The Biden administration has offered $6 billion to rescue fusion power facilities around the country from shutdown as the US focuses on greener energy sources, according to the Associated Press. This will be the greatest financial investment the US has ever made in outdated nuclear reactors, and it will go toward assisting struggling plant owners to keep them functioning.
The investment is part of the government’s plan to eliminate the use of fossil fuels by 2035. According to the Associated Press, “US nuclear power facilities produce more than half of our carbon-free electricity, and President Biden is dedicated to keeping these reactors operational to meet our clean energy goals.”
“To get our country powered by clean energy by 2035, we’re utilizing every instrument at our disposal, including prioritizing our current nuclear fleet to ensure continuous emissions-free electricity generation and economic stability for the communities spearheading this critical effort.” The funds will be allocated first to plants that have declared their closure, with the remaining funds available to help other plants.
WASHINGTON, D.C. (AP) – The Biden administration is beginning a $6 billion drive to save nuclear power reactors that are on the verge of shutting down, stressing the need to keep nuclear energy as a carbon-free source of power that aids in climate change mitigation. The US Department of Energy told The Associated Press confidentially just before the formal announcement that a certification and bidding procedure for a civil nuclear credit program that is meant to bail out financially distressed owners or operators of nuclear power reactors began on Tuesday. It’s the government’s biggest bet on rescuing financially troubled nuclear plants.
Nuclear power plant owners and operators that are about to shut down for economic reasons might request for funds to prevent doing so prematurely. The reactors that have previously indicated plans to shut will be given priority in the first round of awards. The second round will be offered to facilities that are more economically distressed. President Joe Biden’s $1 trillion infrastructure bill, which he signed into law in November, provided funding for the initiative.