"Small Modular Nuclear Energy Incentive Act."

New Jersey's S 1606, the "Small Modular Nuclear Energy Incentive Act," creates a state program to financially incentivize the construction of small modular nuclear reactors (SMRs). The bill requires the Board of Public Utilities to establish a competitive bidding process awarding payments per megawatt-hour to eligible SMR projects, with priority given to sites at former nuclear, coal, or natural gas power plants or projects including retraining for displaced workers. SMRs must be under 300 megawatts, factory-assembled, and licensed by the U.S. Nuclear Regulatory Commission. The program aims to support reliable, low-emission electricity generation while helping New Jersey meet clean energy goals and replace jobs lost from retiring fossil fuel plants.