Friday, April 27, 2018

Perry Begins Doling Out Millions in Bid to Save Nuclear Power (Washington Examiner, Daily on Energy)


(WASHINGTON, DC) – Energy Secretary Rick Perry announced $60 million in federal funds on Friday as the first step in an effort to helping financially ailing nuclear plants, while advancing new technologies.

Important step: “Making these new investments is an important step to reviving and revitalizing nuclear energy, and ensuring that our nation continues to benefit from this clean, reliable, resilient source of electricity,” Perry said.

The big 13: The Energy Department selected 13 projects to receive about $60 million in federal funding for cost-shared research and development for advanced nuclear technologies, the agency said.

The funding selections are the first under a new quarterly application review and selection process. Perry intends to use up to $40 million of fiscal 2018 funding in the next two quarterly award cycles for innovative proposals. 

Back to baseload: “Supporting existing as well as advanced reactor development will pave the way to a safer, more efficient, and clean baseload energy that supports the U.S. economy and energy independence,” he said. Baseload plants provide power around the clock.

What about First Energy? The funds were announced amid the utility First Energy’s appeal to Perry to issue an emergency order to help its ailing nuclear power and coal plants, three of which are slated to close.

Moody’s says all is well: Credit-rating giant Moody’s said Thursday that First Energy has enough flexibility to weather the closures and will emerge from its deal with its lenders a credit positive company.