This bill establishes a new 10-year program within the New Jersey Economic Development Authority (EDA) to support the construction of new nuclear energy facilities, which are anticipated to operate for at least 60 years. The EDA will implement fast-track procedures for obtaining necessary permits and approvals, collaborate with federal agencies such as the Department of Energy and the Nuclear Regulatory Commission, and create incentives to attract private-sector investment in nuclear energy projects. The bill also mandates the creation of a financing framework that combines federal credits and State-backed bonds to lower costs for ratepayers.

Additionally, the bill introduces the New Jersey Nuclear Energy Incentive Fund, which will be managed separately from other funds and will draw from various revenue sources, including state appropriations and federal funds. This fund will provide loans, grants, and financial assistance for eligible projects while covering operational costs incurred by the authority. The EDA is authorized to charge reasonable fees for its financing activities and is required to maintain transparency by publicly disclosing information about financing support transactions, while safeguarding sensitive commercial information.

Statutes affected:
Introduced: 34:1B-5