Washington, D.C. – Senate Energy & Natural Resources Chairman Pete Domenici today congratulated the Department of Energy for releasing the interim rules for standby nuclear support as required in Section 638 of EPAct05 within the time frame specified in the bill.

The committee staff will review the rules and provide comment to DOE if necessary, Domenici said.

Chairman Domenici’s statement:

“It’s important that this risk insurance be done right. We haven’t seen a new nuclear power plant ordered in three decades. Because of the energy bill, utilities and consortiums have announced plans to build as many as 19 advanced nuclear reactors. I consider an effective insurance program to help utilities cover the cost of delays caused by law suits or regulatory problems essential to making those proposed plans a reality.

“If we are smart about how we jump-start nuclear power, including the right risk insurance, we could generate as much as 25,000 megawatts of new electricity between 2015 and 2020. That’s enough to power 15 million households. These plants would create more than 50,000 jobs, ranging from construction to high-tech operations jobs.”

Congress, through EPAct05, authorized  the Secretary of Energy to enter into contracts to cover financial losses due to certain nuclear plant delays up to $500 million for the first two reactors licensed by the Nuclear Regulatory Commission (NRC), and up to $250 million for each of the following four new reactors.
  
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