US launch $6 billion grant to rescue nuclear power plants

The Biden administration announced on Tuesday a US $6 billion grant to rescue nuclear power plants at risk of closing, with the aim to continue nuclear power as a source of cleaner energy.

According to the Department of Energy (DOE), the US has 93 reactors which generate more than half of their carbon free electricity. Since 2013, 12 reactors have closed. The department added that the closure of these reactors has led to a “rise in emissions in those regions, poorer air quality, the loss of thousands of high-paying jobs, essential employers and financial contributors to local communities.”

The department said that the first round of awards will prioritise reactors that have already announced plans to close. They will take applications through the Civil Nuclear Credit Program until May 19. Meanwhile the second round will be opened up to more economically at-risk facilities.

“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,” said US Secretary of Energy Jennifer M. Granholm.

Nuclear reactors are the US largest source of clean energy. The $6 billion will be distributed gradually. The funding will be distributed as $1.2 billion over every four years with the last four-year period ending in 2035.

“This program will keep our reactors operating, preserving American jobs, reducing emissions, and bolstering our energy security. We have taken the reliability and resiliency of our nuclear fleet for granted and it is about time we acted to preserve these vital assets,” said US Senator Joe Manchin (D-WV), Chairman of the Senate Energy and Natural Resources Committee.