Sens. James Risch (R-Idaho) and Ruben Gallego (D-Ariz.) reintroduced a bill Tuesday focused on a funding program to reduce financial risk for new nuclear projects.
The 18-page Accelerating Reliable Capacity (ARC) Act establishes a risk reduction program for new reactors by placing safeguards against potential costs through financing terms and a limited federal cost share, according to the senators’ Tuesday joint press release.
Risch has pushed for the ARC Act before in December 2024.
In the new bill, Risch and Gallego said the Accelerating Reliable Capacity Program Account should be established in the Department of Energy’s Loan Program Office, now known as the Office of Energy Dominance Financing and overseen by the director of the financing office.
The ARC program would authorize up to $3.6 billion to help offset the financial risk of project runovers. The program would be used for three or more advanced nuclear energy projects to help launch into commercialization.
Risch, a long-time nuclear advocate in Congress, said the ARC Act will ensure that the United States puts practices in place to mitigate the financial risks of helping new nuclear come online.
“The U.S. must remain the undisputed global leader when it comes to nuclear energy,” Risch said. “To do so, we need advanced reactors that can meet growing energy demand here at home and we can deliver to customers around the world.”
Gallego, a nuclear supporter whose state includes the Palo Verde nuclear plant, said that getting new nuclear projects off the ground can be a financial burden to many companies. With the ARC Act legislation, reducing that financial risk will help the United States maintain leadership in the nuclear sector, he added.