Sen. Jim Risch is hoping to kick-start the nuclear energy sector with a bill that would provide billions in federal funding to help utilities and reactor operators cover cost overruns, an issue that’s plagued the industry.
The Idaho Republican, ranking member of the Senate Foreign Relations Committee, is planning to introduce the “Accelerating Reliable Capacity (ARC) Act” on Wednesday. It would dole out as much as $3.6 billion to three or more over-budget next-generation nuclear reactor projects. The funding would come from repurposing Inflation Reduction Act and bipartisan infrastructure law spending, a potentially touchy subject for Democrats.
“We all know that when it comes to financing nuclear, there are risks, and if there’s anything investors hate, it’s risk,” Risch said in an interview with POLITCO’s E&E News. “So this bill addresses a problem that has been vexing nuclear for a long, long time, and that is cost overruns and unexpected cost increases.”
Nuclear power has increasingly become an area of bipartisan agreement on Capitol Hill, as Democrats have embraced the energy source for its emissions benefits. Earlier this year, Congress passed the ADVANCE Act, a bill that sought to jump-start a new generation of nuclear reactors.
