BILL NUMBER: S8458
SPONSOR: O'MARA
 
TITLE OF BILL:
An act to amend the public authorities law and the state finance law, in
relation to enacting the "nuclear energy deployment act"
 
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to promote safe clean nuclear energy gener-
ation in New York State.
 
SUMMARY OF PROVISIONS:
Section 1: States the title as the "Nuclear Energy Deployment Act"
Section 2: Amends the Public Authorities law by adding section 1885, and
provides definitions. Instructs the Public Service Commission and the
Department of Environmental Conservation to create rules and regulations
to facilitate the construction and operation of advanced nuclear reac-
tors.
Section 3: Amends Finance law by adding a new section 99-tt. Nuclear
energy deployment fund. Determines how the fund will be financed and how
the money will be used.
Section 4: States that this bill will take effect immediately
 
JUSTIFICATION:
Nuclear energy is a clean, reliable, and energy-dense power source that
can help meet New York's growing electricity needs. With new technolo-
gies like small modular reactors (SMRs), we can generate carbon-free
power using smaller, more efficient systems.
As New York electrifies, we need energy sources that are consistent and
dependable. Unlike wind and solar, nuclear power runs 24/7, year-round,
and can strengthen the reliability of our electric grid. This bill
allows NYSERDA, with Comptroller approval, to award recoverable grants
for advanced nuclear projects. It also streamlines permitting by requir-
ing NYSERDA to work with the PSC and DEC. A new Nuclear Energy Coordina-
tor within NYSERDA will help companies navigate the process from permit-
ting to construction.
This legislation supports clean energy, improves grid reliability, and
encourages innovation in New York.
 
PRIOR LEGISLATIVE HISTORY:
New bill.
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.