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 . Under the Zero-Emissions Credit Program the Secretary shall, by not later than March 1 of each calendar year, issue zero-emissions credits to each owner or operator of a qualified nuclear power plant in the quantity that is equal to the number of 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 such owner or operator submits to the Secretary. Each year the Secretary shall adjust the amount paid for each zero-emissions credit to account for the effects of inflation based on the Consumer Price Index for All Urban Consumers (as published by the Bureau of Labor Statistics of the Department of Labor).
If the price for the sale of electricity to an organized power market increases in a calendar year such that payments for zero-emissions credits under paragraph
(1)are no longer needed to prevent the retirement of a qualified nuclear power plant in the subsequent year, the Secretary shall, after the application of any adjustment under paragraph (2), reduce the amount to be paid for each zero-emissions credit to the owner or operator of such qualified nuclear power plant to account for such change in price. If the owner or operator of a qualified nuclear power plant is issued any clean electricity credits under section 611 of the Public Utility Regulatory Policies Act of 1978 (as added by section 402 of this Act) in a calendar year in which such owner or operator is issued zero-emissions credits, the Secretary shall reduce the amount paid for such zero-emissions credits by the value of such clean electricity credits. The Zero-Emissions Credit Program shall terminate on the date that is 5 years after the program effective date. Not later than 1 year after the date of enactment of this section, the Secretary shall issue a final rule to carry out this section. In this section: The term clean electricity credit has the meaning given such term in section 611(g) of the Public Utility Regulatory Policies Act of 1978 (as added by section 402 of this Act). The term organized power market means any market that is controlled by a Regional Transmission Organization or an Independent System Operator, as such terms are defined in section 3 of the Federal Power Act ( 16 U.S.C. 796 ). The term program effective date has the meaning given such term in section 611(g) of the Public Utility Regulatory Policies Act of 1978 (as added by section 402 of this Act). The term qualified nuclear power plant means any nuclear power plant the Secretary determines, by not later than 2 years after the date of enactment of this Act and 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 with respect to which a tax credit under section 48 of the Internal Revenue Code of 1986 is claimed in the taxable year prior to the taxable year in which the Secretary makes the determination under subparagraph (A). The term zero-emissions credit means a credit issued by the Secretary under the Zero-Emissions Credit Program that represents 1 megawatt-hour of electricity sold by the owner or operator of a qualified nuclear power plant to an organized power market.
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Sec. 301
Zero-emissions credit program
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