AN ACT relating to nuclear energy development.

Create a new section of KRS Chapter 164 to establish the Nuclear Reactor Site Readiness Pilot Program; define terms; require the Kentucky Nuclear Energy Development Authority (authority) to annually submit recommendations to the General Assembly for awarding grant funding to eligible applicants for up to 1/3 of the actual costs incurred in applying for and procuring an early site permit, construction permit, or combined operating license from the United States Nuclear Regulatory Commission, not to exceed $25,000,000; establish eligibility requirements and scoring criteria for applications; require the authority to make eligibility determinations and objectively score grant applications; require that applicants procure a surety bond or other similar security to guarantee the repayment of the grant amounts in the event of forfeiture for eligibility; provide for forfeiture and repayment of grant funding if certain permitting, licensure, or commencement of construction timelines are not met; establish the Kentucky nuclear reactor site readiness pilot program fund; create a new section of KRS Chapter 278 to allow a regulated utility to apply to the Public Service Commission for the recovery of costs not covered in its existing rates incurred in applying for and procuring an early site permit, construction permit, or combined operating license from the United States Nuclear Regulatory Commission; prohibit the recovery of costs for any amounts that have been offset by grant funding from the Nuclear Reactor Site Readiness Pilot Program; amend KRS 164.2802 to require 12 hours of nuclear-related training for new and existing at-large voting members of the Kentucky Nuclear Energy Development Authority; allow the director or the chair of the authority to waive the training requirement for any member who can demonstrate adequate knowledge of nuclear-related issues; require that the authority include its evaluations, scores, and funding recommendations for the Nuclear Reactor Site Readiness Pilot Program with its annual report to the Governor and the Legislative Research Commission; amend KRS 164.2803 to allow fusion-related nuclear energy projects to be eligible for grant funding from the Nuclear Energy Development Grant Program.