The U.S. Department of Energy (DOE) released a Conditional Agreement for companies building new nuclear power plants in the United States to qualify for a portion of $2 billion in federal risk insurance. The Conditional Agreement, the first step in the process toward a risk insurance contract, is available to sponsors of advanced nuclear facilities once its application for a Construction and Operating License (COL) is docketed by the Nuclear Regulatory Commission (NRC). Companies can enter into a Conditional Agreement with DOE; however, only the first six that are issued a COL and begin construction are eligible for the risk insurance contract with DOE.
Events that would be covered by the risk insurance contract include delays associated with the NRC’s reviews of inspections, tests, analyses and acceptance criteria, as well as certain delays associated with a pre-operational hearing or litigation in federal, state or tribal courts.
The announcement closely follows previous progress through the Department’s Nuclear Power 2010 program.