Texas Senate Advances Nuclear Power Incentive Fund
AUSTIN — The Texas Senate has approved a pivotal proposal to establish a taxpayer-funded incentive fund for nuclear power development, following a critical vote on Tuesday. The legislation allocates approximately $350 million in public funds, a significant reduction from the initial $2 billion concept proposed in House Bill 14 by Rep. Cody Harris, R-Palestine.
Despite the reduced funding, industry advocates interpret this legislative progression as a strong endorsement of nuclear power by Texas’ political leadership. Reed Clay, president of the Texas Nuclear Alliance, noted, “Texas is on the precipice of passing landmark legislation that will put Texas at the center of the nuclear renaissance.” Nuclear energy, once stagnant due to cost overruns and regulatory hurdles, is witnessing a resurgence in political backing, with Republicans emphasizing its reliability and Democrats valuing its environmentally-friendly attributes.
Sen. Charles Schwertner, R-Georgetown, the bill’s sponsor, highlighted a new national emphasis on nuclear technology, stating, “The idea is Texas should lead in this endeavor.” The newly created fund will primarily focus on small, modular reactors, with approximately 80% earmarked for reimbursing construction costs, while the remainder will support research and development.
Pending approval from the House on any Senate amendments, the proposal will head to Gov. Greg Abbott, who has expressed support for the program. His office will oversee the nuclear fund and expedite the permitting process to facilitate the launch of qualifying projects.
Legislators anticipate the nuclear office to be operational by year-end, although functional reactors may not begin operating until 2030 or beyond. The proposal reflects Texas’ commitment to enhancing its energy landscape alongside the recently established $5 billion Texas Energy Fund aimed at boosting natural gas power generation.
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