Constellation (Nasdaq: CEG), the nation’s largest producer of clean energy, commends the State of New York’s newly unveiled policies aimed at expanding the deployment of advanced nuclear energy to reach its goal of providing abundant, clean, reliable and affordable electricity for all New Yorkers. The New York State Energy Research and Development Authority (NYSERDA) has joined Constellation on a grant proposal to the U.S. Department of Energy (DOE) to support the company’s efforts to seek an early site permit from the Nuclear Regulatory Commission for one or more advanced nuclear reactors at the Nine Mile Point Clean Energy Center in Oswego, New York.
“We appreciate the governor's leadership and New York’s ongoing support for nuclear energy, which produces more than 20% of the state’s energy, supporting millions of households and businesses and employing thousands of hardworking women and men in family-sustaining jobs,” said Joe Dominguez, Constellation’s president and CEO. “Constellation has previously worked with NYSERDA to develop leading clean hydrogen production and fuel cell technologies using nuclear power. Now, NYSERDA and Constellation are once again joining together with a commitment to explore advanced nuclear energy technologies and continue the meaningful progress toward New York’s clean energy and economic development goals.”
New York has already demonstrated leadership in supporting the continued operation of Constellation’s three upstate nuclear facilities, which produce nearly half the state’s clean electricity. NYSERDA’s cost share funding is a critical first step in helping to determine whether new nuclear can become a reality in New York, creating thousands of jobs and helping the state achieve its clean energy and reliability goals at a time of growing electricity demand.
If granted, the DOE funding would be used to pursue an early site permit at Nine Mile Point. An early site permit from the NRC approves a site for future development of a nuclear power plant. The permit is valid for 10 to 20 years, and the company can apply for a construction and operating license at any time during the permit period.
Decisions from DOE on the awardees are expected in early summer.
In further support of new nuclear development, New York has announced that it will help lead a multi-state Consortium on Nuclear Energy focused on driving down costs and risk-sharing.
