3. House Republicans push for more U.S. nuclear energy exports
Russia and China currently dominate the international nuclear energy market, but House Republicans are working to change that with several initiatives.
- Rep. Byron Donalds (R-FL) introduced the bipartisan International Nuclear Energy Act with House Majority Whip James Clyburn (D-SC).
- In a letter to the Treasury Secretary, Reps. Patrick McHenry (R-NC) and French Hill (R-AK) urged the Biden Administration to press European financial institutions to support nuclear energy exports.
Plug in: Rep. Donalds’ bill would create nuclear export procedures, establish global nuclear financing relationships, promote regulatory improvements, and reduce reliance on Chinese and Russian nuclear fuel.
Reps. McHenry and Hill are recommending that the Treasury put more pressure on the European Bank for Reconstruction and Development (EBRD) to include nuclear power in its portfolio. The U.S. is the largest EBRD shareholder.
What’s clear: Tensions between Russia and Ukraine have created unease in global markets. In the midst of these dynamics, nuclear energy will be integral. Russia and China both offer competitive financing of up to 90% of the cost of a nuclear power plant, and currently we’re reliant on Russia for nuclear fuel. That has to change.
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