S 423

# S 423 Legislative Summary S 423 establishes Indiana's Small Modular Nuclear Reactor (SMR) Partnership Pilot Program, which allows licensed utilities to partner with various entities—including customers, investors, military installations, educational institutions, and reactor manufacturers—to jointly develop and finance small modular nuclear reactors at eligible sites in Indiana or at existing nuclear facilities serving Indiana customers. The bill's main purpose is to reduce costs and financial risk for utilities and their ratepayers by enabling cost-sharing partnerships while meeting Indiana's growing electricity demand and supporting economic development. Key impacts include creating a regulatory process through Indiana's utility commission for approving partnership projects, defining eligible participants and project sites, and allowing utilities to recover development costs that are not subsidized by their partners or government agencies.