Bill > A6029

This bill provides for the allocation of $300 million from two specific funding sources - the societal benefits charge (a fee collected from utility customers) and the Global Warming Solutions Fund (which contains revenues from Regional Greenhouse Gas Initiative allowance sales) - to support the construction of small modular nuclear reactors (SMRs) in New Jersey during the fiscal year starting July 1, 2025. The bill defines a small modular reactor as a nuclear fission reactor with a generating capacity of no more than 300 megawatts, that can be constructed and operated independently or in combination with similar reactors at a single site, and is licensed by the United States Nuclear Regulatory Commission. The legislation aims to stimulate electric production in the state, which has reportedly decreased by approximately 20 percent over the past eight years, by providing financial support for the development of new, smaller-scale nuclear energy infrastructure. The bill will take effect immediately upon passage and will expire on June 30, 2026.

Transportation and Infrastructure

https://www.njleg.state.nj.us/bill-search/2024/A6029