en.Wedoany.com Reported - The U.S. Department of Energy recently awarded $17.3 million to Constellation Energy Corp. to cover the costs of applying for an early site permit for a new nuclear power plant at the Nine Mile Point site in Oswego County, New York. The New York State Energy Research and Development Authority will also provide up to $12.5 million in additional funding, bringing the total to nearly $30 million.
Constellation Energy owns all nuclear power plants in New York State, including the FitzPatrick Nuclear Power Plant and Nine Mile Point Units 1 and 2 in Oswego County, as well as the Ginna Nuclear Power Plant in Wayne County. These existing nuclear plants supply about one-fifth of the state's electricity. The company plans to use this funding to apply for a site permit to develop one or more new nuclear reactors at the location, including Generation III reactors or small modular reactors (SMRs).
New York Governor Kathy Hochul welcomed the news. Hochul's goal is to increase New York's nuclear power capacity from 3.4 gigawatts to 8.4 gigawatts. She stated in a release: "At the heart of my 'Comprehensive Energy Strategy' is the development of cleaner, more reliable nuclear energy, and this funding commitment brings us one step closer to that goal."
Mark Rodgers, Senior Vice President of Constellation Energy, said: "Receiving this authorization underscores New York State's leadership in advancing affordable, zero-emission energy."
New York's grid operator forecasts that electricity demand will grow by 50% to 90% over the next two decades. Since nuclear plants do not emit greenhouse gases, Hochul is banking on nuclear power to meet much of the state's future energy needs. However, critics point to the high cost of nuclear power, citing Georgia's Vogtle Units 3 and 4 as an example, which had a total construction cost of approximately $35 billion. Researchers argue that construction costs will decline as more nuclear plants are built.
Nine Mile Point Unit 1 and the Ginna Nuclear Power Plant are the oldest nuclear plants still operating in the United States. Constellation Energy has applied to extend the operating license for Nine Mile Point Unit 1 by 20 years and plans to seek a similar extension for the Ginna plant. In January, New York State utility regulators approved continued customer contracts for existing nuclear plants, which have provided approximately $500 million in annual cash flow since 2017 and could generate up to $33 billion in revenue for Constellation Energy over 20 years.
Constellation Energy is the largest nuclear power operator in the United States, with 21 reactors and annual revenues of about $10 billion. This grant is part of $94 million awarded by the Department of Energy to eight companies to support new nuclear development. The U.S. Nuclear Regulatory Commission has 18 months to review submitted applications, and Constellation Energy has not yet disclosed when it plans to file.
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