Funding from the federal Inflation Reduction Act will boost nuclear power in New York and help lower the utility bills of millions living in the state, Gov. Kathy Hochul said on Tuesday.
Funding from the federal nuclear production tax credit, part of President Joe Biden's Inflation Reduction Act (IRA), will go to nuclear reactors in the state, while helping to "support New York’s nuclear power plants to deliver zero emissions electricity for New Yorkers," Hochul said in a statement.
The four operating nuclear power reactors in New York are owned or controlled by Constellation Energy. They aer the R.E. Ginna, located in Ontario, and the James A. FitzPatrick and Nine Mile Units 1 and 2 sites, located near Oswego.
As a result of the funding, New Yorkers will potentially receive hundreds of millions of dollars in cost savings, as early as 2025, the Hochul administration said.
“The Inflation Reduction Act has been critical to helping New Yorkers lower utility costs, while also helping the state reduce emissions and confront the global challenge of climate change,” Hochul said. “We appreciate the strong partnership with President Biden, his Administration and New York’s Democratic Congressional Delegation to advance a more affordable and more livable New York through energy affordability and zero emissions electricity.”