Japan’s government is considering a plan to help subsidize required upgrades at idled nuclear power plants, in the latest move to quickly boost the nation’s atomic energy.
(Bloomberg) — Japan’s government is considering a plan to help subsidize required upgrades at idled nuclear power plants, in the latest move to quickly boost the nation’s atomic energy.
Under the proposed plan, existing nuclear plants would be able to participate in an auction next year to receive subsidies for necessary upgrades to meet the country’s safety standards, according to documents from the Ministry of Economy, Trade and Industry. Projects selected would then get a subsidy for 20 years to help cover costs, the document said.
The government may pay for the program by increasing power bills for households and businesses, Kyodo reported. The current plan for the auction is to support renewable energy projects and reduce the carbon footprint of thermal plants to help meet Japan’s long-term decarbonization goals.
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Most of Japan’s nuclear reactors remain offline due in part to strict safety measures. Expensive retrofits, such as for earthquake resistance and tsunami countermeasures, threaten to slow the restart of some facilities.
The government is ramping up an effort to restart reactors to help cut imports of pricey fossil fuels, bolster power supplies and curb pollution.
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