Sponsored by:
Assemblyman ALEX SAUICKIE
District 12 (Burlington, Middlesex, Monmouth and Ocean)
Co-Sponsored by:
Assemblyman Scharfenberger
SYNOPSIS
Provides for allocation of $300 million from available balances collected from available societal benefits charge and Global Warming Solutions Fund revenues for grants for construction of small modular nuclear reactors.
CURRENT VERSION OF TEXT
As introduced.
An Act establishing a grant program for the construction of small modular nuclear reactors.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Notwithstanding any provision of section 12 of P.L.1999, c.23 (C.48:3-60), P.L.2007, c.340 (C.26:2C-45 et al.), or any law, rule, regulation, or order adopted pursuant thereto to the contrary, in the fiscal year commencing July 1, 2026, the Board of Public Utilities and the Department of Environmental Protection shall, from available balances accumulated in accounts of the board from funds collected through the societal benefits charge imposed pursuant to section 12 of P.L.1999, c.23 (C.48:3-60) and from available balances accumulated in accounts of the department through Regional Greenhouse Gas Initiative allowances purchased and credited to the Global Warming Solutions Fund pursuant to P.L.2007, c.340 (C.26:2C-45 et al.), allocate $300 million to finance one or more grants to support the construction of small modular nuclear reactors in the State.
b. As used in this act, “small modular reactor” or “SMR” means a nuclear fission reactor that: (1) has a rated electric generating capacity of no more than 300 megawatts; (2) is capable of being constructed and operated either alone or in combination with one or more similar reactors if additional reactors are or become necessary at a single site; and (3) is licensed by the United States Nuclear Regulatory Commission.
2. This act shall take effect immediately and shall expire on June 30, 2027.
STATEMENT
This bill provides that in the Fiscal Year commencing July 1, 2026, the Board of Public Utilities and the New Jersey Department of Environmental Protection would, from available revenues from the societal benefits charge and from the Global Warming Solutions Fund, allocate $300 million to support the construction of a new small modular nuclear reactor in the State. The bill also defines the term “small modular reactor.” This bill is needed to stimulate electric production in the State, which has decreased by approximately 20 percent over the last eight years.