March 24, 2023

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US is investing billions to protect nuclear power plants |  Finance

US is investing billions to protect nuclear power plants | Finance

Many nuclear power plants in the United States are obsolete and face stiff competition from cheaper energy sources such as natural gas, wind and solar. As a result, they run the risk of being fired early.

But according to the US government, nuclear energy is crucial in reducing emissions and combating climate change. Therefore, the US Department of Energy has a plan called the Civil Nuclear Loan Program to provide a $ 6 billion loan to keep plants running. Operators and owners of nuclear power plants are expected to begin a process this week to apply for that support.

The money comes from President Joe Biden’s massive incentive plan to invest in key infrastructure. The United States has 93 nuclear reactors, which account for one-fifth of the country’s electricity supply.

The sector is responsible for nearly half a million jobs. The Ministry of Energy has warned that half of those reactors will be shut down due to economic factors. Many reactors have been shut down in recent years. The United States aims to be carbon neutral by 2050.

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