This bill directs 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 in conjunction with similar reactors. The bill also 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."

Additionally, the BPU is required to consider specific factors when evaluating petitions from electric power suppliers or basic generation service providers for the construction or lease of small modular nuclear reactors. These factors include the extent to which the new reactor will replace lost generating capacity from retiring coal or natural gas facilities and the potential for utilizing existing infrastructure or creating new job opportunities for displaced workers. The bill also imposes requirements on the storage of spent nuclear fuel and high-level radioactive waste, ensuring compliance with regulations from the United States Nuclear Regulatory Commission.

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