Summary of
Section 638
Standby Support for Certain Nuclear Plant Delays
Under Title VI - Nuclear Matters
Subtitle B- General Nuclear Matters
This section allows the Secretary of Energy to enter into contracts for standby support for delays for up to a total of six reactors of no more than three different reactor designs. Covered delays include the failure of the Nuclear Regulatory Commission (NRC) to comply with schedules for review and approval of inspections or the conduct of hearings, in addition to litigation that delays full-power operation. The Secretary of Energy would pay 100 percent of the covered costs for the first two reactors that have received a combined license and for which construction has begun. However, the Department would not cover any cost that result in a failure of the project sponsor to take any action required by law or regulation or any events within the sponsor's control. Covered costs would include principle or interest on debt coverage, and the difference on the fair market price of purchase power and contractual price of power from the plant, up to a total of $500 million. For the next four reactors, the Secretary would pay 50 percent of the covered costs (principle and interest and purchase power difference) of a delay, up to $250 million. Covered costs are subject to the Secretary of Energy receiving appropriations or payments from project sponsors sufficient to pay covered cost. The Secretary of Energy shall issue for public comment an interim final rule regulating the contracts no later than 270 days of enactment of this Act. The Secretary of Energy shall issue a notice of final rulemaking regulating the contracts no later than one year after enactment of this Act.
|
|
