A 5103

The Small Modular Nuclear Energy Incentive Act directs the New Jersey Board of Public Utilities to establish a competitive solicitation program within one year to provide financial incentives for the development of small modular nuclear reactors (SMRs) in the state. The bill defines SMRs as nuclear fission reactors with a maximum capacity of 300 megawatts that can be factory-assembled and transported for installation, and creates a per-megawatt-hour payment system for electricity generated by selected SMR projects. The legislation positions nuclear energy, specifically SMRs, as a critical component of New Jersey's clean energy strategy, citing their constant power output, enhanced safety features, and ability to operate without greenhouse gas emissions as advantages over both fossil fuels and intermittent renewable sources like solar and wind.