This bill mandates the Board of Public Utilities (BPU) to establish rules and regulations for the construction and operation of small modular nuclear reactors in New Jersey. It defines a "small modular nuclear reactor" as a nuclear fission reactor with a generating capacity of no more than 300 megawatts, which can be built and operated independently or alongside similar reactors, and must be licensed by the United States Nuclear Regulatory Commission. The BPU is required to consider the potential replacement of lost generating capacity from retiring coal or natural gas facilities when reviewing petitions for new reactors, as well as the use of existing infrastructure and the creation of job opportunities for displaced workers.

Additionally, the bill authorizes the New Jersey Economic Development Authority (EDA) to incentivize the construction and operation of these reactors using funds from the "Global Warming Solutions Fund." It includes provisions that prevent the storage of spent nuclear fuel or high-level radioactive waste on-site without meeting regulatory requirements. The bill aims to promote energy efficiency and support the transition to cleaner energy sources while ensuring compliance with federal and state regulations governing nuclear facilities.

Statutes affected:
Introduced: 26:2C-46, 26:2C-51