Massachusetts is breaking the taboo on nuclear energy as the state’s leaders line up long-term contracts for nuclear power. Facing challenges with meeting greenhouse gas emission reduction goals, leaders are turning to nuclear energy for its carbon benefits. The Biden administration’s plan to triple the nation’s nuclear power capacity by 2040 has also contributed to the acceptance of nuclear power locally.
The move to secure nuclear power contracts could potentially help revive offshore wind projects, as Massachusetts Attorney General Maura Healey aims to offer Connecticut Governor Ned Lamont a partnership involving both power sources. While it remains unclear if Lamont will commit to wind power, the potential partnership could benefit both states in meeting their energy needs.
The state’s involvement in nuclear energy stems from a bill filed by State Representative Jeff Roy, which defines nuclear energy as clean energy generation. The bill also allows Massachusetts to enter into multi-state contracts for clean energy, including nuclear reactors and renewable projects like onshore wind farms.
While some critics raise concerns about the safety and environmental impact of nuclear power, the legislation acknowledges that no energy source is without drawbacks. Ultimately, the decision to include nuclear power in the state’s energy mix reflects a strategic move to curb emissions and combat climate change. Wall Street is closely watching these developments, recognizing the importance of long-term contracts in providing financial security for nuclear power plants.
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