was funded through President Joe Biden’s $1 trillion infrastructure deal, which he signed into law in November.



FILE— A sign warning of radioactive materials is seen on a fence around a nuclear reactor containment building on Monday, April 26, 2021, a few days before it stopped generating electricity at Indian Point Energy Center in Buchanan, N.Y. The Biden administration is launching a $6 billion effort to save nuclear power plants at risk of closing, citing the need to continue nuclear energy as a carbon-free source of power that helps to combat climate change. (AP Photo/Seth Wenig, File)


Read more: https://apnews.com/article/climate-business-environment-nuclear-power-us-department-of-energy-2cf1e633fd4d5b1d5c56bb9ffbb2a50a