"Small Modular Nuclear Energy Incentive Act."

The "Small Modular Nuclear Energy Incentive Act" (A5103) establishes a program for New Jersey's Board of Public Utilities to incentivize construction of small modular nuclear reactors (SMRs) through a competitive bidding process. The bill directs the BPU to develop a program within one year of enactment, offering financial incentives per megawatt hour of electricity produced, with preference given to projects at former nuclear or fossil fuel plant sites and those that retrain former plant workers. Incentives would be funded from the "Global Warming Solutions Fund," which collects revenue from New Jersey's Regional Greenhouse Gas Initiative participation. Selected SMR projects would be required to pay an annual administrative fee to cover program costs and could not sell environmental benefits associated with their energy production. The program must begin its first solicitation within two years of the bill's effective date.