The following statement on the enactment of H.R. 1 may be attributed to Nuclear Innovation Alliance President and CEO Judi Greenwald:
“The enactment of H.R. 1 preserved or improved key federal incentives for new nuclear energy in law, including the following:
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The investment and production tax credits for nuclear energy projects are fully maintained through 2033. This support will be critical for getting first-of-a-kind reactors, as well as early follow-on projects, financed and built within the next decade.
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The expansion of Master Limited Partnerships to nuclear projects could help raise private capital for these historically capital-intensive projects.
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The U.S. Department of Energy Loan Programs Office funding has been extended until 2028.
“However, two provisions give us pause. First, the restrictions on Foreign Entities of Concern (FEOC) leave too much open to interpretation by the Treasury Department. This lack of certainty could be a major obstacle to accessing the tax credits. Second, the funding appropriated for the Loan Programs Office has been reduced substantially, which will result in fewer projects moving forward.
“Our work is not yet done. To realize the nation’s ambitious goals for nuclear energy expansion, the U.S. Congress and the Administration will need to do the following:
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Adequately fund and staff the U.S Department of Energy and the Nuclear Regulatory Commission to enable safe, efficient and effective project development.
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Increase funding for the DOE Loan Program Office and extend the office’s authority beyond 2028 to bring more nuclear energy technologies to maturity.
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Provide clear, timely guidance on FEOC implementation that maintains national security without stifling American innovation.
“We call on Congress, the Administration, industry and other stakeholders to continue to work together to create the conditions for success for new nuclear energy now and into the future.”