US finalizes $1.1 billion in credits for California nuclear plant
Reuters
Published Jan 17, 2024 05:31PM ET
Updated Jan 18, 2024 12:26PM ET
By Timothy Gardner
WASHINGTON (Reuters) - The administration of President Joe Biden has finalized $1.1 billion in credits aimed to help keep open PG&E (NYSE:PCG) Corp's Diablo Canyon nuclear power plant in California, the Department of Energy said on Wednesday.
The $6 billion Civil Nuclear Credit Program was funded by the 2021 bipartisan infrastructure law. The Biden administration set up the credit program to help existing nuclear power plants. It believes the plants are essential to help fight climate change and reaching its goal of what it calls 100% clean electricity by 2035.
The first payment of awards, for Diablo Canyon, California's last nuclear plant, is scheduled for 2025. Diablo's two reactors, which the Energy Department said provide 9% of California's power generation, had been slated to shut in 2024 and 2025.
"Preserving the nation’s nuclear fleet is critical not only to reaching America’s clean energy goals, but also to ensuring that homes and businesses across the country have reliable energy," said Maria Robinson, director of the grid deployment office at the Department of Energy.
The U.S. nuclear power industry does not have a permanent place to put toxic, radioactive waste, a problem its critics say should be fixed before extending the life of reactors. Critics also say nuclear is too expensive to make a dent in fighting climate change.
Friends of the Earth, an environmental group, has sued the U.S. Nuclear Regulatory Commission over allowing Diablo Canyon to keep running while they review their operating license renewal.
U.S. nuclear power plants have suffered in recent years on rising safety and material costs and competition with renewable energy and plants that burn plentiful natural gas. More than a dozen U.S. reactors have shut since 2012.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.