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 bill also authorizes the New Jersey Economic Development Authority (EDA) to provide incentives for the construction and operation of these reactors, utilizing funds from the "Global Warming Solutions Fund."

Additionally, the BPU is required to consider specific factors when reviewing petitions from electric power suppliers or basic generation service providers for the construction or lease of small modular nuclear reactors. These factors include the potential for the new reactor to replace lost generating capacity from retiring coal or natural gas facilities and the feasibility of utilizing existing infrastructure. The bill also stipulates that operators of small modular nuclear reactors must comply with all relevant licensing and regulatory requirements, including restrictions on the storage of spent nuclear fuel or high-level radioactive waste on-site without proper authorization.

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