Welcome to your Friday Rundown for the week ending Dec. 22. Enjoy your holidays and see you back bright and early in the new year. In the meantime, feedback is always welcome at info@clearpathaction.org.
U.S. NUCLEAR SCORES BIG VOGTLE EXPANSION WIN
The Georgia Public Service Commission voted unanimously to move forward with the expansion of Plant Vogtle, which would be the first U.S. nuclear reactors built and put into operation in decades. The motion offered by Commissioner Tim Echols says Vogtle Units 3 & 4 “should be completed” by Georgia Power. PSC Chairman Stan Wise said that “history, over time” will prove that the commission’s decision was correct.
But much more work needs to be done before we enter a home run trot. That includes on Capitol Hill.
The Senate Finance Committee unveiled a package of tax extenders this week that includes an advanced nuclear production credit. This modifying of the existing 45J production tax credit would allow more time for the Vogtle expansion to use the credit and would allow transferability of the credit to other partners. It may also affect facilities that would use other advanced nuclear technologies, such as small modular reactors being designed by NuScale Power. The House has separately approved this 45J modification.
The Senate Finance extenders package also includes the bipartisan FUTURE Act, a much-needed extension and expansion of the existing 45Q incentive for carbon capture technologies. The plan – led by Sens. Heidi Heitkamp, Shelley Moore Capito, John Barrasso and Sheldon Whitehouse – is largely echoed by a bipartisan House bill led by Rep. Mike Conaway and is part of a multi-pronged financing effort for carbon capture projects. That also includes bipartisan bills to authorize private activity bonds. While the bonds provide low-cost financing for carbon capture development, the 45Q credit can then further complement that by driving equity investment in the projects.
There is no timetable for action on the extenders package.
CHINA, RUSSIA COMMANDEERING U.S. NUCLEAR TECH
China and Russia are commandeering advanced nuclear technology invented in the U.S. but never commercialized here. The U.S. military invented floating nuclear reactors in the 1950s and we have nearly 100 still in service in Navy submarines and aircraft carriers. But while the U.S. has never made a commercial floating reactor, China and Russia are each planning their first.
Russia is building one in Siberia as part of a larger effort to dominate the Arctic Circle. China’s effort is part of a larger land grab in the South China Sea and to further their military goals in direct opposition to U.S. interests.
