Rep. Mike Lawler (R-N.Y.) introduced a bill Tuesday that pushes for more oversight and public accountability for how nuclear power plants use their decommissioning funds.
Lawler’s bill, Reactor Expenditure Accountability and Compliance Transparency (REACT), directs the Nuclear Regulatory Commission to require nuclear plant licensees to provide more detailed and transparent reporting in their financial assurance status reports.
These reports include earned interest, projected annual returns and a full accounting of expenses drawn from decommissioning trust funds, according to Lawler’s Tuesday press release.
Decommissioning trust funds are intended to cover the expenses of demolishing a nuclear power plant after it has ceased operations. But reporting standards on how those funds, which can amount to hundreds of millions of dollars, are used vary and lack sufficient detail, Lawler said.
This lack of detailed reporting has raised concerns among communities and regulators, Lawler added.
Lawler’s congressional district includes the Hudson Valley in New York, where the shuttered Indian Point Energy Center is located.
Indian Point produced 2,000 megawatts of electricity before ceasing operations in 2021. Holtec International purchased the reactors and assumed decommissioning responsibility for the plant in late 2020.
“Taxpayers and ratepayers deserve full transparency when it comes to how nuclear decommissioning funds are being used,” Lawler said. “Communities that have hosted nuclear facilities for decades, including right here in New York’s Hudson Valley, have every right to know that these funds are being managed responsibly, with proper oversight and accountability. The REACT Act is a common-sense step to ensure openness and protect the public interest.”