S 1606

The Small Modular Nuclear Energy Incentive Act directs the New Jersey Board of Public Utilities to establish a competitive solicitation program within one year that will provide financial incentives (paid per megawatt hour of electricity produced) to promote the construction 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, transported, and installed either individually or in combination at a single site, subject to federal Nuclear Regulatory Commission licensing. The legislation's stated purpose is to help New Jersey meet its clean energy goals by supporting nuclear power as a reliable, zero-emission alternative to fossil fuels, while also addressing the intermittency limitations of solar and wind power and creating jobs to replace those lost from retiring conventional power plants.