East Idaho Times

U.S. Senator Jim Risch from Idaho has introduced the Accelerating Reliable Capacity (ARC) Act, a legislative proposal aimed at promoting investment in new commercial nuclear projects by reducing financial risks associated with cost overruns.

"We are at the cusp of unlocking a host of advanced reactor technologies, which are essential to meet growing domestic energy demands and strengthening our national security. While the U.S. has made significant investments in developing new nuclear reactors, the financial risk in moving from demonstration to commercialization is so significant, it impedes industry growth," said Risch. "The ARC Act aims to mitigate that risk and ensure the U.S. remains the global leader in nuclear energy."

The bill proposes a limited risk reduction program for constructing new commercial reactors by offering enhanced financing terms to cover unforeseen costs. This initiative targets three or more next-generation nuclear energy projects to expedite their commercialization.

Senator Risch has been an advocate for nuclear energy and has led efforts to boost domestic energy production and maintain U.S. leadership in nuclear technology. He co-chairs the Senate Advanced Nuclear Caucus, focusing on emerging nuclear technologies.

"I commend Senator Risch for his longstanding support of nuclear energy and his commitment to our nation’s energy security and prosperity," said John Wagner, Director of the Idaho National Lab. "The near-term expansion of nuclear energy is essential to meeting the dramatic demand growth for clean, reliable power necessary for our industrial sector and economic competitiveness."

Maria Korsnick, president and CEO of the Nuclear Energy Institute, praised the legislation: "The Accelerating Reliable Capacity Act of 2024 is a pivotal step in addressing the financial barriers that have hindered the deployment of new nuclear reactors."

ClearPath Action CEO Jeremy Harrell also expressed support: "The demand for clean, reliable energy is driving renewed interest in nuclear energy... The ARC Act seeks to supercharge the deployment of new nuclear projects to meet this need."