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U.S. extends application deadline for nuclear power rescue program

WASHINGTON, May 18 (Reuters) – The U.S. Department of Energy said on Wednesday it has extended a deadline by 47 days, to July 5 for nuclear power plants to apply for federal funding to keep them running.

The first stage of the program is aimed at saving two plants, one in California and one in Michigan.

……. The DOE statement came two days after two industry trade groups, Edison Electric Institute and Nuclear Energy Institute, sent a letter to Energy Secretary Jennifer Granholm requesting the extension on behalf of their members.

Under the plan, called theCivilian Nuclear Credit (CNC) program, owners of nuclear reactors that are scheduled to retire would get priority for the first portion of $6 billion in available funding. CNC funding comes from last year’s bipartisan infrastructure law.

Entergy Corp’s (ETR.N) Palisades plant in Michigan, which may be eligible for the funding, is due to shut down on May 31.

Entergy said in an email it was committed to shutting the plant after its Chief Executive Leo Denault said in an earnings call in April that there are “significant technical and commercial hurdles to changing course at this point.”

………. The Diablo Canyon facility in California, owned by PG&E Corp (PCG.N), is scheduled to fully shut in 2025. A company spokesperson said on Tuesday the utility had not yet decided whether to apply for the funds. https://www.reuters.com/business/energy/us-extends-application-deadline-nuclear-power-rescue-program-2022-05-18/

May 19, 2022 - Posted by | politics, USA

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