The bill requires the director of the office of economic development (office) or the director's designee to conduct or cause to be conducted a study (feasibility study) regarding the feasibility of using small modular nuclear reactors as a carbon-free energy source for the state and includes specific items that must be included in the feasibility study.
By July 1, 2024, the director of the office is required to provide a written report to the committees of the senate and house of representatives having jurisdiction over energy matters regarding the findings and conclusions from the feasibility study. The bill appropriates $500,000 from the general fund to the office for the 2022-23 fiscal year to be used for the purposes of the feasibility study.
In addition, current law defines recycled energy as energy produced by a generation unit with a nameplate capacity of not more than 15 megawatts. For pumped hydroelectricity generation only, the bill specifies that the energy be produced by a generation unit with a nameplate capacity of not more than 400 megawatts.
(Note: This summary applies to this bill as introduced.)