Biden begins $6B program to bail out distressed nuclear power plants (NYSEARCA:XLU)

The Biden administration is launching a $6B program to rescue nuclear energy crops in danger of closing, opening a certification and bidding course of Tuesday for a civil nuclear credit score program to assist financially distressed homeowners or operators of nuclear energy reactors.

The U.S. Division of Power stated it can take purposes for the primary spherical of funding in its program till Might 19, prioritizing reactors which have already introduced plans to shut.

This system might present a lift to operators together with Public Service Enterprise Group (PEG), Constellation Power (CEG) and Power Harbor (OTCPK:ENGH), in line with Bloomberg.

PG&E (PCG) plans to close its two Diablo Canyon reactors in California in 2024 and 2025.

ETFs: (NYSEARCA:XLU), (URA), (NLR)

A dozen U.S. industrial nuclear energy reactors have closed prior to now decade earlier than their licenses expired, and 1 / 4 or extra of the remaining U.S. nuclear fleet of 93 reactors is in danger, in line with the DoE.

Nuclear energy presently offers ~20% of electrical energy within the U.S., or about half the nation’s carbon-free power.

The one nuclear plant now underneath building within the U.S. in Southern Co.’s (SO) Vogtle plant in Georgia; the undertaking’s prices have ballooned through the years, and one other delay was introduced in February.