SB 423

This bill establishes a pilot program allowing Indiana electric utilities to partner with other entities to develop small modular nuclear reactors (SMRs) at sites in Indiana or at existing nuclear facilities serving Indiana customers, subject to approval by the Indiana Utility Regulatory Commission (IURC). The program enables utilities to recover project development costs through customer rates before obtaining construction permits, with 80% of approved costs recovered through periodic rate adjustments and 20% deferred to the next general rate case. The IURC must review petitions within 180 days and consider specific factors when evaluating proposals, while utilities can recover reasonable and necessary costs even if a project is ultimately canceled, though without a return on investment unless certain conditions are met.