SB 424: Small modular nuclear reactor development costs.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Amends as follows the Indiana Code section concerning certificates of public convenience and necessity (certificates) for small modular nuclear reactors: (1) Authorizes a public utility to petition the Indiana utility regulatory commission (IURC) for approval to incur, before obtaining a certificate, project development costs for the development of one or more small modular nuclear reactors. (2) Sets forth certain factors that the IURC must consider in reviewing a public utility's petition to incur project development costs. (3) Requires the IURC to issue a final order approving or denying the petition not later than 180 days after receiving the petition and the public utility's complete case in chief, subject to the IURC's right to extend the time for review if the public utility does not object to the extension. (4) Provides that if a public utility receives approval to incur project development costs, the public utility may petition the IURC at any time before or during the development and execution of a small modular nuclear reactor project for the approval of a rate schedule that periodically adjusts the public utility's rates and charges to provide for the timely recovery of project development costs. (5) Provides that after reviewing a public utility's proposed rate schedule, the IURC shall approve the recovery of project development costs by the public utility if the IURC finds that project development costs that have been or will be incurred are: (A) reasonable in amount; (B) necessary to support the construction, purchase, or lease of a small modular nuclear reactor; and (C) consistent with the commission's finding as to the best estimate of project development costs. (6) Provides that a public utility that is authorized to recover project development costs shall: (A) recover 80% of the approved project development costs under the approved rate schedule; and (B) defer the remaining 20% of approved project development costs for recovery as part of public utility's next general rate case before the IURC. (7) Provides that the recovery of a public utility's project development costs through an approved periodic rate adjustment mechanism must occur over a period that is equal to: (A) the period over which the approved project development costs are incurred; or (B) three years; whichever is less. (8) Provides that project development costs that: (A) are incurred by a public utility; and (B) exceed the best estimate of project development costs included in the IURC's order authorizing the public utility to incur project development costs; may not be included in the public utility's rates and charges unless found by the IURC to be reasonable, necessary, and prudent in supporting the construction, purchase, or lease of the small modular nuclear reactor for which they were incurred. (9) Provides that: (A) project development costs incurred for a project that is canceled or not completed may be recovered by the public utility if found by the IURC to be reasonable, necessary, and prudently incurred; but (B) such costs shall be recovered without a return unless the IURC makes certain additional findings. (10) Provides that if a public utility does not seek: (A) approval of; or (B) cost recovery for; project development costs under the bill's provisions, the IURC may approve the deferral and amortization of project development costs in accordance with the statutory procedures set forth for construction costs.

Sponsors

Sponsors by party (alphabetical): Republican 14

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. April 10, 2025Public Law 48
2. April 10, 2025Signed by the Governor
3. April 3, 2025Signed by the President of the Senate
4. March 27, 2025Signed by the Speaker
5. March 26, 2025Signed by the President Pro Tempore
6. March 25, 2025Senate concurred with House amendments; Roll Call 297: yeas 32, nays 15
7. March 24, 2025Motion to concur filed
8. March 21, 2025Returned to the Senate with amendments
9. March 20, 2025Third reading: passed; Roll Call 291: yeas 59, nays 30
10. March 20, 2025Representatives Lehman and Lauer added as cosponsors
11. March 17, 2025Representative Bartels added as cosponsor
12. March 17, 2025Second reading: ordered engrossed

Showing 12 most recent of 30 actions. Full history