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Senator Manchin Democrats Bill to give $30 billion lifeline to save America’s moribund nuclear industry

Manchin Deal Tosses $30 Billion Lifeline to US Nuclear Reactors,

  • Tax credit for nuclear power included in Senate spending bill
  • Incentive could save as much as 38% of fleet, analyst says

Bloomberg, By Ari Natter, August 4, 2022

Struggling nuclear reactors would get a $30 billion lifeline under the Democrats’ climate change and tax bill that could save dozens of nuclear power plants from an early retirement. 

Included in the $433 billion Inflation Reduction Act, which is slated for a Senate vote as soon as this week, is a 10-year production tax credit for nuclear energy producers that could be a boon for reactor operators such as Southern Co., Constellation Energy Corp., Public Service Enterprise Group Inc. and Energy Harbor Corp.

The proposed $15 per megawatt-hour credit for existing nuclear plants — which provide about 19% of the nation’s electricity — will help an industry that has undergone a wave of closures. Reactors have high operating costs and are increasingly struggling to compete with cheaper electricity produced using natural gas and renewables.

Between 22% and 38% of the nation’s nuclear fleet of 93 reactors is at risk of retiring in the 2030s, depending on natural gas prices, according to an analysis by Rhodium Group…………………………

It remains to be seen whether the Inflation Reduction Act, which represents a compromise between Manchin and Senate Majority Leader Chuck Schumer, will be backed by the full Democratic caucus in the 50-50 Senate. It would also have to pass the House, where progressives sought a much more expansive plan. https://www.bloomberg.com/news/articles/2022-08-03/machin-deal-tosses-30-billion-lifeline-to-us-nuclear-reactors

August 1, 2022 - Posted by | politics, USA

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