New York plans to build a new nuclear reactor

New York state plans to build a modern nuclear power plant with a capacity of at least one gigawatt, enough to meet the needs of roughly one million households. It will be one of the first new reactors in the United States in more than 15 years. Governor Kathy Hochul announced the plan today.

The US nuclear power industry is experiencing a renaissance after decades of stagnation. It has been driven by record demand for electricity in response to the expansion of energy-intensive data centers and the electrification of industries such as transport and manufacturing.

"We need electricity that is reliable around the clock," Hochul said at a press conference.

"Harnessing the power of the atom is the best way to generate stable, zero-emissions electricity," she added. Hochul has been governor since 2021 and has made energy projects a priority.

New York plans to help finance the nuclear power plant and buy electricity from it. The projected cost of construction has not yet been disclosed.

The state is also seeking partners for the project. The plant is expected to be built in the northern part of the state, north of New York City. The exact location and timeline are not yet clear.

US President Donald Trump signed executive orders in late May directing the country's independent Nuclear Regulatory Commission to ease regulations and speed up the issuance of new licenses for reactors and power plants, Reuters reported.

The nuclear industry has faced challenges for more than three decades due to safety concerns, huge cost overruns during construction and slow permitting processes. Since 1991, only five new commercial reactors have come online in the United States, failing to make up for capacity lost as older power plants closed. Nuclear power capacity has therefore fallen by more than four percent from its peak in 2012, while other forms of electricity generation have expanded. Nuclear power plants currently generate approximately 19 percent of the country's electricity.