Smith says by providing tax credits , the Inflation Reduction Act can propel the state into the nuclear energy arena .
“ It has been estimated that approximately $ 240 million in investments can come into West Virginia as a result of these tax credits ,” Smith says . “ The Inflation Reduction Act creates the incentive for people to come in and jump over that hurdle of capital investment up front and create a long-term benefit for the company involved and the state .”
The Inflation Reduction Act includes multiple incentives for the nuclear energy sector , from production tax credits for existing reactors to incentivizing advanced nuclear deployment , according to Kathryn Huff , Ph . D ., assistant secretary for nuclear energy at the Department of Energy ( DOE ). Players in the nuclear field determine which of the tax credit plans works for them , but both plans include a bonus for states such as West Virginia .
“ Both incentive plans include a 10 % bonus if the power plant is built at a brownfield site or a fossil energy community — ensuring social and energy justice for states such as West Virginia ,” Huff says .
One of the cons of nuclear plants is their hefty price tags . However , many U . S . companies are developing advanced technologies that will make the reactors more affordable to build and operate . These nuclear vendors are planning to demonstrate their reactors within the decade , according to Huff .
West Virginia has the answer to some of those financial woes , in part because of its fossil fuel legacy .
“ A recent DOE report also found that 80 % of retired and retiring U . S . coal plant sites are suitable for advanced reactor power sites ,” Huff says . “ This coal-to-nuclear transition can leverage some of the existing infrastructure and workforce at these plants to build a new clean energy economy and keep jobs in the local area . The study also estimates that replacing retired coal capacity with nuclear could increase regional economic activity by as much as $ 275 million and add 650 new , permanent jobs to the community .”
In an effort to put some investment muscle behind the politics of nuclear power , Manchin invited his friend , tech innovator and billionaire Bill Gates , to the Mountain State in January to tour a closed coal-fired power plant in Glasgow , the Kanawha River Plant . Manchin and Gates met with Smith , as well as other federal and state officials and various stakeholders , to discuss the possibilities the Inflation Reduction Act and these former coal-fired plants bring to the nuclear table . Smith says the repurposing of already built sites is just one of many reasons West Virginia is poised to take the nuclear plunge .
“ We have a legacy of being an energy state , with coal and natural gas , then recently with wind and solar ,” he says . “ We have the people with the skills and the talent . We are energy literate in that we understand the role energy plays in the economy . Many of the skills we already possess apply equally across other forms of energy . Our history , infrastructure and talent all come into play .”
The jobs that nuclear energy creates and sustains make nuclear possibilities especially exciting for the state and for West Virginians in several different ways .
“ Data suggests that a nuclear power plant creates more
jobs than any other source of power in the nation ,” Smith says . “ The variety of jobs is incredible . From the construction jobs that build it to specialists such as engineers , chemists , scientists , safety officers and operators , as well as technicians , accountants and welders , the jobs literally run the gamut ; it is a very inclusive employment opportunity .”
It is not just the variety or quantity of jobs in the nuclear field that make it so appealing in West Virginia . It is also the quality of what those jobs offer to individuals and their communities .
“ The data that I have seen is wages 30 % higher than local averages ,” Smith says . “ What we would have is a power plant that employs more people , more types of people and pays them as much as 30 % higher than other wages in the area . I think that will create a real opportunity for West Virginians .”
In 2021 , nuclear energy provided enough electricity to power more than 70 million homes according to the DOE ’ s Office of Nuclear Energy .
“ The U . S . operates the largest fleet of nuclear reactors in the world , which generate 19 % of the nation ’ s electricity and half of its clean , emissions-free energy , making it the largest domestic source of clean energy ,” Huff says . “ Advantages of nuclear power include a small physical footprint , high energy density reliability and carbon avoidance . Beyond electricity , commercial reactors can be used to power desalination plants , provide heat for processes such as metal refining and even generate hydrogen as a clean burning alternative fuel for vehicles .”
U . S . Generation by Fuel Source ( 2021 )
Nuclear Power Across the U . S .
Source : nei . org
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