The Biden administration is launching a $6 billion effort to save nuclear power plants at risk of closing, citing the need to continue nuclear energy as a carbon-free source of power that helps to combat climate change.
A certification and bidding process opened Tuesday for a civil nuclear credit program that is intended to bail out financially distressed owners or operators of nuclear power reactors, the U.S. Department of Energy told The Associated Press exclusively, shortly before the official announcement. It's the largest federal investment in saving financially distressed nuclear reactors.
A strong majority of states — about two-thirds — say nuclear, in one fashion or another, will help take the place of fossil fuels. Low electricity prices are the main cause of this trend, though federal and state policies to boost wind and solar have contributed as well, the NEI added. While natural gas may be cheaper, nuclear power hasn’t been given credit for its carbon-free contribution to the grid and that has caused nuclear plants to struggle financially, Griffith added.
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