Olivia Woods
The Biden administration announced a $6 billion push to save nuclear power reactors at risk of closure, highlighting the need to sustain nuclear energy as a carbon-free source of power that helps to reduce carbon emissions.
On Tuesday, the US Department of Energy told the Associated Press that a certification and bidding process had begun for a civil nuclear credit program that is meant to help out financially troubled owners or operators of nuclear power reactors.
Those responsible for nuclear power reactors that are on the verge of being shut down due to financial reasons can apply for assistance in preventing a premature shutdown. Awards will be given to reactors that have already announced they will shut down.
A second round will be open to facilities that are more economically vulnerable. A $1 trillion infrastructure bill signed into law by President Joe Biden in November financed the program.
“US nuclear power plants contribute more than half of our carbon-free electricity, and President Biden is committed to keeping these plants active to reach our clean energy goals,” said Jennifer Granholm, energy secretary, in a statement.
“We’re using every tool available to get this country powered by clean energy by 2035, and that includes prioritizing our existing nuclear fleet to allow for continued emissions-free electricity generation and economic stability for the communities leading this important work.”
The closure of a dozen US commercial nuclear power reactors before their licences expired is mostly because of competition from less expensive natural gas, massive operating losses due to low electricity prices and rising costs, or the need for major repairs.
Nuclear power reactors built between 1970 and 1990 in the United States are now costing more to maintain because of their age. Just one nuclear power facility is under development right now in Georgia. However, a delay was announced in February due to rising costs.
A major setback would occur if reactors were to shut down before their licences expired, says Andrew Griffith, acting assistant secretary for nuclear energy at the DoE.
Natural gas may be cheaper, but nuclear power hasn’t been given credit for its carbon-free contribution to the grid, which has resulted in financial difficulties for nuclear facilities, Griffith added.
Original source material for this article taken from here
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