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.
A strong majority of states — about two-thirds — say nuclear, in one fashion or another, will help take the place of fossil fuels. Low electricity prices are the main cause of this trend, though federal and state policies to boost wind and solar have contributed as well, the NEI added. While natural gas may be cheaper, nuclear power hasn’t been given credit for its carbon-free contribution to the grid and that has caused nuclear plants to struggle financially, Griffith added.The bailout for the nuclear industry is reminiscent of assistance the auto and airline industries received after the 2008 economic collapse and the coronavirus pandemic, respectively.
Now that the money is already set aside for nuclear plants, the federal tax credits for renewables should be extended and more should be invested in energy efficiency, he said, because the faster that's done, the faster the nation reduces its dependence on fossil fuels and its emissions. Also, the nuclear plants are going to eventually retire, some sooner than later, so carbon-free sources of energy need to be in place for when they do, he added.
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