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Utilities seek more time to consider U.S. nuclear credit program

Two utility industry trade groups have asked for more time for their members to consider applying for funds under a new federal program to stop nuclear generators from shutting down.

Edison Electric Institute and Nuclear Energy Institute made the request to Energy Secretary Jennifer Granholm in a letter sent on Monday.

Under the program, which was launched last month, owners of nuclear reactors that are scheduled to retire have until May 19 to apply for a portion of the $6 billion in funding.

In the letter, the groups said that timeline “provided a relatively short window for companies to assess whether nuclear reactors they own and operate could qualify, given the complex certification and other requirements.”

The Department of Energy did not immediately respond to a request for comment.

A spokesperson for Pacific Gas & Electric, which owns the Diablo Canyon nuclear plant in California, said the utility had not yet decided whether to apply for the funds to keep the facility running.

Entergy, which owns the Palisades plant in Michigan that is due to shut down on May 31, was not immediately available for comment. (Reporting by Nichola Groom and Timothy Gardner; Editing by Bernard Orr)

Source: Market Screener