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A billion-dollar program was launched on Tuesday aimed at helping struggling nuclear power plants to continue operating amid rising costs, the U.S. Department of Energy (DOE) announced.
The $6 billion Civil Nuclear Credit Program will provide relief to owners or operators of nuclear power reactors that are expected to shut down due to economic circumstances, thus avoiding premature closure.
Specifically, the program will see owners or operators of nuclear plant owners bid for “credits” in order to help them continue running the nuclear plants, which serve as the nation’s largest source of clean energy.
“This critical investment, made possible by President [Joe] Biden’s Bipartisan Infrastructure Law, will help avoid premature retirements of reactors across the country due to financial hardship, preserve thousands of good-paying clean energy jobs to sustain local economies, and protect our supply of carbon-free electricity generation,” the DOE said on Tuesday.
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