Sec. 301. Zero-emissions credit program
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Not later than 2 years after the date of enactment of this section, the Secretary shall establish a program to be known as the Zero-Emissions Credit Program . Not later than March 1 of each calendar year beginning after the date on which the Zero-Emissions Credit Program is established, under the Zero-Emissions Credit Program the Secretary shall issue an amount of zero-emissions credits to each owner or operator of a qualified nuclear power plant in the quantity that is equal to the amount of the megawatt hours of electricity sold by such owner or operator to an organized power market in the prior year.
Except as provided in paragraphs (2), (3), and (4), under the Zero-Emissions Credit Program the Secretary shall pay an owner or operator of a qualified nuclear power plant $13.25 for each zero-emissions credit an owner or operator submits to the Secretary. Each year, the Secretary shall adjust the amount to be paid under the Zero-Emissions Credit Program for each zero-emissions credit to account for the effects of inflation. If the price for the sale of electricity increases such that payments for zero-emissions credits are no longer needed to prevent the retirement of a qualified nuclear power plant, the Secretary shall reduce the amount to be paid for each zero-emissions credit for such qualifying nuclear power plant in accordance with such change in price.
The Secretary shall reduce the payment to a qualified nuclear power plant for a zero-emissions credit by the value of any clean electricity credits issued to the plant for the same quantity of megawatt hours pursuant to the Federal Clean Electricity Standard program established under section 611 of the Public Utility Regulatory Policies Act of 1978. The Zero-Emissions Credit Program shall terminate on the date that is 5 years after the program effective date of the Federal Clean Electricity Standard established under section 611 of the Public Utility Regulatory Policies Act of 1978.
In this section: The term organized power market means any market— for the wholesale sale of electricity; and that is controlled by a regional transmission organization or an independent system operator as defined in section 3 of the Federal Power Act ( 16 U.S.C. 796 ). The term qualified nuclear power plant means any nuclear power plant that the Secretary determines, based on an application submitted by such plant to the Secretary, is not financially viable or will otherwise be required to retire if it does not receive zero-emissions credits under the Zero-Emissions Credit Program.
The term qualified nuclear power plant does not include a nuclear power plant that receives a tax credit under section 48 of the Internal Revenue Code of 1986. The term zero-emissions credit means a credit issued by the Secretary under the Zero-Emissions Credit Program that represents 1 megawatt of electricity sold by the owner or operator of a qualified nuclear power plant to an organized power market. Not later than one year after the date of enactment of this section, the Secretary shall finalize rules for— the application and decision process for qualified nuclear power plants; and the schedule and process for issuance of credits and periodic review and adjustment of issuances.
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Sec. 301
Zero-emissions credit program
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