Bill > S3964

Introduced Session

This bill, to be known as the "Small Modular Nuclear Energy Incentive Act," would direct the Board of Public Utilities (BPU) to establish a program to solicit bids for the construction of new small modular nuclear reactors in the State. The bill would authorize the BPU to issue financial incentives to SMRs, to be known as SMR incentives, for each megawatt hour of electric energy produced by the reactor. The amount of the incentive would be determined through a competitive solicitation process. Private entities would submit bids to the BPU, which state the level of SMR incentive they estimate they would require to achieve profitability. The BPU would select the lowest bids, except that the bill authorizes the BPU to give preference to certain projects, for example projects sited at former nuclear energy facilities or fossil fuel power plants. The bill would authorize the BPU to use moneys in the "Global Warming Solutions Fund," which serves as the repository for funds collected by the State under the Regional Greenhouse Gas Initiative (RGGI), in order to fund the SMR incentives. The bill would direct the BPU to develop the program within one year after the bill's enactment, and to begin the first competitive solicitation round within two years after the bill's enactment. The bill would restrict the owner or operator of an SMR that receives an incentive from otherwise profiting from the environmental attributes of the energy it produces. Finally, the bill would require each SMR that is selected to participate in the incentive program to pay an annual administrative fee to the BPU, to compensate the BPU for its costs in administering the program.

AI Summary

Committee Categories

Carmen Amato (R)*,  Bob Singer (R)*, 

Introduced in the Senate, Referred to Senate Environment and Energy Committee (on 12/16/2024)

Official Document