Gov. Kathy Hochul announced federal Inflation Reduction Act

Source NY State of Politics: Gov. Kathy Hochul announced on Tuesday that the federal Inflation Reduction Act will provide funding to boost nuclear power in New York, ultimately leading to lower utility bills for millions of residents in the state.

In a statement, Hochul highlighted that the funding, which comes from the federal nuclear production tax credit under President Joe Biden’s Inflation Reduction Act (IRA), will specifically support New York’s nuclear reactors. This support aims to ensure that these power plants can continue delivering zero-emissions electricity to the people of New York.

Currently, Constellation Energy owns or controls the four operating nuclear power reactors in New York. These reactors include R.E. Ginna in Ontario, as well as the James A. FitzPatrick and Nine Mile Units 1 and 2 sites near Oswego.

The Hochul administration anticipates that the funding will result in significant cost savings for New Yorkers, potentially amounting to hundreds of millions of dollars as early as 2025.

Hochul expressed gratitude for the partnership between President Biden, his Administration, and New York’s Democratic Congressional Delegation in advancing a more affordable and sustainable future for the state. She emphasized that the Inflation Reduction Act plays a critical role in helping New Yorkers reduce utility costs, lower emissions, and address the urgent global challenge of climate change.

Overall, this funding represents a significant step towards creating a more affordable and environmentally friendly New York, while also supporting the state’s transition to zero-emissions electricity.