A Missouri Senate bill aimed at laying the groundwork for future nuclear energy regulation advanced Wednesday, but not without sharp debate over who should pay for new power plants.
Senate Bill 838, sponsored by state Sen. Mike Cierpiot, R-Lee’s Summit, was given initial approval after senators narrowly approved an amendment dealing with how utilities recover construction costs for nuclear projects. The bill broadly addresses how nuclear energy fits into Missouri’s energy laws as lawmakers prepare for growing demand and possible expansion of nuclear power.
At the center of the debate was an amendment offered by Sen. Joe Nicola, R-Grain Valley, that would prevent utility companies from charging customers for nuclear power plant construction costs before those plants are built and producing electricity.
“I would love to find a different way than on the backs of my constituents or the people of Missouri to actually pay for it in advance with no guarantee it would ever even get built,” Nicola said during debate. “If they can’t finish it, are we going to get our money back? The answer is no, we’re not.”
The amendment targets a financing practice known as Construction Work in Progress, or CWIP, which allows utilities to begin collecting money from ratepayers while large projects are still under construction.
Missouri voters banned CWIP for utility construction projects in the 1970s, after concerns that customers were being asked to pay for power plants that were never completed. In recent years, however, lawmakers have revisited the concept as utilities warn that traditional financing may not work for high-cost nuclear projects.
Opponents of Nicola’s amendment argued that blocking CWIP for nuclear construction could ultimately cost customers more.
Sen. Curtis Trent, R-Springfield, said delaying repayment on borrowed construction funds would result in higher interest costs that could be passed on to consumers later.
“When you’re talking about billions of dollars, the cost of money over time really matters,” Trent said, warning that waiting years to begin repayment could add tens of millions of dollars in additional costs for every billion borrowed.
Other lawmakers also raised concerns about shifting the financial risk of nuclear projects onto ratepayers. Sen. Mike Moon, R-Ash Grove, said private investors — not utility customers — should shoulder the upfront risk.
“There probably are some businesses, some entrepreneurs who are willing to stake their capital, not the capital of the common resident of Missouri, to make these things happen,” Moon said.
Despite the objections, Nicola’s amendment was adopted on a narrow 14–13 vote, highlighting the deep divide in the Senate over nuclear financing and ratepayer protections.
With the bill now given initial Senate approval, Senate Bill 838 is eligible for Senate passage. Lawmakers say the debate is likely to continue as Missouri weighs how — and who — should pay for the next generation of energy infrastructure.
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