Legislation will provide the private sector with financial incentives, train our talented workforce, and allow nuclear to compete on a level playing field with renewables
– By Stephen Heiser –
U.S. Senator George V. Voinovich (R-Ohio), a member of the Senate Committee on Environment and Public Works (EPW) and current EPW Clean Air and Nuclear Safety Subcommittee member, has announced the introduction of the Enabling the Nuclear Renaissance Act (S.3618), legislation to help further the nuclear renaissance in the United States. This comprehensive bill addresses a variety of issues facing the nuclear industry, including strong financial incentives to build new nuclear power plants, additional education funding, provisions for accelerating the development of small modular reactor designs, and establishment of a new independent federal corporation to help manage used nuclear fuel.
“Today’s introduction of the Enabling the Nuclear Renaissance Act is a clear path towards keeping America competitive in the global marketplace,” Sen. Voinovich said. “In addition to building large new nuclear plants, new small modular reactors represent a strategic opportunity for us to re-establish our global leadership in nuclear power by meeting global demand for cheaper, cleaner power tailored to the needs of consumers. We must reignite the nuclear renaissance, and this bill gives our companies and universities the tools to compete and win.”
Nuclear power provides 20 percent of our nation’s electricity and 70 percent of our emission-free electricity, while wind and solar only currently provide about 3 percent. Nuclear energy is the only energy we have today that can provide clean, reliable base-load electricity 24 hours a day, seven days a week.
Each new nuclear plant can provide up to 2,500 jobs during construction and 700 jobs during operation as well as 400-700 additional jobs in the local community. In comparison, solar and wind plants only offer about 800 jobs during the first few years of construction, about 90 jobs during operation and only about 90 secondary jobs in the community. Each nuclear plant will also bring in about $430 million annually in revenue, as well as $20 million in tax revenue to the state and local governments and $75 million in tax revenue to the federal government.
“I like to say nuclear power is a ‘three-fer’,” Sen. Voinovich continued. “Nuclear significantly enhances the energy portfolio and energy security of the United States by providing reliable base-load electricity, reducing emissions, and strengthening our manufacturing base with good quality jobs.”
The Enabling the Nuclear Renaissance Act contains provisions vital to further enabling the nuclear renaissance in the United States, while also improving energy security and reducing future pollution and greenhouse gas emissions.
This bill would:
• Declare nuclear energy to be clean energy. Under federal law, nuclear energy would be declared clean energy, allowing the United States to consider all sources of energy in developing a national clean energy portfolio. Providing nuclear companies with the Renewable Energy Standard (RES) will allow nuclear companies the opportunity to compete on a level playing field with renewable energy companies;
• Finance new nuclear power plants. The bill authorizes strong financial incentives to build the first several nuclear power plants, including a total of $54 billion in loan guarantees from the U.S. Department of Energy (DOE), as well as tax incentives for manufacturing, construction, production and grants. These incentives would be available for utilities, manufacturers and suppliers;
• Accelerate the development of small modular reactors (SMR). The bill directs and authorizes DOE to develop a 50 percent cost-sharing program with industry at $100 million a year for 10 years. SMRs represent an opportunity for the United States to regain global leadership by meeting demand for cheaper, cleaner power tailored to the needs of consumers as well as provide much needed jobs;
• Improve the Nuclear Regulatory Commission (NRC) licensing process. The bill eliminates the need for a hearing if issues are not raised at NRC meetings in local communities, eliminates duplication of information submitted for environmental reviews and provides assurance of future waste disposal;
• Enhance the nuclear workforce. The bill authorizes funding for educational programs to promote a trained nuclear workforce, boosting the nuclear intellectual capital of our nation’s workforce;
• Develop infrastructure. The bill establishes a National Nuclear Energy Council under the DOE Secretary to provide an independent forum for industry, Congress, government agencies, national laboratories and universities. This council would address national strategy and significant issues facing the nuclear industry. In addition, the bill establishes a program office and advisory committee at DOE to manage community initiatives to develop former DOE sites as energy parks;
• Enhance regulatory authority. The bill extends the term of NRC commissioners to make sure the NRC is fully staffed in the event of delayed confirmation procedures; and
• Tackle used nuclear fuel management. The bill establishes an independent government corporation to assume the responsibilities of DOE for managing used nuclear fuel.
Senator Voinovich is committed to the safe and secure growth of nuclear power. At a time when we are struggling to regain our economic footing, the domestic manufacturing industry has an incredible opportunity when it comes to nuclear energy, which offers thousands of well-paying jobs in all stages of development and production. Sen. Voinovich, along with Sen. Tom Carper (D-Del.), recently led a bipartisan congressional letter to President Obama requesting that the White House join them in hosting a nuclear energy summit to bring together key leaders, stakeholders and innovators to discuss and plan for America’s nuclear energy future.
Enabling the Nuclear Renaissance Act (S.3618) was introduced in the Senate and referred to the Committee on Finance.