WASHINGTON - U.S. Senator Jim Risch (R-Idaho) today introduced the Accelerating Reliable Capacity (ARC) Act to accelerate investment in new commercial nuclear projects by minimizing cost overrun risk.
“We are at the cusp of unlocking a host of advanced reactor technologies, which are essential to meet growing domestic energy demands and strengthening our national security. While the U.S. has made significant investments in developing new nuclear reactors, the financial risk in moving from demonstration to commercialization is so significant, it impedes industry growth,” said Risch. “The ARC Act aims to mitigate that risk and ensure the U.S. remains the global leader in nuclear energy.”
Building new nuclear reactor technologies for the first time creates significant upfront cost and timing uncertainties, which make it challenging to attract investments. The ARC Act establishes a limited risk reduction program for building new commercial reactors by providing a backstop for unforeseen costs through enhanced financing terms. The program would benefit three or more next generation nuclear energy projects to jumpstart commercialization.
Senator Risch is a long-time advocate for nuclear energy. He has spearheaded legislation to increase domestic energy production, enhance national security, and keep the United States at the forefront of nuclear advancement. He is the founder and co-chair of the Senate Advanced Nuclear Caucus, which amplifies the critical role nuclear energy plays in the U.S. and explores emerging nuclear technologies.
"I commend Senator Risch for his longstanding support of nuclear energy and his commitment to our nation’s energy security and prosperity,” said John Wagner, Director of the Idaho National Lab. “The near-term expansion of nuclear energy is essential to meeting the dramatic demand growth for clean, reliable power necessary for our industrial sector and economic competitiveness. Providing additional certainty to early adopters will help mitigate risks for nuclear projects and encourage the investment needed to accelerate the deployment of new reactors."
"The Accelerating Reliable Capacity Act of 2024 is a pivotal step in addressing the financial barriers that have hindered the deployment of new nuclear reactors. With essential financing solutions, this legislation will accelerate the development of advanced nuclear technology, enhance U.S. energy independence, and strengthen our global leadership in clean energy innovation," said Maria Korsnick, president and CEO of the Nuclear Energy Institute. "We commend Senator Risch's leadership on this critical issue and look forward to working with Congress to advance this important bill."
"The demand for clean, reliable energy is driving renewed interest in nuclear energy," said ClearPath Action CEO Jeremy Harrell. "The faster nuclear projects get off the ground the faster the U.S. can build critical technologies like data centers and new manufacturing facilities. The ARC Act seeks to supercharge the deployment of new nuclear projects to meet this need."
